USD 15.70 billion
Global Artificial Intelligence (AI) in Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Services), By Algorithm(Deep Learning, Querying Method), By End User(Healthcare Providers, Pharmaceuticals & Biotechnology Companies) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2090 |
Region:
Global |
Published Date: February, 2024
Pages:
219
|
Tables:
90 |
Figures:
76
Global Artificial Intelligence (AI) in Healthcare Market Insights
Global Artificial Intelligence (AI) in Healthcare Market size was valued at USD 15.70 billion in 2022, and is projected to rise from USD 21.68 in 2023 to reach USD 286.77 billion by 2031, growing at a CAGR of 38.1% in the forecast period (2024-2031).
Continuous rise artificial intelligence (AI) in health care is due to benefits such as reduce human error, assist staff and medical professionals alike. Huge development in AI tools provides opportunities for medical organizations to support patient's services 24/7, without any interruption. Various departments potentially use it for reading medical images, diagnosing medical problems, creating curated treatment plans and X-rays or scan procedures. Till Now, it is continuing to help and streamline various day to day tasks like answering queries in chat assistance portal to analyzing population health trends. As a result, manpower can be utilized efficiently, and care seekers can receive more effective professional care.
Artificial Intelligence can rapidly process relevant information from many medical datasets. Many star-ups have shifted their focus on AI development and create predictive models to analyze patient wholistic data to prevent any kind of complications ahead. As most health care organizations work with collection of heterogeneous sources, it is forecasted that healthcare related function to be streamlined with data integration and natural language processing. Current usage of AI in Europe has adopted AI assistance, in treating patients and performing administrative tasks. Moreover, nurses can spend 20% more of their time on patient care due to their regulatory activities boosted by generative artificial intelligence.
US Artificial Intelligence In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software solutions
Fastest Growth
Software solutions
Growth Rate
38.1% CAGR
Global Artificial Intelligence In Healthcare Market ($ Bn)
Country Share for North America Region (%)
Global Artificial Intelligence In Healthcare Market By Type ($ Bn)
Global Artificial Intelligence In Healthcare Market By Type (%)
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Global Artificial Intelligence (AI) in Healthcare Market Segmental Analysis
The global conversational artificial intelligence (AI) market is segmented based on component, algorithm, end user and regional type. In terms of components, the market is trifurcated into software, hardware, and services. Based on algorithm, the market is segmented in deep learning, querying method, natural language processing and context aware processing. Based on end user, the market is grouped into healthcare providers, pharmaceuticals & biotechnology companies, patients and payers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Assisting in the expansion of the component is the ongoing monitoring of the patient's symptoms with on-demand remarks from the physician.
Artificial Intelligence In Healthcare Market Analysis by Component
As per categorization by component, the market is classified into software, hardware and services. Among these, software earned the largest share and continues to dominate the market. Rapid innovation and acceptance of software solutions for a range of applications, including medical imaging, predictive analytics, and personalized treatment recommendations, are being observed in the global artificial intelligence (AI) in healthcare market. This market is dominated by software due to its scalability, flexibility, and capacity to adapt to new developments in artificial intelligence (AI) algorithms and data analytics methods. Healthcare providers looking for effective AI-driven solutions favor software solutions since they are easier to integrate with current healthcare systems.
A number of factors indicate that the hardware and services segment of the global artificial intelligence (AI) in healthcare market is expected to grow at a quick pace. First off, there's a rising need for specialized hardware infrastructure that can effectively handle the computing demands of increasingly complicated and data-intensive AI algorithms. Furthermore, for healthcare providers to successfully integrate AI solutions into their current workflows and infrastructure, they increasingly need professional consultancy, customization, and maintenance services. The fastest development in this industry is anticipated to come from the confluence of specialized services and cutting-edge hardware.
Artificial Intelligence In Healthcare Market Analysis by Algorithm
Natural language processing (NLP) innovations are transforming the global artificial intelligence (AI) in healthcare industry by making it possible to automate and streamline processes including medical transcription, patient interaction, and clinical documentation. NLP can produce and comprehend language that seems like it belongs to a human, it is a dominant technology in this field and makes it easier for systems and healthcare professionals to communicate with each other. Furthermore, by drawing insightful conclusions from massive volumes of unstructured medical data, NLP-powered applications might improve decision-making procedures and, eventually, patient outcomes.
