Artificial intelligence (AI) in the healthcare market is expected to grow to $36.1 billion by 2025. The “Artificial Intelligence in Healthcare Market by Offering, Technology, End-Use Application, End User And Geography — Global Forecast to 2025″ report revealed that AI utilized in healthcare will grow at a compound annual growth rate (CAGR) of 50.2 percent during the forecast period.
“Machine learning’s [ML’s] ability to collect and handle Big Data — and increasing adoption of ML by hospitals, research centers, pharmaceutical companies and other healthcare institutions to improve patient health — are fueling its growth in AI-in-healthcare market,” according to the report. “The growing adoption of NLP [in] applications such as patient-data and risk analysis, lifestyle management and monitoring, and mental health is propelling the growth of this technology in the market.”
Companies cited in the report include NVIDIA, Intel, IBM, Google, Microsoft, AWS, General Vision, GE Healthcare, Siemens Healthineers (Germany), Medtronic, Johnson & Johnson, and Philips (Netherlands).
The report noted that North America is likely to experience the highest CAGR during the forecast period, with the U.S. as one of the major contributors in the region’s AI-in-healthcare market.
In fact, earlier this month, it was announced that two Safeway stores in the Phoenix area are now offering AI-powered medical clinics through a partnership with Akos Med Clinic. The clinic uses technology developed by AdviNOW Medical to diagnose and treat a variety of common conditions, such as sinus infections, ear aches, sore throats, rashes, UTIs, strains and sprains.
“In a time when digital health is rapidly evolving, we are excited to bring this unprecedented approach to virtual medical care,” said Akos CEO and Co-founder Kishlay Anand, MD at the time. “At Akos, we’re committed to improving access to high-quality medical care, and this partnership will expand our telehealth offering beyond the capabilities of our telemedicine app by placing these clinics where consumers regularly shop.”