According to Trends Market Research (TMR), the global healthcare artificial intelligence (AI) market was worth $0.95 billion in 2017 and is predicted to increase at a compound annual growth rate (CAGR) of 39.7% to $19.25 billion by 2026. AI applications are becoming more prevalent, and advances in data analytics are propelling the market forward. However, the market's expansion is hampered by the large capital requirements.
Hospitals and diagnostic centers expect substantial growth during the forecast period due to rising execution of AI technology for patient data collection to support decision making. Positive hospital workflows reducing wait times and lowering costs are some of the factors driving the market growth.
Due to increasing R&D expenditure, improvements in the pharmaceutical and biotechnology sectors, Pacific Asia holds the biggest market share for the projection period.
Read the details of the TMR AI healthcare report here.