Artificial Intelligence in Healthcare Market to reach $10bn by 2024: Fractovia.org As per the medical report “Artificial Intelligence in Healthcare Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Brazil, Mexico, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 2024�, by Global Market Insights, Inc. says, artificial intelligence in healthcare market is expected to grow at an explosive CAGR of 40% over the period of 2017-2024. With the evolving digital capacity, artificial intelligence in healthcare market is turning out to be a major game-changer for the overall healthcare fraternity. Growing usage of big data coupled with rising adoption of precision medicine is further expected to drive artificial intelligence in healthcare industry. AI is widely adopted in the field of medical imaging, genomics, drug discovery to provide relevant insights pertaining to patient data monitoring, research, and risk analysis. The vast healthcare data have resulted into growing demand and need for AI technology.
Artificial intelligence in healthcare market finds its potential application in drug discovery, as AI plays a vital role in drug identification, discovery, screening, and design. The drug discovery application held 35% of the overall market share and is expected to attain gains at 40% over 2017-2024, collecting revenue worth USD 4 billion by 2024. Moreover, AI is also gaining prominence in medical imaging to improve the cancer diagnosis at an early stage. Artificial intelligence in healthcare market from the medical imaging and diagnosis application is projected to exceed a revenue generation of USD 2.5 billion by 2024. Below are the key geographical insights influencing the industry growth: US region to grow at 35% driven by Federal authorities are encouraging the use of data analytics to transform US healthcare systems, which in turn is driving the regional artificial intelligence in healthcare industry. Europe region to grow at 39% driven by Favourable business environment and intensive research activities carried out by the industry players to develop cost
1|Page