Ojaswita Kutepatil, Global Market Insights Inc.04.16.18
With the evolving digital capacity, the healthcare artificial intelligence (AI) market is turning out to be a major game-changer for the overall healthcare fraternity. Growing usage of big data, coupled with rising adoption of precision medicine, is further expected to drive the healthcare AI industry. AI is widely adopted in the fields of medical imaging, genomics, and drug discovery to provide relevant insights pertaining to patient data monitoring, research, and risk analysis. The vast healthcare data have resulted in a growing demand and need for AI technology. As per a report by Global Market Insights Inc., the healthcare artificial intelligence market is expected to grow at an explosive CAGR of 40 percent over the period of 2017-2024.
The healthcare artificial intelligence market finds a potential application in drug discovery, as AI plays a vital role in drug identification, discovery, screening, and design. The drug discovery application held 35 percent of the overall market share and is expected to attain gains at 40 percent over 2017-2024, collecting revenue worth USD 4 billion by 2024. Moreover, AI is also gaining prominence in medical imaging to improve the cancer diagnosis at an early stage. The healthcare artificial intelligence market from the medical imaging and diagnosis application is projected to exceed a revenue generation of USD 2.5 billion by 2024.
Below are the key geographical insights influencing the industry growth:
AI has significantly disrupted the traditional medical approach and is likely to transform the healthcare delivery model over the coming years. The industry is witnessing robust participation of start-ups, which depicts the huge commercialization the market is set to attain. In addition, established players such as IBM, Microsoft, Cyrcadia Health, and Google are investing heavily to unleash the potential of the healthcare AI industry. As per the estimates, the market is slated to exceed a valuation of USD 10 billion by 2024.
Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she develops content for Global Market Insights Inc., where she pens write-ups pertaining to the market research industry.
The healthcare artificial intelligence market finds a potential application in drug discovery, as AI plays a vital role in drug identification, discovery, screening, and design. The drug discovery application held 35 percent of the overall market share and is expected to attain gains at 40 percent over 2017-2024, collecting revenue worth USD 4 billion by 2024. Moreover, AI is also gaining prominence in medical imaging to improve the cancer diagnosis at an early stage. The healthcare artificial intelligence market from the medical imaging and diagnosis application is projected to exceed a revenue generation of USD 2.5 billion by 2024.
Below are the key geographical insights influencing the industry growth:
AI has significantly disrupted the traditional medical approach and is likely to transform the healthcare delivery model over the coming years. The industry is witnessing robust participation of start-ups, which depicts the huge commercialization the market is set to attain. In addition, established players such as IBM, Microsoft, Cyrcadia Health, and Google are investing heavily to unleash the potential of the healthcare AI industry. As per the estimates, the market is slated to exceed a valuation of USD 10 billion by 2024.
Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she develops content for Global Market Insights Inc., where she pens write-ups pertaining to the market research industry.
