Artificial Intelligence in Healthcare Market to See 40% CAGR Surge

Source: Thinkstock By Jennifer Bresnick July 24, 2017 – The advent of true artificial intelligence in healthcare may still be some way off, but strong interest in achieving the goals of AI is producing a significant surge of investment in advanced machine learning, predictive analytics, and cognitive computing. According to a new Market Study report, the healthcare artificial intelligence segment is projected to see a staggering 40 percent compound annual growth rate (CAGR) between 2017 and 2024, resulting in a $10 billion market focused on medical imaging, diagnostics, personal AI assistants, drug discovery, and genomics. “Increasing big data volume and the ever-increasing need to effectively store and manage the healthcare data will drive healthcare artificial intelligence market growth,” the report states. “Advent of innovative technologies for effective diagnosis and treatment should further accelerate business penetration.” Dig Deeper Imaging analytics and diagnostics driven by machine learning will bring rapid growth, predicts analysts.  Tools, services, and platforms related to these activities are expected to surpass $2.5 billion by the middle of the decade. Meanwhile, drug discovery applications are anticipated to account for more than 35 percent of the healthcare AI marketplace, and could be valued at more than $4 billion by 2024 as…

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