An artificial neural network is a form of artificial intelligence which is based on the structure and functions of human neural networks. The artificial neural network software can be used for medical research, drug development, clinical diagnosis of various diseases, and interpretation of clinical imaging techniques, among others.
Key factors driving the growth of the market are the emergence of artificial intelligence, increasing healthcare expenditures by the government in developed regions, and increasing adoption of the artificial neural network in the healthcare sector. Moreover, the increasing prevalence of several chronic diseases globally is likely to contribute to the growth of the artificial neural network. In January 2017, a scientist demonstrated that the IBM Watson for oncology would be a reliable Artificial Intelligence (AI) system for assisting the diagnosis of cancer.
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Despite the drivers, slow digitization across emerging economies and reluctance among healthcare professionals to adopt artificial intelligence-based technologies are likely to hamper the growth of the market during the assessment period.
Neural Technologies Limited, SwiftKey, Starmind International AG, Afiniti, Ward Systems Group, Inc., SAP SE, NeuroDimension, Inc., Alyuda Research, LLC, Google Inc., Neuralware, Qualcomm Technologies, Inc., Intel Corporation, Microsoft Corporation, IBM Corporation, and Oracle Corporation are some of the key players in the global artificial neural network market.
The global artificial neural network market has been segmented into type, component, and application.
The market, on the basis of type, has been segmented into feedback artificial neural network, feedforward artificial neural network, and others.
The market, by component, has been segmented into software, services, and platform.
The global artificial neural network market, by application, has been segmented into clinical diagnosis and prognostics, image analysis and interpretation, bioelectric signal analysis and interpretation, drug development, and others.
Regional Market Summary
Geographically, the Americas is anticipated to dominate the global artificial neural network market owing to a well-developed healthcare sector, due to the presence of a large number of enterprises in the development of neural network technologies, and high adoption advanced technology in the healthcare sector. According to the Centers for Disease Control and Prevention, in 2015, the total national health expenditure was USD 3.2 trillion.
The Middle East & Africa has the least share of the global artificial neural network market. However, this region is expected to have a potential growth opportunity for the artificial neural network market during the forecast period. The key factors driving the growth rate in this region include increasing technological implementations and rising healthcare investments.
Europe is expected to hold the second largest position in the global artificial neural network market. The market growth in this region is attributed to the growing adoption of artificial intelligence among healthcare providers and increasing healthcare expenditure coupled with the rising prevalence of chronic diseases.
The Asia-Pacific region is expected to exhibit the fastest growth throughout the forecast period owing to the accelerated economic growth of countries in the region and the growing need to control the increasing healthcare costs. These factors are also responsible for the emerging trend towards the digitization of patient records among healthcare organizations in this region.
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