- Asia-Pacific is expected to see the highest growth during the forecast period
- Based on product type, in the forecast period, the hardware segment is expected to witness the fastest growth
The artificial intelligence in the medicine market is expected to reach $18,119 million at a CAGR of 49.6 per cent during the forecast period 2025 as per a report by Allied Market Research. The report also said that this valuation stood at $719 million in 2017. North America was the highest contributor to artificial intelligence in the medicine market. It said that Asia-Pacific is expected to see the highest growth during the forecast period. It is projected to grow at the CAGR of 55.0 per cent from 2018 to 2025. This is due to growth in healthcare expenditure and rise in the R&D activities for advancement in AI technology
Increase in the adoption of AI technology in developing countries
The report said that the growth of the global artificial intelligence (AI) in the medicine market is fueled by the rise in AI capabilities due to an increase in processing power, the need to compensate for the lack of skilled professionals in healthcare and growing awareness regarding the importance of personalised medicine. It also said that the limitations of AI in critical decision making and slow acceptance of AI by healthcare professionals can limit market growth. The increase in the adoption of AI technology in developing countries would provide good opportunities for emerging market players in the near future.
As per the report, ” Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production. However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.”
Natural language processing segment to dominate
Based on product type, in the forecast period, the hardware segment is expected to witness the fastest growth. Based on technology, the natural language processing segment generated the highest revenue in 2017. It is expected to continue dominance through 2025. The report said that deep learning segment is projected to grow at the fastest rate as it enhances integral components of AI protocols like signal reduction, data mining, and image recognition.
Based on the application, the personalised medicine segment is anticipated to encounter the fastest growth rate during the forecast period. North America took the largest share in 2017 due to the easy availability of capital investment for implementing AI in drug discovery and the rise in the adoption of AI technology by biotechnology and pharmaceutical companies.
