AI in Medication Management Market Scope
Artificial intelligence (AI) in Medication Management is used to analyze complex medical data by approximating human cognition with the help of algorithms and software. The development of novel pharmaceuticals and biologicals through clinical trials can take more than a decade and cost billions of dollars during that tenure period.
The market study is being classified by Type (Hardware, Software and Services), by Application (Patient data and Risk analysis, Inpatient care & Hospital Management, Medical Imaging and Diagnostics, Lifestyle Management and Monitoring, Virtual Assistant, Drug Discovery, Research, Healthcare Assistance Robots, Precision Medicine, Emergency Room & Robot Assisted Surgery, Wearables, Mental Health, Fraud Detection, Cybersecurity, Clinical Trial Participant Identifier and Others) and major geographies with country level break-up.
The artificial intelligence in the Medication Management market is highly competitive owing to the presence of a large number of players in the market operating in domestic as well as in the international market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global AI in Medication Management market throughout the predicted period.
Intel (United States), NVIDIA (United States), Siemens Healthineers (Germany), Medtronic (Ireland), Micron Technology (United States), IBM (United States), Microsoft (United States), Google Inc (United States), Amazon Web Services (United States) and General Electric (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are CloudMedx (United States).
AdvanceMarketAnalytics has segmented the market of Global AI in Medication Management market by Type, Application and Region.
On the basis of geography, the market of AI in Medication Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
September 2019 - Atomwise and Jiangsu Hansoh Pharmaceutical Group have launched an up-to USD 1.5 billion collaboration to design and discover potential drug candidates for up to 11 undisclosed target proteins in cancer and multiple other therapeutic areas.
March 2019 - IBM developed a virtual assistant "Andělín" to help patients of the Czech Neurorehabilitation Center ERGO Aktiv after a stroke to their return to an active life and work. The virtual assistant help reduce confusion and misinterpretation of information by answering questions and providing general information related to the post-stroke rehabilitation shared widely on the Internet.
- Growing Number of Cross-Industry Partnerships and Collaborations
- Rising Need for Improvised Healthcare Services Due to Imbalance Between Health Workforce and Patients
- Increasingly Large and Complex Data Set
- Growing Demand to Reduce Healthcare Costs
- Improving Computing Power and Declining Hardware Cost
- Growing Potential of AI-Based Tools for Elderly Care
- Increasing Focus on Developing Human-Aware AI Systems
- Reluctance Among Medical Practitioners to Adopt AI-Based Technologies
- Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
- Lack of Curated Healthcare Data
- Concerns Regarding Data Privacy
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