According Latest Research AI in Healthcare Industry is expected to witness growth at ~24% CAGR during 2018 to 2023. The development of AI technology is helping the healthcare ecosystem to flourish. It has been witnessing a lot of transformations and growth with new technological breakthroughs in various applications, such as diagnosis, advanced medical device, drug discovery, hospital management, etc. Several new research projects are being undertaken by the top technology companies and healthcare professionals. Google, Amazon, Apple, and Microsoft believe that AI in healthcare can offer tremendous business opportunities. —
Google has collaborated with doctors in the US and has developed a new innovative algorithm that can identify diabetic retinopathy with high accuracy as checked by certified ophthalmologists. This technology has been introduced in developing countries like India in the year 2019.
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Amazon, JPMorgan Chase, and Berkshire Hathaway have joined and started a new joint venture company named “Haven”. The aim of this healthcare venture is to provide better treatment at a lower cost by using advanced technologies. These are some of the factors in driving the AI in healthcare market.
In this technological era, companies are investing more in AI software and technology and with this, there is a drastic rise in the number of startups that cater to the market. Teckro is one of the startups that has deployed AI in clinical trial application for managing the clinical trial processes across geographically dispersed teams. Blackthorn therapeutics, a San Francisco based start-up, is backed by Google and Polaris partners. The company has developed neurobehavioral therapeutics with drug discovery and development using advanced data science and neuroinformatic. It also enhances the drug discovery process.
The company has raised US$ 130 Mn through equity funding in the year 2019. Gauss Surgical, a California based start-up, has deployed computer vision to monitor the blood loss during surgery. This company raised around US$ 20Mn funding in the year 2018. Thus, start-ups are actively contributing to the growth of the AI in Healthcare market.
AI in Healthcare Market: Segmentation
By Components: Processors, Memory, Storage, FPGA, ASIC, Modules, Others.
By Technology: Machine Learning, Deep Learning, NLP, Computer Vision, Context Awareness, Predictive Analytics, Others.
By Products, Parts and Devices: Smartphones and Tablets, Wearable, Workstation System, Medical Devices, Medical Devices, Imaging Systems, Smart Trackers, Smart Meters, Others.
By Application: Predictive Maintenance/Self Diagnostics, Fraud Detection, Cyber Security, Inventory Management, Others.
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At present, the US dominates the artificial intelligence in healthcare market owing to technological advancements. Healthcare spending is highest in the US and most of the healthcare technology companies belong to the US. Europe is another potential market where healthcare spending is expected to increase in 2020. The demand for AI in healthcare is higher, especially in UAE and the Middle East region. These are some of the factors to fuel the growth of AI in Healthcare. China is rapidly developing its AI infrastructure in healthcare. The Chinese government believes that chronic diseases can be brought under control more efficiently by deploying AI. In the Asia Pacific region, the demand for AI in Healthcare is expected to rise in the future.
Comprehensive research report with ToC on " AI in Healthcare Ecosystem Size, Share & Trends Analysis Report by Components, by Technology, by Products, Parts and Devices and by Application 2019 - 2025'' at: https://www.alltheresearch.com/report/319/ai-in-healthcare-ecosystem-market
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