Artificial Intelligence in Healthcare is expected to reach USD 7,988.8 million by 2022

Growing usage of big data in healthcare industry and imbalance between health workforce and patients is expected to drive the growth of the AI in healthcare market The artificial intelligence (AI) in healthcare market was valued at USD 667.1 million in 2016 and is expected to reach USD 7,988.8 million by 2022, at a CAGR of 52.68% between 2017 and 2022. The growth of this market is driven by the growing usage of Big Data in 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 in AI in healthcare domain. However, reluctance among medical practitioners to adopt AI-based technologies and ambiguous regulatory guidelines for medical software are the major factors restraining the growth of the AI in healthcare market. Faster calculations and lesser power consumption are the factors driving the growth of the hardware market for AI in healthcare Hardware which includes GPUs, DSPs, FPGAs, and neuromorphic chips is expected to grow at the highest rate in the offering segment of AI in healthcare. The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm.