Harrisburg, NC -- (SBWIRE) -- 08/20/2018 -- The global artificial intelligence in medicine market was valued at USD 1.603 billion in 2017 and is projected to reach a value of USD 12.150 billion by 2023, at a CAGR of 40.15% over the forecast period, 2018-2023.
Report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Artificial Intelligence in Medicine production region, major players, and product type which will provide a simplified view of the Artificial Intelligence in Medicine industry. The Artificial Intelligence in Medicine market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Artificial Intelligence in Medicine market which will help the emerging market segments in making vital business decisions.
Top Leading Manufacturers : Atomwise Inc., Ibm Watson Health, Zebra Medical Vision, Cyrcadia Health Inc., Aicure Llc, Modernizing Medicine, Sense.Ly Inc., Berg Health, Mendasense Biometrics Ltd., Hindsait, Esko Bionics, amongst others.
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Essential points covered in Artificial Intelligence in Medicine Market 2018 Research are:-
- What will the market size and the growth rate be in 2023?
- What are the key factors driving the Artificial Intelligence in Medicine market?
- What are the key market trends impacting the growth of the Artificial Intelligence in Medicine market?
- What are the challenges to market growth?
- Who are the key vendors in the Artificial Intelligence in Medicine market?
- What are the market opportunities and threats faced by the vendors in the Artificial Intelligence in Medicine market?
- What are the key outcomes of the five forces analysis of the Artificial Intelligence in Medicine market?
This independent 102 pages report guarantees you will remain better informed than your competition. With figures examining the Artificial Intelligence in Medicine market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader's market revenue forecasts as well as analysis to 2023.
Ability of AI to Improve Medicine and Healthcare Facilities
Artificial intelligence has revolutionized patient care and enabled the emergence of better healthcare facilities. Managing medical records and other data pertaining to the patients is being delegated to AI systems, which leads to efficient use of resources and reduction of monotony in the jobs. These systems also help in faster and more consistent access to data. The inspection of images and diagnostics for various tests, such as CT scans, MRI, etc., could also be delegated to AI systems. It has been identified that error rates for image labelling have decreased from 28.5% to 2.5%, which emphasizes the need for AI systems in medicine. These applications can reduce redundancy and enable physicians and researchers focus on more demanding and necessary applications.
Patient Care and Management is Expected to Have the Highest Share Owing to Growing Awareness among the Applications
Effective management of patients is one of the prime needs for hospital facilities. Several studies have demonstrated the importance of patient engagement in improving health outcomes. Lacking such engagement has been a major contributor to preventing deaths. Healthcare applications are being used to deliver various medication alerts and other patient education materials. Smart wearables play a vital role in the transformation of the current healthcare industry. These wearables are available in the market in various forms, such as wristbands, watches, shoes, eyeglasses, belts, etc. The awareness among consumers is also increasing regarding wearables. About 56% of the consumers believe that wearing a smart device, which monitors vitals, leads to increase in the average life expectancy.
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North America is Leading the Way as One of the Highest Market Shares for AI Medicine
The North American region has a well-developed healthcare and medicine system, which integrates the use of the latest technology. According to the Journal of Patient Safety, preventable medical mistakes account to about 210,000 lives per year. Diagnostic errors account to about 440,000 deaths per year. Medical errors cost the industry around USD 1 trillion annually. Thus, the need for efficient management and support in the country is high. Increasing amount of data and complexity of operations in the domain are challenging the resource management. Canada has also been rated as one of the best 10 healthcare systems, globally, which further emphasizes the need for better healthcare systems that drive the growth of Artificial Intelligence in this region.
Reasons to Purchase This Report
- Examine the effects of the adoption of AI in the medicine market
- Analyze various perspectives of the market with the help of Porter's five forces analysis
- Detailed analysis of the product type and application that are expected to dominate the market
- The regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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