Industry Background:
Artificial intelligence (AI) in Medication Management is used to analyze complex medical data by approximating human cognition with the help of algorithms and software. The development of novel pharmaceuticals and biologicals through clinical trials can take more than a decade and cost billions of dollars during that tenure period.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Intel (United States), NVIDIA (United States), Siemens Healthineers (Germany), Medtronic (Ireland), Micron Technology (United States), IBM (United States), Microsoft (United States), Google Inc (United States), Amazon Web Services (United States) and General Electric (United States) |
This growth is primarily driven by Increasingly Large and Complex Data Set, Growing Demand to Reduce Healthcare Costs and Improving Computing Power and Declining Hardware Cost.
Globally, a noticeable market trend is evident Growing Number of Cross-Industry Partnerships and Collaborations
The Health Care Technology sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Intel (United States), NVIDIA (United States), Siemens Healthineers (Germany), Medtronic (Ireland), Micron Technology (United States), IBM (United States), Microsoft (United States), Google Inc (United States), Amazon Web Services (United States) and General Electric (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The artificial intelligence in the Medication Management market is highly competitive owing to the presence of a large number of players in the market operating in domestic as well as in the international market.
Key Developments in the Market:
September 2019 - Atomwise and Jiangsu Hansoh Pharmaceutical Group have launched an up-to USD 1.5 billion collaboration to design and discover potential drug candidates for up to 11 undisclosed target proteins in cancer and multiple other therapeutic areas.
March 2019 - IBM developed a virtual assistant "Andělín" to help patients of the Czech Neurorehabilitation Center ERGO Aktiv after a stroke to their return to an active life and work. The virtual assistant help reduce confusion and misinterpretation of information by answering questions and providing general information related to the post-stroke rehabilitation shared widely on the Internet.
Influencing Trend:
Growing Number of Cross-Industry Partnerships and Collaborations and Rising Need for Improvised Healthcare Services Due to Imbalance Between Health Workforce and Patients
Market Growth Drivers:
Increasingly Large and Complex Data Set, Growing Demand to Reduce Healthcare Costs and Improving Computing Power and Declining Hardware Cost
Challenges:
Lack of Curated Healthcare Data and Concerns Regarding Data Privacy
Restraints:
Reluctance Among Medical Practitioners to Adopt AI-Based Technologies and Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
Opportunities:
Growing Potential of AI-Based Tools for Elderly Care and Increasing Focus on Developing Human-Aware AI Systems
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in AI in Medication Management Market
- Analysis about New Entrants in AI in Medication Management Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, AI in Medication Management Study Sheds Light on
The AI in Medication Management Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the AI in Medication Management industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where AI in Medication Management industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.