The artificial intelligence (AI) in healthcare market will witness a compound annual growth rate (CAGR) of 62.2% from now through 2022, according to new data from Research and Markets (www.researchandmarkets.com).
AI is being adopted in healthcare using algorithm and software for the analysis of medical data with a view to predict diseases and provide proper medication. It will lead to personalization and optimization resulting in improved outcomes for both patients and healthcare systems, according to Research and Markets.
The need for pre-operative planning, high costs associated with healthcare, and rising chronic diseases amongst masses are driving the integration of AI in healthcare solutions, adds the research group. A basic AI computer used today in clinical practices can be used for alerts and reminders, diagnostic, therapy planning, information retrieval, and image interpretation. However, glitches in communication and technical infrastructure are amongst the major barriers to the growth of AI in healthcare. This market has huge growth opportunities due to rising needs of self-care and real-time monitoring, says Research and Markets.
The market has been segmented based on technology, end-users, applications, and regions. The technology market is further segmented into speech recognition, biometrics, natural language processing, machine learning, and disaster recovery.
Based on end-users, the market encapsulates diagnostic centers, hospitals and clinics, R&D, and healthcare institutes. AI finds wide application in precision medicine, real-time monitoring, drug development, and personal health assistants. At present, North America is leading in AI in healthcare market followed by Europe. Asia Pacific has high growth potential accompanied by huge investment in the market, especially in India and China, says Research and Markets.