Artificial Intelligence in Medicine Market Scope
Artificial intelligence (AI) is a field of computer science that can analyse large amounts of medical data. In many clinical settings, their ability to exploit significant relationships within a data collection may be employed in diagnosis, treatment, and prediction of result. Artificial intelligence in medicine can be defined as a scientific discipline concerned with research studies, projects, and applications aimed at assisting decision-based medical tasks through knowledge- and/or data-intensive computer-based solutions that ultimately support and improve a healthcare professional's performance. The lack of qualified healthcare workers and the development in the processing capacity of AI systems are two significant reasons driving the expansion of the AI in medicine market, which is expected to assist enhance the efficiency of drug discovery and clinical trial management.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Alphabet Inc. (Google Inc.) (United States), Berg Health (United Kingdom), BioXcel Corporation (United States), Enlitic Inc. (United States), Intel Corporation (United States), General Vision (United States), IBM Corporation (United States), Microsoft Corporation (United States), Nvidia Corporation (United States) and Welltok Inc. (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Artificial Intelligence in Medicine market throughout the predicted period.
Alphabet Inc. (Google Inc.) (United States), Berg Health (United Kingdom), BioXcel Corporation (United States), Enlitic Inc. (United States), Intel Corporation (United States), General Vision (United States), IBM Corporation (United States), Microsoft Corporation (United States), Nvidia Corporation (United States) and Welltok Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are InSilico Medicine, Inc. (Hong Kong), Flatiron Health (United States), GNS Healthcare (United States), Globavir Biosciences, Inc. (United States) and Benevolent AI (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Artificial Intelligence in Medicine market by Type , by Application (Drug Discovery, Clinical Research Trial, Personalized Medicine and Others) and Region with country level break-up.
On the basis of geography, the market of Artificial Intelligence in Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In November 2020, BERG and AdventHealth partnered to reduce death rates for patients across hot zones across the United States. The partnership used AI to match patients with the best treatments based on their biological profiles. Their work in Florida has become a model for the rest of the country USA.
Influencing Trend:
Technical Progress in Medical Industry
Market Growth Drivers:
Digitization Across Different Industry Verticals and High Investment in Medical R&D
Challenges:
Fierce Competitive Pressure
Restraints:
Lack of Skilled Professionals and High Initial Investment
Opportunities:
Growth in Healthcare Infrastructure Across Emerging Regions
Key Target Audience
Artificial Intelligence Solution Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others