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AI in Medicine Projected to Reach USD 17.02 Billion by 2024

By HospiMedica International staff writers
Posted on 05 Nov 2019
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As AI in medicine grows, cccess to data, collection of patient symptoms and the communication of corresponding treatments are the major functions that need the highest integration of AI in the industry (Photo courtesy of iStock).
As AI in medicine grows, cccess to data, collection of patient symptoms and the communication of corresponding treatments are the major functions that need the highest integration of AI in the industry (Photo courtesy of iStock).
The artificial intelligence (AI) in medicine market was valued at USD 2.24 billion in 2018 and is projected to register a CAGR of 40.15% during the forecast period, 2019-2024 to reach a value of USD 17.02 billion by 2024. The rapidly increasing adoption of cloud computing techniques has facilitated the adoption of AI solutions for mining large amounts of data to identify mistakes in the present scenarios and offer alternative solutions in complex situations.

These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

The scope of applications of AI in the healthcare industry extends to adding value to various services such as personal health assistants, advanced analytics & research, healthcare bots, among others. The use of AI technology is being encouraged by several players in the healthcare industry as it is able to potentially enhance the service being provided. Access to data, collection of patient symptoms and the communication of corresponding treatments are the major functions that need the highest integration of AI in the industry. The healthcare industry is estimated to generate data in volumes amounting to hundreds of exabytes and reach the measure of zettabytes in the near future. Such large volumes of data need to be stored and accessed at a much faster rate than the current industry standards, which can be done by the adoption of AI-powered solutions.

Effective patient management is one of the most important needs for hospital facilities. Several studies have demonstrated the importance of patient engagement in improving health outcomes. Additionally, there has been an increase in healthcare costs with the growing demand for better results. This is increasing the expectations of more effective data management solutions to improve quality and increase patient satisfaction within the optimum delivery time.

With the help of AI solutions, certain aspects, such as biometric indicators, fitness tracking, diet tracking, mental wellbeing and genomic screening can be tracked in real-time. The data can be aggregated and fed to the analytics, which offers insights in order to make improved decisions for deciding the future course of action. Smart wearables also play a vital role in the transformation of the current healthcare industry. Consumer awareness about wearables is also increasing and most consumers currently believe that wearing a smart device, which monitors their vitals, will increase their average life expectancy.

Within the global market for AI in medicine, North America has a well-established healthcare and medicine system, which integrates the use of the latest technologies. With huge investments from large companies in healthcare AI, the North American market is expected to witness further growth. Research & development, pharmacy, and other sectors are also expected to utilize and incorporate AI, thereby driving market growth in the region. Hence, the North American market for AI in medicine is expected to grow at a healthy rate.

Medical errors cost the industry billions of dollars annually. As a result, the need for efficient management and support in the North American region is increasing. Also, the increasing amount of data and complexity of operations in the domain are challenging resource management. Canada has also been rated as one of the best 10 healthcare systems in the world, which further emphasizes the need for better healthcare systems that will aid the growth of AI in the region.

In terms of the competitive landscape, the global AI in medicine market appears fragmented and is highly competitive due to a large number of players operating in the market. Owing to the increase in AI applications across various industries, the major players in the market are adopting strategies such as product innovation and mergers and acquisitions.

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