The global artificial intelligence in health care market is expected to reach $27.6 billion by 2025, according to a report by Meticulous Research.
MarketsandMarkets also predicts tremendous growth with AI in health care. The market was estimated to be valued at $2.1 billion in 2018 and is expected to reach $36.1 billion by 2025.
Artificial intelligence (AI) is utilized by the health care industry in various applications such as patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow management and patient management as it applies various human intelligence-based functions such as reasoning, learning and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology and engineering.
The growth of artificial intelligence in the health care market is mainly driven by a growing demand of precision medicines, effective cost reduction in the health care expenditure and rising funding in health care artificial intelligence. In addition, a growing need for accurate and early diagnosis of chronic diseases and disorders further support the growth of this market. However, reluctance in adopting AI technologies among end users, lack of trust and potential risks associated with AI in health care is restricting the growth of this market to some extent.
The overall artificial intelligence in health care market is mainly segmented by product, technology, application, end user and geography. The market by product type broadly comprises software, services and hardware; whereas, the technologies analyzed are natural language processing (NLP), context aware processing, machine learning and querying method, according to Meticulous Research.
The NLP technology segment is estimated to account for the largest share of the overall artificial intelligence in health care market in 2019, mainly attributed to the rising adoption of NLP in clinical documentation and automated coding in claims submissions. Currently, the market for NLP technology in health care is in a nascent stage, dominated by legacy vendors such as IBM Corporation and Google Inc. focusing on front-end speech recognition for computer-assisted physician documentation and back-end coding to optimize billing.
On the basis of application, the artificial intelligence in health care market is segmented into patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow, patient management and other applications. The hospital workflow management application segment is estimated to account for the largest share of the overall artificial intelligence market in health care. The large share of this segment can be attributed to increasing implementation of machine learning, deep learning and other detailed pattern recognition algorithms that provide clinical decision support while improving the efficiency of radiologists, pathologists and other image-based diagnostics. Moreover, the rising adoption of AI solutions in hospitals and clinics to manage the complicated work flow and customer service is also expected to support the growth of this market segment.