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Healthcare Artificial Intelligence Market to Reach $20B in 2024

The global healthcare artificial intelligence market is forecast by Energias Market Research to reach a value of $19.9 billion in 2024, posting an aggressive CAGR of 48.7 percent during that period.

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Source: Thinkstock

By Fred Donovan

- Fueled by the growing adoption of artificial intelligence (AI) in medical research, care delivery, and precision medicine, the global healthcare artificial intelligence market is forecast by Energias Market Research to reach a value of $19.9 billion in 2024, posting an aggressive CAGR of 48.7% during that period.

The increasing number of healthcare AI applications along with more capital investments in AI is driving strong market growth.

AI is being used in a myriad of healthcare environments, such as clinical labs, research facilities, and hospitals. In addition, advancements in deep learning and wider application of AI have generated increasing AI use in the healthcare sector, such as diagnosis and treatment.

Key healthcare AI vendors identified by Energias include IBM, Microsoft, Welltok, General Electric, Philips, Google, Intel, Siemens, CloudMedx, and Zebra Medical Vision.

The software segment holds the largest share of the healthcare AI market, owing to growing development in software and increasing demand for medical diagnostics.

In terms of technology, the natural language processing segment holds the largest market share, but deep learning segment is expected to experience the highest growth rate to 2024

On the basis of application, the medical imaging and diagnostics segment holds the largest market share, as a result of demand for image analysis and disease diagnostic and shortage of skilled professionals. Advancements in AI for early disease detection and increasing investments in research and development activities are also driving segment growth.

North America is expected to hold the largest share of the global healthcare AI market during the forecast period. This is attributable to rising adoption of advanced technologies, and presence of major market players in the region. The Asia-Pacific region is expected to register the highest CAGR during the forecast period.

At same time, privacy and security concerns along with strict government regulations may hinder marketplace growth to a degree.

In addition, fear about AI’s impact could slow growth.

Michael Abramoff, founder and CEO of IDx Technologies, recently told a Federal Trade Commission (FTC) hearing that he confronted fear in his effort to develop an AI product that detects diabetic retinopathy, the leading cause of blindness in United States.

His autonomous diagnostic AI system can be used at the point of care with no human reviewer or oversight necessary. This shifts specialty diagnostics from the academic setting to the primary care setting, increasing the number of patients who can be tested and reducing testing costs, he said.

Abramoff first proposed the system in 2000, when he discovered an algorithm that could be used for diagnosing diabetic retinopathy. But he faced opposition from colleagues and the FDA.

He was given the moniker of the “Retinator” by his colleagues because “he will destroy jobs and also he’s not being safe for patients. Now, they think differently,” he related.

“The fear of AI is not new. It’s there, and it’s real. So, we need to manage that,” he said.

Abramoff raised $22 million to develop his system and get FDA approval, which he just received this year, almost two decades after he first came up with the idea.

“It took a long time to do this, but now essentially the rules are set for how you approve autonomous AI,” he said.

“Technology used in a lab does not directly transfer to what we do in healthcare. Patient safety is paramount. If we don’t do it right, there will be pushback and we will lose all of the advantages that AI can provide in healthcare for better quality, lower costs, and better accessibility,” he concluded.

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