Thanks to an increasing demand of AI technology for research and drug development, the AI in healthcare market size is expected to exceed $13 billion by 2025, according to a report by Global Market Insights.
The market size is set to experience compound annual growth rate (CAGR) of 41.7 percent after being valued at $1.3 billion in 2018. Earlier this year, a report predicted the AI in healthcare market would reach $36.1 billion by 2025, with a CAGR of 50.2 percent.
Increasing AI applications for drug discovery, medical imaging, precision medicine, genomics and personalized treatments will also help drive the industries growth. Of those applications, the report noted AI’s potential to help monitor patients, analyze large datasets MRI and CT scans to accurately identify and diagnose diseases and streamline the drug discovery process.
“In drug research, use of artificial intelligence streamlines selection process of drug development and helps investigators to study only those drugs that are promising and aids in identification of previously undiscovered pathways escalating its adoption amongst the researchers and scientists proving beneficial for the industry growth,” a press release stated. “Promising application of artificial intelligence in the future includes image recognition to analyze large sets of MRI and CT scans to identify and diagnose malignant tumors with more accuracy than expert radiologists”
Other findings include:
- The North American AI healthcare market had a global market share of $653.9 in 2018
- The European AI healthcare market is expected to experience a 41.8 percent CAGR through 2025
- The drug discovery segment of the AI healthcare market had a global market share of $345 million in 2018
- The hospital workflow segment of the AI healthcare market is expected to experience a 40.6 percent CAGR through 2025
Danielle covers Clinical Innovation & Technology as a senior news writer for TriMed Media. Previously, she worked as a news reporter in northeast Missouri and earned a journalism degree from the University of Illinois at Urbana-Champaign. She's also a huge fan of the Chicago Cubs, Bears and Bulls.