In 5 Years Artificial Intelligence in Healthcare Market will be Worth 8B

According to a new market research report by MarketsandMarkets, the market is expected to grow from $667.1 million in 2016 to $7,988.8 million by 2022, at a CAGR of 52.68 percent during the forecast period. The growing usage of big data in the healthcare industry, ability of AI to improve patient outcomes, imbalance between health workforce and patients, reducing the healthcare costs, growing importance on precision medicine, cross-industry partnerships, and significant increase in venture capital investments are expected to drive the AI in healthcare market. Software to hold the largest share of the AI in healthcare market The AI software is used to assist the medical system in relevant insights, medical imaging and diagnostics, drug discovery, in-patient care and hospital management, virtual assistance, precision medicine, lifestyle management and monitoring, patient data and risk analysis, and research. The growing usage of smart devices, and the presence of major AI software providers such as IBM Corporation (US), Google Inc. (US) and Microsoft Corporation (US), Enlitic, Inc. (US), Next IT Corp (US) are driving the growth of the AI in healthcare market for the software offering. Deep learning technology expected to grow at the highest rate between 2017 and 2022 The deep learning technology which includes image recognition, signal recognition, and data mining-is expected to witness the highest CAGR during the forecast period.