Due to their revolutionary potential, deep learning, querying techniques, and context-aware processing algorithms are expected to see exponential growth in the global artificial intelligence (AI) healthcare market. By enabling the extraction of complex patterns from medical data, deep learning algorithms improve treatment planning and diagnostic accuracy. Effective retrieval of pertinent data from large healthcare databases is made possible by querying techniques, which enhances patient care and decision-making. With the ability to grasp context, context-aware processing algorithms provide individualized healthcare suggestions based on the needs of each patient. This promotes a patient-centric approach and accelerates adoption in the healthcare industry.
Global Artificial Intelligence In Healthcare Market By Type, Healthcare (%)
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Global Artificial Intelligence (AI) in Healthcare Market Regional Insights
North America dominated the AI in healthcare market in 2021, accounting for the largest revenue share of 58.0%, owing to developments in healthcare IT infrastructure, rising care expenditures, widespread acceptance of AI/ML technologies, favorable government initiatives, lucrative funding choices, and the presence of numerous prominent industry competitors. Also, the market in North America is developing as a result of factors such as an aging population, changing lifestyles, an increase in the prevalence of chronic diseases, a rise in the need for value-based care, and increased awareness of the use of AI-based technologies.
Asia Pacific region is expected to grow at the fastest growth of 40.9% over the forecast period. The rapid advancement of IT infrastructure and business endeavors focusing on AI-based technologies is responsible for this growth rate. Private investors, venture capitalists, and non-profit groups are increasing their investments to better therapeutic outcomes, data analysis and security, and cost reduction. Favorable government measures encouraging and promoting healthcare organizations and care providers to conveniently embrace AI-based technologies are some of the key drivers for the Asia Pacific market growth.
Global Artificial Intelligence In Healthcare Market By Region, 2024-2031
- Largest
- Fastest
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Global Artificial Intelligence (AI) in Healthcare Market Dynamics
Artificial Intelligence In Healthcare Market Drivers
Increasing use of AI/ML technologies
- The use of AI/ML technology was motivated by the rising lack of healthcare professionals. AI algorithms can be trained to assess patient health data as a consequence, helping medical professionals identify a patient's condition and come up with a successful treatment strategy. The ongoing Covid-19 pandemic, increased mergers and acquisitions, technology partnerships, and supportive government measures all contributed significantly to the growing market and accelerated the application of AI in healthcare. Following their original application in the quick and reliable diagnosis of medical diseases, AI/ML algorithms are now routinely employed in the detection of Covid-19 positive patients using individualized patient information and data consolidation. These are the specific elements that drive market expansion.
Innovative product development
- Companies are expanding their business footprint through new product development methods, collaboration strategies, and mergers and acquisitions in order to fulfill the growing demand for early and accurate disease detection, lower rising care costs, compensate for a growing scarcity of care professionals, and deliver value-based care. Also, a rising number of start-ups that focus on AI-based healthcare technology are gaining awareness and funding from venture capitalists and private investors. For instance, in 2019, Partners Healthcare and FUJIFILM Sonosite worked together to create AI-based ultrasound technology, increase its usability in the healthcare industry, and enhance the standard of diagnostic treatment.
Artificial Intelligence In Healthcare Market Restraints
High price required for research and development skills
- Clinical hazards and challenges related to medical procedures, medical professionals' resistance to adopt artificial intelligence-based technologies, and high expenses associated with research and development capacities are all expected to hamper the market growth.
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Global Artificial Intelligence (AI) in Healthcare Market Competitive Landscape
The worldwide healthcare AI market is crowded with competitors, ranging from startups to giant software companies. Leaders in artificial intelligence (AI) solutions that involve analytics, medication discovery, and diagnostics include IBM, Google, and Microsoft. Startups that focus on telemedicine systems and AI in medical imaging compete for AI integration as well. Innovation and competitiveness are promoted by global alliances and collaborations among technology companies, healthcare providers, and research institutes. Technical innovations, adherence to regulations, and strategic partnerships such as artificial intelligence continue to transform healthcare around the globe.
