“Asia-Pacific is expected to witness the fastest growth during the forecast period.”
The Global Artificial Intelligence In Healthcare Market is expected to reach at $36,250 million by 2026, with a CAGR of 51.7%, during the forecast years. The growth of the global artificial intelligence in healthcare market is primarily being driven by enhanced patient outcome, increasing coordination between patients and healthcare workforce, the rising adoption of precision medicine, and an exponential growth in investments. The increasing adoption of big data in healthcare is further propelling the market growth. The artificial intelligence in healthcare market is expected to witness significant growth during the forecast period due to technological advancements in AI systems.
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· In June 2018, Medtronic and its strategic technology partner, IBM Watson Health, announced to launch the Sugar.IQ, a smart diabetes assistant. It has been designed to simplify and improve daily diabetes management. The Sugar.IQ smart diabetes assistant leverages AI and analytic technologies from IBM Watson Health, to continually analyse how an individual's glucose level responds to food intake, insulin dosages, daily routines, and other factors, such as information provided by the app user.
· In July 2018, Micron and Intel announced to update their existing 3D XPoint joint development partnership that would result in the development of an entirely new class of nonvolatile memory with dramatically lower latency and exponentially greater endurance than NAND memory. The companies have agreed to complete the joint development for the second generation of 3D XPoint technology, which is expected to occur in the first half of 2019.
· In July 2018, ResMed, a sleep apnea treatment and connected health solutions, and Verily announced their agreement to form a new joint venture. Combining ResMed’s expertise in sleep apnea and Verily’s advanced health data analytics technologies, the US-based joint venture will study the health and financial impacts of undiagnosed and untreated sleep apnea and develop software solutions that will enable healthcare providers to more efficiently identify, diagnose, treat, and manage individuals with sleep apnea and other breathing-related sleep disorders.
Artificial Intelligence in Healthcare Market Dynamics
The adoption of Artificial Intelligence In Healthcare is witnessing growth due to the growing application of Big Data in the healthcare industry and the rising demand for precision medicine. In addition to these, healthcare payers are also inclined towards the use of big data, as it helps to prevent a wide range of fraudulent claims of insurance. Moreover, with the integration of big data across the healthcare sector has been continuously adopted by healthcare provider and payers.
The rising use of big data makes it easier for the hospital staff to work effectively and efficiently, as the data is stored systematically. In order to monitor blood pressure, heartbeat, and respiratory rate, sensors are placed besides patients’ beds that alert doctors and the hospital staff if there is any improvement or change in the patient’s health status.