Artificial Intelligence in Medicine Market Looks Bright with Increasing Panoply of Solutions Featuring High Processing Power
Artificial Intelligence in Medicine and Innovative Technologies For A Better Tomorrow
The increasing processing power of the latest artificial intelligence technologies and AI powered systems is one of the most compelling driver, fuelling the growth within the global AI for Medicine specialization market. The AI domain is one of the fastest growing segment within the global IT sector, with lucrative applications all across the roaster of various technology dependent industries. Furthermore, the increasing trend of digitalization in medicine as well as pharmaceutical industries is also positively impacting the future of artificial intelligence in medicine market.
However, the limitations faced by even the most advanced AI systems in terms of decision making, especially when it comes to a crucial industry pertaining human health, still result in variousrisks and remedies for artificial intelligence in health care market. This trend is also bolstered by the limited acceptance from various professionals in healthcare as well as medicine industries and causes decreased adoption of the novel products and solutions within the global artificial intelligence in medicine market. On the other hand, the rising usage of these AI powered systems and platforms in the field of medicine and pharmaceuticals, which aids in enhancing the efficiency of drug development processes, is furthering the development within the global artificial intelligence in medicine market.
North America Region Leads the Artificial Intelligence in Medicine Market
Regionally, North America dominates the global artificial intelligence in medicine market. This leading industry positioning of the North America region in the global artificial intelligence in medicine market can be attributed to the increasing preference for AI systems from all major healthcare and medical facilities and infrastructures in leading regional economies, such as Canada as well as the United States. Furthermore, the ever growing medical and healthcare expenditure in the North American economies also paves a way for adoption of better and technologically competent products and solutions and affect the scope of artificial intelligence in medicine market.
The rising adoption of cloud computing techniques as well as methodologies across the landscape of the medical and healthcare industries is yet another major influencer, affecting the novel and unique artificial intelligence in medicine applications and implications in coming years. Some of the leading and noteworthy applications for the products and solutions offered by the manufacturers and players working in the landscape of the global artificial intelligence in medicine market include research and development, patient management, and medical administration as well as support, among others.
Players in Artificial Intelligence in Medicine Market Engaged in New Product Launches and Partnerships
The landscape of the global artificial intelligence in medicine market is filled with various major international as well as several regional and local manufacturers and players, such as Google, Inc., Enlitic, Inc., Welltok, Inc., International Business Machines Corporation, BioXcel Corporation, GNS Healthcare, Verge Atomwise, Cloud Pharmaceuticals, Intel Corporation, Microsoft Corporation, Berg Health, NVIDIA Corporation, General Vision, Inc., InSilico Medicine, Inc., Benevolent AI, Recursion Pharmaceuticals, and Flatiron Health, among others. Various notable corporate expansion and growth strategies are being implemented by the manufacturers and players operational within the domain of the global artificial intelligence in medicine market, such as launching of new and innovative products, mergers and acquisitions, and strategic partnerships as well as collaborations.
For example, Atomwise and BioMotiv announced a strategic partnership in January of 2020, in order to develop novel therapies together. Joint development initiative of these companies in the global artificial intelligence in medicine market will allow the Atomwise’s advanced AI technology and enabled platforms to utilize deep expertise in clinical as well as pre-clinical development processes, possessed by BioMotiv to further novel early stage as well as academic research projects. Elsewhere, a new all in one bundle of AI powered products and solutions was launched by the Zebra Medical Vision in November of 2019, made available to end users on their Nuance AI marketplace.