U.S (New York)–This Artificial Intelligence in Medicine Market Report gives evaluation and insights primarily based on authentic consultations with necessary gamers such as CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors etc.
The global artificial intelligence (AI) in medicine market was valued at $719 million in 2017 and is estimated to reach $18,119 million at a CAGR of 49.6% from 2018 to 2025. AI is an intelligent system that applies various human intelligence-based functions such as reasoning, learning, and problem-solving skills. AI technology uses software and different algorithms in the field of pharmaceuticals to support the decision-making processes for existing drugs and repurposing drugs to treat other conditions, along with accelerating the clinical trials process by finding the right patients from several data sources.
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Shortage of skilled healthcare professionals and increase in the processing power of AI systems that is projected to help improve the efficiency of drug discovery and management of clinical trials majorly drive the growth of the global artificial intelligence in medicine market. Furthermore, the growth in importance of precision medicine and rise in funding of the R&D activities for the use of AI technology in the field of medicine are expected to fuel the market growth. However, limited acceptance from healthcare professionals and limitations of AI decision-making can impede the market growth. Untapped market opportunities available in developing regions such as India and China help to open new avenues for the growth of the artificial intelligence in medicine market in future.
The global artificial intelligence in medicine market is segmented based on product type, technology, application, and region. Based on product type, the market is segmented into hardware, software, and service. Based on technology, the market is classified into deep learning, querying method, natural language processing, and context aware processing. Based on application, the market is categorized into drug discovery & repurposing, clinical research trial, personalized medicine, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
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Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY MARKET BENEFITS FOR STAKEHOLDERS
This report entails a detailed quantitative analysis of the current market trends from 2017 to 2025 to identify the prevailing opportunities.
Market estimations are based on comprehensive analysis of the key developments in the industry.
The global market is comprehensively analyzed with respect to product type, technology, application, and region.
In-depth analysis based on region assists to understand the regional market to help in strategic business planning.
The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
KEY PLAYERS PROFILED
Welltok, Inc.
Intel Corporation
Nvidia Corporation
Google Inc.
IBM Corporation
Microsoft Corporation
General Vision, Inc.
Enlitic, Inc.
BioXcel Corporation
Berg Health.
The other players of the artificial intelligence in medicine market include (companies not profiled in the report):
InSilico Medicine, Inc.
Globavir Biosciences, Inc.
GNS Healthcare
Flatiron Health
Benevolent AI
Atomwise
Verge Genomics
Cloud Pharmaceuticals
Recursion Pharmaceuticals
KEY MARKET SEGMENTS
By Product Type
Hardware
Software
Service
By Technology
Deep Learning
Querying Method
Natural Language Processing
Context Aware Processing
By Application
Drug Discovery & Repurposing (Preclinical Phase)
Clinical Research Trial
Personalized Medicine
Others
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By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Taiwan
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
In this report, the following important queries are addressed:
- What is the Global market’s sales value, production value, consumption value, import, and export (including North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major manufacturers in this sector on a global scale? How are their capacity, production, sales, pricing, cost, gross, and revenue operating?
- What are the vendors’ market prospects and risks in the international industry?
- Which product types, end users, or applications might be looking for additional growth prospects? What is each type’s and application’s market share?
- What specific strategies and limitations are keeping the market in check?
- What is the various marketing, sales, and distribution channels in the international market?
- What are the upstream raw materials, as well as the manufacturing machinery?
- What are the Market opportunities, market risk, and market overview of this industry?
Key Benefits of This Market Research:
- Industry drivers, restraints, and possibilities included in the study
- Neutral point of view on the market performance
- Recent enterprise developments and developments
- Competitive panorama and techniques of key players
- Potential and area of interest segments and areas exhibiting promising increase covered
- Historical, current, and projected market size, in phrases of value
- In-depth evaluation of the Market
- Overview of the regional outlook of the Market
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