5-year forecast: exponential growth for AI healthcare market

The AI in healthcare market is projected to expand from its current $2.1 billion to $36.1 billion in 2025, representing a staggering compound annual growth rate (CAGR) of 50.2 percent. That's according to new research from ReportLinker, which notes that the rapid increase in value will be driven largely by North American investment, with the United States at the forefront of innovation and spending. Hospitals and physician providers will be the major investors in machine learning and artificial intelligence solutions and services, the report predicts. "A few major factors responsible for the high share of the hospitals and providers segment include a large number of applications of AI solutions across provider settings; ability of AI systems to improve care delivery, patient experience, and bring down costs; and growing adoption of electronic health records by healthcare organizations," noted the summary of the report. "Moreover, AI-based tools, such as voice recognition software and clinical decision support systems, help streamline workflow processes in hospitals, lower cost, improve care delivery, and enhance patient experience."