The hardware segment is projected to witness the highest growth rate during the forecast period. Algorithm Segment Review Based on algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. The deep learning segment is projected to grow at the highest CAGR during the forecast period, owing to increase in use of signal reduction, data mining, and image recognition, which are integral components of most AI protocols. Global AI in healthcare Market: Key Geographic Segment Based on region, the AI in healthcare market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the AI in healthcare market in 2016, and is expected to retain its dominance throughout the forecast period.
The market is projected grow at a CAGR of 43% 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 AI in healthcare market has been segmented on the basis of offering, technology, application, end-user industry, and geography. On the basis of offering, the market has been further segmented into hardware, software, and services. The AI in healthcare market is further segmented on the basis of technology into deep learning, querying method, NLP, and context aware processing. North America is expected to be the largest and fastest-growing market for AI in healthcare during the forecast period.
Summary: Artificial Intelligence in Healthcare Market Overview: Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that applies various human intelligence based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering. AI is widely applicable in medication management, treatment plans, and drug discovery. The global AI in healthcare market was valued at $1,441 million in 2016, and is estimated to reach at $22,790 million by 2023, registering a CAGR of 48.7% from 2017 to 2023. The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments.
Change Healthcare and Health Fidelity are partnering to offer a risk adjustment coding solution that uses natural language processing (NLP) and machine learning to increase claim accuracy and address compliance issues, the companies announced Monday, Jan. 14. The companies hope their partnership will help provide greater accuracy, better compliance and more precise reimbursement for payers. Change Healthcare is a revenue and payment cycle management and clinical information exchange solutions company. Health Fidelity is a healthcare technology startup. "With their scale, established payer relationships, and years of coding experience, Change Healthcare is the ideal partner to extend the reach of our natural language processing within risk-adjustment coding," Steve Whitehurst, Health Fidelity chief executive officer, said in a prepared statement.