In the year 2017, the global AI in medicine market was valued at USD 650 million and it is expected to reach a market value of USD 6,000 million by the year 2022, growing at a CAGR of 44.8% during the forecast period (2017-2022).
So far, medicine is the only field wherein, irrespective of all the technological advancements, most processes are still controlled manually. AI can make possible a medical imaging device that not just performs imaging but can also identify any abnormalities in the medical images and identify the target indication without ever needing a radiologist. When AI is integrated into medical solutions, it is known as AI in Medicine.
Global Artificial Intelligence in Medicine-Market Dynamics
Since AI as a whole is in its very early stages of development, currently it cannot perform all the tasks that a doctor or nurse can but it can perform some tasks. Currently, there are some AI-based medical solutions that are available commercially and this report tracks them.
Some factors contributing to the growth of the market are:
Ability of AI-enabled medical solutions to reduce workload
Increased patient safety
Huge cost savings associated with use of AI
Increasing spectrum of applications
The complicated and often non-existent regulatory guidelines along with concerns regarding overall patient experience and very little to no practical applicability in emerging markets are hindering the growth of this market.
Opportunities and Challenges
Technology/product simplification is currently a huge opportunity in this market, while the lack of autonomously deployable systems is the major challenge faced by this market.
The AI in medicine market has been segmented on the basis of area of application into medical imaging and diagnostics, wearables, health and lifestyle management, healthcare biotech, insights and risk management, emergency room and hospital monitoring, drug discovery, mental health, virtual assistants and nutrition.Based on geography, this market has been segmented into North America (the United States and Canada), Europe (the United Kingdom, Germany, France, Italy, and Spain), and Asia-Pacific (APAC) (China, Japan, India, Australia and South Korea).
Some of the key players in the market are:
IBM Watson Health
Zebra Medical Vision
What the Report Offers
Market analysis for the AI in medicine market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global AI in medicine devices market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.