AI Market in Healthcare is Skyrocketing: By Grand View Research

AI Market in Healthcare is Skyrocketing: By Grand View Research
The Siliconreview
17 Decemebr, 2019

As per a new report by Grand View Research, Inc., global Artificial Intelligence (AI) is assumed to reach USD 31.3 billion by 2025, rising at a CAGR of 41.5 percent over a forecast period. Some factors driving the adoption of AI driven technologies in the healthcare industry are the rising demand to minimize healthcare costs, increasing the adoption of precision medicine, increasing importance of big data in healthcare, and reducing hardware costs. In addition, developments in potential applications of AI-based medical care technologies and growth in investment in venture capital are expected to support growth over the forecast period.

Fuel growth is expected to increase the number of cross-industry partnerships. Microsoft, for instance, announced collaboration with Apollo Hospitals in March 2018, one of India's leading healthcare systems. The project focused on developing and deploying new models of machine learning to forecast the risk of developing heart disease and assisting clinicians in treatment planning. Rapid increase in venture capital funding is a driving force of AI start-up growth, further contributing to the growth of the sector.

Healthcare acceptance of AI is growing as healthcare providers continue to focus on improving patient care. The adoption of AI in healthcare has several advantages, both for patients and providers of healthcare. AI allows customized treatment based on the patient and past history of medicine. Moreover, doctor shortages in some countries are expected to increase health care demand for AI.