Hospital Artificial Intelligence Market to Gain Huge Prominence Due to its Advanced Diagnostic Capabilities & Growing Key Players Efforts

Published on : Oct 26, 2017

Albany, New York, October 26, 2017: Over the past few years, the use of artificial intelligence in the medical and healthcare sector has revolutionized the industry with artificial intelligence being used in several practices such as diagnostics, personalized medicine, development of drugs, and continuous monitoring and care of the patients. A new study, titled “Hospital Artificial Intelligence: Market Shares, Strategies, and Forecasts, Worldwide, 2017 to 2023” has been freshly broadcasted to the online repository of Market Research Hub (MRH), which finds that the intersection of healthcare and artificial intelligence represents a market opportunity. New strategies are being developed by companies to bring A.I. to healthcare, which as a result contributing to its market growth.

Artificial intelligence is useful for providing highly tailored insights about individual patients or to work across an entire population. This study gives readers insights and analysis on how demand for Artificial Intelligence (AI) services in hospitals are likely to shape during the forecast period of 2017 to 2023. Additionally, the report highlights market shares and forecasts for growth prospects in the global hospital artificial intelligence market as well as in various regions. According to the analyst estimations, Hospital artificial intelligence market shipments were valued at $19 billion in 2016, which is further forecasted to reach an impressive shipment value of $50 billion dollars, worldwide until the end of 2023.

The research finds that the adoption of artificial intelligence in healthcare is on the rise and solving a variety of problems for patients, hospitals and the healthcare industry overall. At present, major factors driving the market for artificial intelligence in hospitals include its ability to provide better diagnostic accuracy under a variety of testing conditions. Artificial intelligence (AI) is being implemented in healthcare by using algorithms and software for the study of medical information to help in the early detection or even prediction of diseases and thereby provide appropriate medication, eventually reducing spending in health.

Moreover, the research clearly states that steady growth in this market is anticipated because the AI units are offering breakthrough treatments and diagnostic capabilities. In the present time, an increase in the number of people with end-stage diabetes, cancer, and severe respiratory diseases creates the need for advanced medical diagnostic capabilities, therefore use of smart techniques such as Artificial Intelligence has been implemented in healthcare industry.

Looking to the key player’s evolutions and company profiles, the research also finds that Partners HealthCare and GE Healthcare are launching a 10-year partnership to bring artificial intelligence into every area of hospital operations. In addition, IBM brings Watson to the hospital AI landscape in hospitals. At present, market leaders are IBM and General Electric. Other market participants are GlaxoSmithKline (GSK), Alphabet, Merck, Drug discovery artificial intelligence, twoXAR, Numerate, Exscientia, BenevolentAI, Berg and Atomwise.

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