The global artificial neural network market is quadrupling mainly due to the broad uptake of this technology in the burgeoning healthcare sector for diagnostic and drug discovery purposes. The proliferation of artificial intelligence and its increasing integration with neural network algorithms are the two major dynamics changing the paradigms of the healthcare sector.
Besides, increasing prevalence of myriads of chronic diseases, increasing healthcare expenditure, and the growing number of hospitalizations, accelerate the growth of the market. According to Market Research Future (MRFR), the global artificial neural network market is estimated to create substantial revenues by 2023, registering a modest CAGR during the forecast period (2018 – 2023).
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Artificial neural networks provide significant benefits in medical research, which drives the market demand predominantly. Also, the rising adoption of artificial neural network in the burgeoning healthcare sector defines the growing landscape of the market. Over the past decade, image-guided analysis and bioelectric signal analysis & interpretation have become important diagnostic tools for the detection of a number of chronic diseases.
Also, there have been a few advances that occurred within the imaging technologies., as a cumulative effect of these factors, the size of the market is growing continually. On the other hand, digitization across emerging economies and reluctance among healthcare professionals to adopt artificial intelligence-based technologies are the major growth impeders for the market. Nevertheless, the rising preference for minimally invasive diagnostic procedures and increasing demand for image-guided diagnostic procedures would support market growth during the assessment period.
Global Artificial Neural Network Market – Segmentations
The analysis has been segmented into four major dynamics.
By Type : Feedback Artificial Neural Network, Feedforward Artificial Neural Network, and others.
By Component : Software, Services, Platform, and others.
By Application : Clinical diagnosis & prognostics, Image analysis & interpretation, Bioelectric signal analysis & interpretation, Drug development, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
On the basis of type, the market is bifurcated into feedback artificial neural network, feedforward artificial neural network, and others. Among these feedback neural networks are very powerful and can get complicated sometimes, as signals can travel in both the directions in this dynamic network type. In the network system, where the value of the output is unidentified, but the network provides feedback on whether the output is right or wrong. Feedback artificial neural network offers reinforcement learning, based on the connection pattern.
Global Artificial Neural Network Market- Geographical Analysis
North America dominates the global artificial neural network market with the largest market share. Factors such as the advancements in network technologies and rising applications of artificial neural network in the region drive the growth of the market. Besides, the presence of a well-developed healthcare sector and a large number of neural network technology developing companies foster market growth.
Also, the availability of venture capital & government funding has fuelled the growth of the regional market. Additionally, factors such as the increasing healthcare spending and rising incidences of chronic diseases in the region influence market growth. Huge investments transpired into the development of technology and products drive growth in the regional market. The North American artificial neural network market is projected to retain its leading position throughout the assessment period.
Europe stands second in the global artificial neural network market. The market is predominantly driven by the growing adoption of artificial intelligence among healthcare providers, increasing healthcare expenditure, and the rising prevalence of chronic diseases. Additionally, the presence of well-developed healthcare sectors and rising government support for R&D for the development of technologies, alongside the increasing healthcare expenditure, impact the regional market growth positively.
The Asia Pacific artificial neural network market is emerging as a promising market globally. The improving economic conditions countries in the region and the augmenting demand to control the increasing healthcare costs substantiate the growth of the market. Besides, the emerging trend towards the digitization of patient records among healthcare organizations in this region drives the market growth excellently.
Furthermore, the widening adoption of artificial neural network systems and growing numbers of awareness programs & symposia, along with venture capital investments, inflate the size of the regional market. The APAC artificial neural network market is expected to exhibit the fastest growth throughout the forecast period.
Global Artificial Neural Network Market- Competitive Landscape
Fiercely competitive, the artificial neural network market appears to be fragmented due to the presence of many dynamic players. These players seek market expansion through strategic initiatives such as innovations, mergers & acquisitions, collaboration, innovations/product launch, and expansion.
Also, these players increasingly invest in R&D activities to develop a cost-competitive product portfolio. To increase their footprints, they acquire promising companies in rapidly growing markets. Immense revenue generation opportunities demonstrated by this market attract many new entrants. However, they find it further challenging to survive while competing with technologies developed by the already established players.
Players leading the artificial neural network market include SwiftKey, Neural Technologies Limited, Starmind International AG, Ward Systems Group, Inc., Afiniti, SAP SE, Alyuda Research, LLC, NeuroDimension, Inc., Google Inc., Qualcomm Technologies, Inc., Neuralware, Intel Corporation, IBM Corporation, Microsoft Corporation, and Oracle Corporation, among others.
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Industry/ Innovation/ Related News
July 17, 2018 — PhysIQ (the US), healthcare’s first personalized physiology data analytics platform, announced that it is working on to expand its patent portfolio for artificial intelligence analytics in wearables. The recent announcement of two new patent allowances by the US Patent & Trademark Office on PhysIQ’s core analytics in digital medicine would help power machine learning and artificial intelligence (AI) approach, providing a platform for clinical markers to use uninterrupted wearable sensor data.
The physIQ platform is developed to allow healthcare providers to monitor patients post-discharge in the home environment. For clinical scientists, the platform enables the usages in pharmacological & medical device trials to gain digital biomarkers for subjects wearing sensors. With the allowance for System & Method for improving cardiovascular health, physIQ has received protection for its ground-breaking approach that involves usages of deep neural networks to make estimates of cardiopulmonary functional capacity from wearables.
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