A report released by Global Market Insights has found that the global healthcare AI Market should surpass $13bn in value by 2025, with significant growth forecast for the North American, European and APAC markets.
According to the authors of Healthcare Artificial Intelligence Market Share Growth Report 2019–25, the European healthcare AI market should witness 41.8% growth throughout the forecast period, with the market's growth driven by the adoption of AI in research areas, along with advancements in the way electronic health records (EHR) are stored and accessed. Market growth in Europe will also be supported by EU undertakings designed to stimulate the use of healthcare AI systems in strengthening the eHealth sector.
"Efforts undertaken by government authorities will significantly impact the regional industry growth," the report's authors noted.
In North America, the healthcare AI market, which has been the most dominate regional globally, generated a revenue share of $653.9m in 2018, while the APAC AI in healthcare market was valued at $148.9m for the same period.
"Considerable revenue size [in APAC] can be attributed to the rising adoption of healthcare AI software and solutions in maintaining large patient databases," said Global Market Insights. "Emerging countries have huge populations and it becomes difficult to secure the patient data which is vulnerable to several threats. Hence, the availability of software and solutions that assures data integrity and security have increased its adoption among healthcare professionals, thereby fostering regional market growth."
The wearables segment was valued at $99.3m in 2018 and will be expected to continue growing during the forecast period, as wearables provide further insights and support in helping make effective clinical decisions.
"The development of technologically advanced wearables that utilize machine learning to identify significant changes in patients' vital parameters and allows caregivers to deliver quality care that will prove beneficial for segmental growth," the report's authors noted.