At 52+% CAGR, Artificial Intelligence in Healthcare Market Potentially Worth $7,988.8 Million by 2022 Led by North America
PUNE, India, May 7, 2017 /PRNewswire-iReach/ -- The North America witnesses the highest growth rate in the artificial intelligence in healthcare market. North America is expected to be the largest and fastest-growing market for AI in healthcare during the forecast period. The regulatory mandates for the use of Electronic Health Records, increasing focus on precision medicine, and strong presence of leading companies engaged in developing AI solutions for healthcare, and large number of cross-industry collaborations and growing investments in the field of AI in healthcare are driving the growth of the market in North America. Complete report on "Artificial Intelligence in Healthcare Market" spread across 210 pages, profiling 25 companies and supported with 61 tables and 117 figures is now available athttp://www.rnrmarketresearch.com/artificial-intelligence-in-healthcare-market-by-offering-hardware-software-and-services-technology-deep-learning-querying-method-nlp-and-context-aware-processing-application-end-user-industry-and-geograp-st-to-2022-market-report.html .
The faster calculations and lesser power consumption are the factors driving the growth of the hardware market for AI in healthcare. Hardware which includes GPUs, DSPs, FPGAs, and neuromorphic chips is expected to grow at the highest rate in the offering segment of AI in healthcare. The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm. In terms of throughput, GPU is faster than FPGA; whereas in the case of power efficiency, FPGA is better than GPU. Keeping these factors in mind, the AI providers choose the hardware accordingly.
The growing usage of big data in healthcare industry and imbalance between health workforce and patients is expected to drive the growth of the AI in healthcare market. However, reluctance among medical practitioners to adopt AI-based technologies and ambiguous regulatory guidelines for medical software are the major factors restraining the growth of the AI in healthcare market.
Owing the factors of Natural Language Processing (NLP) to handle structured and unstructured data are driving the NLP market in AI in healthcare market. NLP currently holds the largest market share among the AI technologies. This demand has grown since the companies have started to structure the clinical data and find interpretation from them. Moreover the growing usage of internet and connected devices along with huge volume of patient's data driven the growth of this market.
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The report provides valuable insights into the ecosystem of the AI in healthcare market including the software companies, and chipset and medical solution providers. The major players in the AI in healthcare market are IBM Corporation (US), Intel Corporation (US), Google, Inc. (US), NVIDIA Corporation (US), Microsoft Corporation (US), iCarbonX (China), Next IT Corp. (US), CloudMedx Inc. (US), Carescore (US), Atomwise, Inc. (US), Zephyr Health, Inc. (US), Sentirian (US), BabyLabs, Inc. (US), Siemens Healthineers GmbH (Germany), Johnson & Johnson (US), Welltok, Inc. (US), General Vision, Inc. (US), Enlitic, Inc. (US), Recursion Pharmaceuticals (US), General Electric Company (US), Stryker Corporation (US), Deep Genomics, Inc. (Canada), Medtronic Plc. (Ireland), Koninklijke Philips N.V. (Netherlands), and Oncora Medical, Inc. (US). Download PDF Brochure "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software and Services), Technology (Deep Learning, Querying Method, NLP, and Context Aware Processing), Application, End-User Industry, and Geography – Global Forecast to 2022" research report at http://www.rnrmarketresearch.com/contacts/request-sample?rname=993832 .
In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (40%), Tier 2 (20%) and Tier 3 (40%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (40%), Directors (40%) and others (20%) from various key organizations operating in the artificial intelligence (AI) in healthcare market. The primary interviews were conducted worldwide covering regions such as North America (40%), Europe (40%), Asia-Pacific (10%) and RoW (10%).
Research Coverage: The AI in healthcare market has been segmented on the basis of offering, technology, application, end-user industry, and geography. On the basis of offering, the market has been further segmented into hardware, software, and services. The AI in healthcare market is further segmented on the basis of technology into deep learning, querying method, NLP, and context aware processing. The market has been segmented on the basis of application into patient data and risk analysis lifestyle management and monitoring, precision medicine, in-patient care and hospital management, medical imaging and diagnosis, drug discovery, virtual assistant, wearables, and research. On the basis of geography, the market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
On a related note, another research titled Artificial Intelligence Market Global Forecast to 2022says, the artificial intelligence market is expected to be worth $16.06 billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022. Natural language processing is expected to grow at the highest rate from 2016 to 2022. Artificial intelligence for the transportation and automotive sector held the largest market share in 2015. Artificial intelligence market in North America expected to grow at the highest rate. Companies such as IBM Corp. (U.S.), Microsoft Corp. (U.S.), Google Inc. (U.S.), Fin Genius Ltd. (U.K.), NVIDIA Corporation (U.S.), Intel Corporation (U.S.), General Vision, Inc. (U.S.), Numenta, Inc. (U.S.), Sentient Technologies (U.S.), and Inbenta Technologies, Inc. (U.S.) have been profiled in this 182 pages research report available at http://www.rnrmarketresearch.com/artificial-intelligence-market-by-technology-machine-learning-natural-language-processing-image-processing-and-speech-recognition-application-advertising-media-finance-retail-and-others-geography-global-forecast-to-2020-market-report.html .
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