WELLESLEY, Mass., Nov. 21, 2018 (GLOBE NEWSWIRE) -- Artificial intelligence (AI) and cognitive technologies have gained significant traction and become more widely adopted in recent years. The market for cognitive computing and AI in healthcare is segmented by offering, technology, application, end user and region. A new BCC Research study expects this market to reach $16.1 billion by 2022.
The cognitive healthcare industry represents a new partnership between human beings and technology that has the potential to transform healthcare on a global scale. Cognitive systems that understand, reason and learn are assisting people to expand their knowledge base, improve their productivity and deepen their expertise. From $2.4 billion in 2017, a 5-year compound annual growth rate (CAGR) of 45.9% is projected, according to BCC Research’s report Cognitive Computing and Artificial Intelligence Systems Market in Healthcare.
By application, the market is categorized into robot-assisted surgery, virtual nursing assistants, administrative workflow assistance, fraud detection, dosage-error reduction, clinical trial participant identifier, preliminary diagnosis and others. By end users, the market is divided into healthcare providers, pharmaceutical and biotechnology companies, patients, and payers.
Research Highlights
- By offering, software had the highest revenue in 2017 and is anticipated to expand by 45.5% to 2022. Hardware is projected to have the highest 5-year CAGR (47.8%).
- By technology, natural language processing had the most revenue in 2017 and is expected to grow by 45.0% to 2022. The highest 5-year CAGR (50.2%) is forecast for deep learning.
- Cognitive computing enables users to see health data that were previously inaccessible.
“Humans generate an enormous amount of health-related data. These data come from a wide variety of sources, such as personal fitness trackers, mobile apps, electronic medical records, as well as genomic and clinical research,” said BCC Research analyst Sangeeta Rai. “The development of AI and cognitive computing platforms can avoid discarding and wasting these data.”
Opportunities and Restraints in the AI Market
The application of AI for novel surgeries and screening, in conjunction with an untapped market in developing regions, offers lucrative opportunities for market expansion. Limitations of AI decision making and limited acceptance by healthcare professionals due to risk of injury and misinterpretation are expected to restrain market growth.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.