The global artificial intelligence in healthcare market is expected to observe an extensive growth in the coming years, led by growing need for precision medicine, increasing application of big data in healthcare industry, and rising need for coordination between healthcare workforce and patients. The products in the global market are categorized as hardware, software and services, with software being the largest contributor in 2016 and the category is also projected to witness significant growth during the forecast period. Growing number of software companies and increasing demand of software based AI solutions are the key factors driving the growth of this product category.
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Deep learning, natural language processing (NLP), querying method and context aware processing are some of the technologies used for AI in healthcare. The demand for NLP in healthcare has been growing mainly due to rise in unstructured clinical data. Since NLP technology extracts important clinical information from unstructured data and analyze it for enhancing processing and analytics.
AI solutions for elderly care and growing emerging economies provide immense opportunities for players in the AI in healthcare market. AI solution for senior care help them to stay in their home longer, with the use of smart sensors their movement can be tracked, and vital signs can be monitored by nurse or a family member. Also, if any change in health conditions is observed the smart sensors alert the concerned members. Such technological solutions have high potential in the market due to growing aging populations which in turn spurs the demand of advanced solutions.
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Key players in the global AI in healthcare market include Intel Corporation, IBM Corporation, Microsoft Corporation, Google, Inc., General Electric Company, NVIDIA Corporation, Medtronic Plc, Koninklijke Philips N.V., iCarbonX, Next IT Corp., Welltok, Inc., General Vision, Inc, Recursion Pharmaceuticals, Enlitic, Inc. Stryker Corporation, Deep Genomics, Inc., and Oncora Medical, Inc.
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