Artificial Intelligence in Medicine Market - What Are The Main Factors That Contributing Towards Industry Growth?

(MENAFN- America News Hour) Artificial Intelligence is the ability of a digital computer or a robot to do things commonly done by intelligent beings. It is used with developing systems which have the human intellectual process like reasoning, learning from experience, discovering meaning. To provide better healthcare to patients, artificial intelligence in medicine is the next big thing.AI can store and process large amounts of data and convert that information into system tools.AI infuses the healthcare system with new insights, which make life a lot easier for humans.
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End User/Technology
Python is used for making AI for a wide range of uses like General AI, Machine Learning,Natural Language Processing and Neural Networks.There are 10 most demanded AI technologies.They are Natural Language Generation-used to produce text from large data set.Speech Recognition is used to convert human speech into actionable data of the computer.Virtual agents like chatbots and smart home system are being widely usedMachine Learning Platforms to deploy models.

Market Dynamics
The growing patient pool,adoption of cloud computing and government initiatives favouring AI.Label problem,deployment problem and fear around regulation are three main issues when incorporating AI in medicine. There are instances where, the AI is unable to detect the correct course of life-saving treatment, although such a treatment would have been deployed, had a human been in charge. With the aid of deep learning, efforts are going on to get insights from large volumes of data and put them to practical use.

Market segmentation
Based on technology:
Machine Learning
Natural Language Processing
Image Processing
Speech Recognition
Based on geography
Asia-Pacific
Europe
North America
Rest of The World
Based onApplication
Government and Defence
Therapeutics
Research and Development
Others
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Regional/Geographic Analysis
Asia-Pacific artificial intelligence market is to grow at a CAGR of 46% from 2016 to 2022.The two biggest economies-China and India are growing very fast.Coupled with the rise in income of middle-class and affordable internet via smartphones, they are embracing AI in medicine. In the US,GE and Nvidia have joined hands to accelerate the use of Artificial Intelligence in Medicine market.Nuance communications have also opened a medical imaging with AI called Nuance AI Marketplace for Diagnostic Imaging. A majority of GCC countries are willing to replace doctors with AI and robots. Clinical workforce shortage and Tech savvy young population are the reasons for this change.
Key Players
Google
IBM
Microsoft
Intel
Baidu
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