Market Report: Artificial Intelligence in Medicine Market 2018 is Anticipated to Reach US$ 40.15% Billion by 2023 and contribute to globe
Artificial Intelligence in Medicine Market research report (2018 – 2023) studies market insights, List of major Key players, buyers, threats of new entrants and substitute products. Also, Artificial Intelligence in Medicine market includes the various market dynamics like Drivers, Restraints, and Opportunities globally. The research report involved the various affecting factors like market growth, market share, competitive intelligence and growth opportunity.
“Artificial Intelligence in Medicine Market report is expected to register a CAGR of 40.15% over a five years forecast period.”
List of Major Key players operating in the Global Artificial Intelligence in Medicine Market are –
- Atomwise Inc.
- IBM Watson Health
- Zebra Medical Vision
- Cyrcadia Health Inc.
- Aicure Llc
- Modernizing Medicine
- Sense.Ly Inc.
- Berg Health
- Mendasense Biometrics Ltd.
- Esko Bionics.
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The global artificial intelligence in medicine market was valued at USD 1.603 billion in 2017 and is projected to reach a value of USD 12.150 billion by 2023, at a CAGR of 40.15% over the forecast period, 2018-2023. The advent of artificial intelligence has revolutionized many domains across the globe; the healthcare industry has also been a recipient of the advantages offered by the technology. AI in healthcare has been revolutionary, owing to the increase in the number of applications of AI in the industry. AI aids in patient care, providing a much more enhanced and effective experience for the concerned patient. Healthcare and medical budgets have been focused on increasing the technology penetration within the domain, owing to which there has been an increasing implementation of AI technologies.
Ability of AI to Improve Medicine and Healthcare Facilities
Artificial intelligence has revolutionized patient care and enabled the emergence of better healthcare facilities. Managing medical records and other data pertaining to the patients is being delegated to AI systems, which leads to efficient use of resources and reduction of monotony in the jobs. These systems also help in faster and more consistent access to data. The inspection of images and diagnostics for various tests, such as CT scans, MRI, etc., could also be delegated to AI systems. It has been identified that error rates for image labelling have decreased from 28.5% to 2.5%, which emphasizes the need for AI systems in medicine. These applications can reduce redundancy and enable physicians and researchers focus on more demanding and necessary applications.
Patient Care and Management is Expected to Have the Highest Share Owing to Growing Awareness among the Applications
Effective management of patients is one of the prime needs for hospital facilities. Several studies have demonstrated the importance of patient engagement in improving health outcomes. Lacking such engagement has been a major contributor to preventing deaths. Healthcare applications are being used to deliver various medication alerts and other patient education materials. Smart wearables play a vital role in the transformation of the current healthcare industry. These wearables are available in the market in various forms, such as wristbands, watches, shoes, eyeglasses, belts, etc. The awareness among consumers is also increasing regarding wearables. About 56% of the consumers believe that wearing a smart device, which monitors vitals, leads to increase in the average life expectancy.
North America is Leading the Way as One of the Highest Market Shares for AI Medicine
The North American region has a well-developed healthcare and medicine system, which integrates the use of the latest technology. According to the Journal of Patient Safety, preventable medical mistakes account to about 210,000 lives per year. Diagnostic errors account to about 440,000 deaths per year. Medical errors cost the industry around USD 1 trillion annually. Thus, the need for efficient management and support in the country is high. Increasing amount of data and complexity of operations in the domain are challenging the resource management. Canada has also been rated as one of the best 10 healthcare systems, globally, which further emphasizes the need for better healthcare systems that drive the growth of Artificial Intelligence in this region.
Key Market Players: Atomwise Inc., Ibm Watson Health, Zebra Medical Vision, Cyrcadia Health Inc., Aicure Llc, Modernizing Medicine, Sense.Ly Inc., Berg Health, Mendasense Biometrics Ltd., Hindsait, Esko Bionics.
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Global Artificial Intelligence in Medicine Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2018-2023):
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
- Asia Pacific (China, Japan, India, Southeast Asia and Australia)
- Latin America (Brazil, Argentina and Colombia)
- The Middle East and Africa
Key Questions Answered About Artificial Intelligence in Medicine Market:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the Artificial Intelligence in Medicine market for selective countries?
- Which region or sub-segment is selected is expected to drive the market in the forecast period?
- What factors are estimated to drive and restrain the market growth?
- What are the key technological and Artificial Intelligence in Medicine market trends shaping the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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Reasons to Purchase Artificial Intelligence in Medicine Market Report:
- The report analyses how stringent emission control norms will drive the global Artificial Intelligence in Medicine market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Artificial Intelligence in Medicine market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
Scope of the Report:
The report analyses Artificial Intelligence in Medicine market, which includes –
- Analysis of the growth of Artificial Intelligence in Medicine market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Artificial Intelligence in Medicine market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Artificial Intelligence in Medicine market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Artificial Intelligence in Medicine market are discussed.
- The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.
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