The global artificial intelligence in healthcare market size is expected to reach USD 31.3 billion by 2025, growing at a CAGR of 41.5% over a forecast period, according to a new report by Grand View Research, Inc. The rising demand to reduce healthcare costs, increasing adoption of precision medicine, growing importance of big data in healthcare, and declining hardware costs are some factors propelling adoption of AI technology in healthcare industry. Moreover, rise in potential applications of AI-based tools in medical care and growth in venture capital investments are anticipated to aid growth over the forecast period.
Key suggestions from the report:
In 2018, software solutions held the largest revenue share owing to the development of AI-based software solutions for the healthcare sector
Clinical trials held the largest revenue share in 2018, and this can be attributed to the growing focus of pharmaceutical companies on incorporating AI in automation of clinical trial processes.
North America held the largest revenue share, owing to high adoption of healthcare IT solutions in the region and availability of well-established healthcare infrastructure
Asia Pacific is expected to exhibit the fastest CAGR over the forecast period, owing to growing AI-based start-ups, improving healthcare IT infrastructure, and increasing adoption of advanced technologies.
Some key players are IBM Corporation; NVIDIA Corporation, Nuance Communications, Inc.; Microsoft; Intel Corporation; and DeepMind Technologies Limited
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