Value of AI healthcare market set to soar to $22.79bn by 2023

The value of the Artificial Intelligence (AI) in the healthcare market is set to soar from $1.44bn in 2016 to some $22.79bn in 2023, according to new research.

The study by Allied Market Research predicts that the AI market will grow at a CAGR of 48.0% from 2017 to 2023.

The hardware AI for segment is anticipated to grow at the highest rate from 2017 to 2023. AI systems can be used in various disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering to build an intelligent system.

Some of the different applications that incorporate the AI systems in healthcare fields are medication management, treatment plans, and drug discovery.

The global the AI in Healthcare market is driven by the ability of AI to improve patient outcomes, increase in need for coordination between healthcare workforce and patients, rise in adoption of precision medicine, and remarkable growth in venture capital investments.

In addition, significant use of big data in the healthcare sector is expected to fuel the market growth.

However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth.

Possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.

Key findings of the AI study included:

• The hardware segment is anticipated to grow at the highest CAGR from 2017 to 2023.
• The natural learning processing segment is expected to witness the highest growth rate during the forecast period.
• The robot-assisted surgery application segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.
• North America dominated the global AI market, and is projected to grow at a CAGR of 45.9%.
• Asia-Pacific is expected to witness the highest growth rate during the forecast period.

Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, said: “Different interventions ranging from maintenance of patient records and electronic health records (EHR) to application in surgical procedures are gradually incorporating artificial intelligence, thereby revolutionising healthcare and clinical settings.”