The artificial intelligence (AI) in healthcare market is expected to reach $36.1 billion by 2025, according to a new report from the research firm MarketsandMarkets.
The report estimates a compound annual growth rate (CAGR) of 50.2 percent from 2018 to 2025; the value was estimated as $2.1 billion in 2018.
According to the report, machine learning technology will have the highest CAGR from 2018 to 2025. In addition, AI software is expected to hold the largest market from 2018 to 2023.
“Growing adoption of AI solutions and platforms among healthcare providers and healthcare payers is the prime factor driving the growth of the software segment,” according to a prepared statement. “The software is developed using AI technologies, such as machine learning, natural language processing, and deep learning. In most cases, the software can run in the existing system without any additional requirement for specific hardware.”
North America is also viewed as the leader of this market, at least in terms of overall value.
“The wide-scale adoption of AI technologies across the continuum of care, especially in the US, is the key factor supporting the growth of the AI in healthcare market in this region,” according to the same statement.