Artificial Intelligence in Medicine Market Accounting highest shares Globally, at a CAGR of 49.6% from 2018 to 2025. In the field of medicine, artificial intelligence (AI) can be used for research studies and applications that support decision-based medical tasks using data-intensive computerbased solutions. For every drug that is launched in the market, the pharmaceutical industry spends on an average $2.7 billion, which amortizes the losses incurred from the aborted pipelines. Almost 90% of all drug programs that reach clinical trial stages are aborted. Thus, many large pharma and academic research institutions are focusing on use of AI to increase efficiencies and design better drugs. According to a new report published by Allied Market Research, titled, Artificial Intelligence in Medicine Market by Product Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the 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. North America was the highest contributor to the artificial intelligence in medicine market in 2017; however, Asia-Pacific is expected to witness the highest growth during the forecast period.
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Based on region, North America occupied the largest share in 2017 owing to availability of capital investments for use of AI in drug discovery and increase in adoption of AI technology by the pharmaceutical and biotechnology companies. However, Asia-Pacific is expected to grow at the highest CAGR of 55.0% during the study period, due to growth in healthcare expenditure, rise in the R&D activities for advancement in AI technology, lack of healthcare professionals, and increase in need to reduce the healthcare costs. Key Findings of the Artificial Intelligence in Medicine Market: • The personalized medicine segment is projected to grow at the highest rate among the application segment during the analysis period. • North America dominated global artificial intelligence in medicine market in 2017 and is projected to continue its dominance in future. • China is expected to grow at the highest rate in Asia-Pacific during the forecast period. • Software is the largest contributor among the product type segments in 2017. • The natural language processing segment generated the highest revenue and is expected to continue its dominance in future. Get Access to Full summary of this report @ www.medgadget.com/2018/12/artificial-intelligence-in-medi... Among the technology segments, the natural language processing segment accounted for the highest share in 2017 and is expected to dominate the market from 2017 to 2023. The deep learning segment is projected to grow at the highest CAGR during the forecast period, owing to increase in use of signal reduction, data mining, and image recognition, which are integral components of most AI protocols. Among the product type, the software segment occupied the highest share in 2017, owing to continuous software innovation that caters to the requirement in the healthcare sector. The hardware segment is projected to witness the highest growth rate during the forecast period.
Top Key Players : key players: • Welltok Inc. • Intel Corporation • Nvidia Corporation • Google Inc. • IBM Corporation • Microsoft Corporation • General Vision Inc. • Enlitic Inc. • BioXcel Corporation • Berg Health. Analyst Review : AI systems can accomplish challenging tasks without human intervention, hence there is a growth in demand for these systems in the field of medicine. The pharmaceutical industry is beginning to invest in artificial intelligence (AI) to develop better biomarkers, to identify drug targets, and design new drugs. There is an increase in the number of partnerships between large pharmaceutical companies and AI start-ups in 2017. In addition, there is advancement in the technology related to deep learning and natural language processing that is used in AI system and helps improve the efficiency of data management in the field of medicine. Currently, AI technology are used for various purposes by pharmaceutical and biotechnology industries such as retrieve patient information, maintain clinical data, drug discovery, and lead optimization. Moreover, these systems can enhance their perception and reasoning power, which helps the system to perform the repetitive functions carried out manually. Thus, the use of AI systems can help reduce numerous human errors such as unstable hand movements during the development of any drug and precisely measure the dosage of a pharmaceutical drug. Moreover, they are used to analyze the medical records of a patient and predict disease onset. The use of technologically advanced products is highest in North America, owing to
availability of capital investments and increase in adoption of these products for the use of AI technology by the pharmaceutical and biotechnology companies. Furthermore, rise in disposable income, surge in healthcare expenditure in the developing countries, such as China and India, and increase in adoption of AI systems contribute towards the growth of the Asia-Pacific AI in medicine market. Get Access to More information of this report @ www.alliedmarketresearch.com/artificial-intelligence-in-m...