Past US TAM, AI/ML in Healthcare
The estimated 2014 TAM for AI and machine learning in healthcare in the United States was approximately $123 million. Our findings on this topic have been added to column C of row three of the attached spreadsheet.
U.S. TAM FOR AI AND MACHINE LEARNING IN HEALTHCARE (2014)
- North America is the region of the world that is likely to witness the highest CAGR between the years 2019 to 2025
- The United States is expected to be a significant contributor in the AI-in-healthcare market within North America.
- In 2016, the U.S. TAM for AI and machine learning in healthcare was $320 million.
- Between 2014 and 2016, the U.S. TAM for AI and machine learning in healthcare is expected to grow at a CAGR of about 38%.
- In 2014, the estimated U.S. TAM for AI and machine learning in healthcare was up to $123 million. (Calculated)
Our research began by checking statistical sites, research firms, and media sites for any reports on the U.S. TAM growth for AI and machine learning in healthcare in 2014. Thus, we explored research firms such as Research Gate, Docs Player, Technavio, Industry Daily Observer, Grand View Research, Business Wire, and Globe-News Wire for relevant information. We also checked statistical and consulting websites, including Statista, Deloitte, KPMG, and McKinsey. Also, we reviewed media websites like Reuters, Forbes, and The NYT.
On the website Pymnts, we discovered that North America is leading the global market of AI and machine learning in healthcare with the United States serving as one of the major contributors to the region’s AI-in-healthcare market. Additionally, while exploring Market Watch, we found that the U.S. market size for AI and machine learning in healthcare was valued at around $320 million in 2016, and the market was anticipated to grow at a compound annual growth rate (CAGR) of about 38% until 2024. We decided to utilize this data to calculate the 2014 TAM, assuming that the market had grown at the same CAGR between 2014 and 2016 (38%).
To calculate the 2014 market size, we used the following equation:
- Market size for previous year = market size of next year - (market size of next year x CAGR)
- 2015 market size = 320,000,000 - ($320,000,000 x 38%) = $198,400,000 or $198.4 million
- 2014 market size = 198,400,000 - ($198,400,000 x 38%) = $123,008,000 or $123 million
Therefore, we estimate that the TAM for AI and machine learning in healthcare in the United States in 2014 was roughly $123 million.