Market Size
The Global Artificial Intelligence in Healthcare Market reached US$ 13248.65 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 187704.75 million by 2031. The market is growing at a CAGR of 41.1% during the forecast period (2024-2031).
Artificial intelligence in healthcare is a rapidly growing sector that is transforming the way healthcare services are delivered. AI technology is being applied to a wide range of healthcare applications, from diagnostic tools to drug discovery to patient monitoring and care management.
The market for AI in healthcare is expected to grow significantly in the coming years, driven by factors such as the increasing healthcare data being generated, the need for improved patient outcomes, and the growing demand for cost-effective healthcare solutions.
Market Summary
| Metrics | Details |
| CAGR | 41.1% |
| Size Available for Years | 2023-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) and Volume (Tons) |
| Segments Covered | Product Type, Technology, Application, End-User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing demand for advanced technologies that can improve patient results and simplify hospital processes drives the growth of the market
The global market for artificial intelligence in healthcare is expanding as a result of the spike in research and development activities due to the rising incidence of chronic disorders. Artificial intelligence-enhanced technology can analyze data much more quickly than a human can, including clinical research, medical records, and genetic data that can aid in diagnosis. Numerous repetitive jobs, including data entry, record keeping, and scan processing, can be automated with Artificial intelligence. AI in healthcare enables medical workers to take informed decisions on the basis of precise information, which saves time, lowers costs, and generally improves the administration of medical records. There are numerous key players developing these products to provide better treatment to patients. The government's laws and policies supporting artificial intelligence in healthcare are driving the market growth.
Rising expenditure for research and development proficiencies creates lucrative growth opportunities for manufacturers
There is a growing market opportunity due to the expanding adoption of artificial intelligence in healthcare and rising investments by developing and developed nations for medical devices & instruments as a result of the rising prevalence of chronic disorders. People are facing issues with various kinds of disorders due to which demand for early diagnosis is increasing. A rise in public-private funding for focused research projects, a rise in the need for better healthcare services as a result of an unbalanced patient-to-healthcare worker ratio, and a rise in product innovations & development of technologically advanced products are going to create opportunities for artificial intelligence. Increasing expenditures in healthcare infrastructure and the development of cutting-edge technologies such as machine learning and natural language processing are contributing to the growth of artificial intelligence in healthcare market. Hence, producers must invest in R&D to develop new, improved products and meet rising demand. The major businesses are investing a lot of time in research and development to provide new systems with various novel advancements.
Market Segment Analysis
The global artificial intelligence in healthcare market is segmented based on product type, technology, application, end-user, and region.
The rising adoption of artificial intelligence is driving the growth of the software segment
Artificial intelligence is more software-based than hardware-based computer programs. Through numerous insights and data patterns, it enables computer systems to emulate human actions. It uses a variety of technologies, including natural language processing, deep learning, neural networks, and machine learning. It aids in the creation of programs like chatbots, virtual assistants, programs for speech and voice recognition, image recognition, and others.
When machine learning and AI technologies are integrated together, users can use the features and functionality they need to complete business activities quickly and easily. Software for artificial intelligence can be accessed online. Anyone can access it through any device having an internet connection; it does not require to be installed on the computer. Software with artificial intelligence is unique. AI businesses sell access to their own data sets and algorithms rather than software licenses for use. This indicates that all one needs to use it is an internet connection—neither hardware nor infrastructure. The cutting-edge software Philips IntelliSpace AI Workflow Suite is made specifically for radiology. The package is intended to complement Philips' dedication to offering open, all-inclusive solutions for the AI imaging needs of healthcare practitioners.
Market Geographical Share
North America has a strong presence of major players and increasing healthcare infrastructure investment
Due to the rising need for technological advancements in healthcare, in North America, manufacturers have the opportunity to enhance their operations. There are many producers and suppliers in North America, and owing to the quick economic growth of the region, industrial production has expanded, driving up the demand for machine learning in healthcare. Increasing expenditure on healthcare and rising awareness among people, advancement of AI software and services in healthcare, and increase in pharmaceutical establishment across the region are also contributing to the market growth in this region. Government initiatives to support various artificial intelligence in healthcare initiatives for people with illnesses also drive market growth.
Furthermore, the fast-growing population and rising cancer prevalence has increased demand for innovative technologies in artificial intelligence. The above-mentioned factors drive the growth of the North America artificial intelligence in healthcare market.
Artificial Intelligence in Healthcare Companies
The major global players in the market include Intel Corporation, Koninklijke Philips N.V., Microsoft, Siemens Healthcare GmbH, NVIDIA Corporation, IBM, Labcor Laboratórios Ltd., Medtronic, Google and Micron Technology, Inc.
Key Developments
- On February 1, 2023, Microsoft announced that it partnered with the Vietnamese tech firm VinBrain to develop healthcare services based on artificial intelligence. Cross-product validation, data sharing, and research and development are three areas of healthcare AI where the two businesses will collaborate.
- On November 23, 2021, in order to increase the effectiveness of contact centers and shorten the time it takes to respond to patient inquiries, Royal Philips and U.S.-based MedChat announced a partnership, wherein MedChat's live chat & AI-driven chatbot services will be integrated into Philips Patient Navigation Manager. Philips' customers in North America may now design automated communication processes that work in tandem with call center and patient access operations.
- On January 11, 2021, Verily, Microsoft Corp., the Broad Institute of MIT and Harvard announced their partnership in which they will use the Terra platform to expedite future biomedical innovations. Biomedical researchers can access data, use analysis tools, and collaborate on Terra, an open-source platform that was initially created by Verily and the Broad Institute. Thousands of researchers use Terra actively each month to analyze information collected from millions of people involved in significant scientific research projects.
Why Purchase the Report?
- To visualize the global artificial intelligence in healthcare- market segmentation based on product type, technology, application, end user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of artificial intelligence in healthcare market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global artificial intelligence in healthcare market report would provide approximately 53 tables, 54 figures and 195 Pages.