Artificial Intelligence In Healthcare Market Top Player’s Company Profiles
- IBM Corporation
- Intel Corporation
- NVIDIA Corporation
- Microsoft Corporation
- General Electric (GE) Company
- Siemens Healthineers AG
- Johnson & Johnson Services, Inc.
- Medtronic PLC
- Koninklijke Philips N.V.
- Google LLC
- General Vision, Inc.
- CloudMedx, Inc.
- Sensely, Inc.
- Insilico Medicine, Inc.
- Zebra Medical Vision, Inc.
- PathAI, Inc.
- AiCure LLC
- Atomwise, Inc.
- Cyrcadia Health, Inc.
- Viz.ai, Inc.
Artificial Intelligence In Healthcare Market Recent Developments
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In January 2023, A partnership to improve cardiac care in India has been announced by Siemens Healthineers India, a Siemens Healthineers AG subsidiary that specializes in healthcare technology solutions, and Terumo Corporation, a well-known worldwide medical device firm. Through this collaboration, better cardiac care solutions will be offered by utilizing Siemens Healthineers' cutting-edge medical technology and Terumo's experience with cardiovascular devices.
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In April 2021, A breakthrough in data accessibility for cloud computing and artificial intelligence (AI) applications was announced by IBM when it presented its newest storage systems. These state-of-the-art technologies were created to improve the productivity and efficacy of cloud-based and AI-driven projects by streamlining data retrieval procedures and increasing information accessibility.
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In April 2021, to improve computing power and efficiency for various tasks, Nvidia introduced the A10 and A30 GPUs, designed for enterprise servers. Moreover, Nvidia unveiled Morpheus, a cybersecurity tool that enables medical practitioners to identify cyberattacks using AI technology, strengthening industry security protocols and protecting private patient information.
Global Artificial Intelligence (AI) in Healthcare Key Market Trends
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Revolutionizing Healthcare: Due to advancements in technology and consumer demand for quicker access to healthcare, the market for artificial intelligence in healthcare has expanded. The application of AI is revolutionizing two aspects of healthcare: diagnosis and customized treatment regimens. This is a result of AI altering diagnostic images and physicians. This is making the process of locating illnesses quicker and more efficient. Using X-ray and MRI images, machine learning can assist medical professionals in diagnosing and treating patients. The addition of AI to x-rays is the largest development in medical technology.
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Harnessing Predictive Analytics for Preventative Care: Artificial intelligence (AI)-powered predictive analytics is being utilized more and more to determine the likelihood of events and prevent illness. AI systems can identify patients most prone to an illness by using their personal data. This enables them to take the appropriate actions to maintain their health. Due to this, it facilitates the transition from reactive to proactive and preventive healthcare. The development of new medications is greatly facilitated by AI. Large-scale data analysis is used by machine learning programmes to identify potential novel therapeutic targets, estimate their therapeutic index, and expedite the research and development process. Making new medications is becoming faster thanks to AI.
Global Artificial Intelligence (AI) in Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, Artificial Intelligence is revolutionizing the healthcare industry by effectively handling large and complex datasets, decreasing errors, and enabling real-time analysis of patient data, including genetic information and medical records. With jobs being streamlined and vital insights for treatment planning and personalized medicine being provided, the rising use of AI by medical practitioners is eventually boosting the accuracy and efficacy of healthcare procedures. Medical professionals' opposition to AI adoption in the healthcare industry is blamed for delayed market progress. This resistance is fueled by worries about job displacement, skepticism about AI's dependability, and reluctance to incorporate new technology into established processes. Additional obstacles are posed by resistance within healthcare organizations, highlighting the significance of coordinated efforts to encourage AI use through ratification of blueprint usage and cooperation between technology developers and healthcare organizations.
A wide range of companies, from startups to large software companies, compete in the global healthcare AI market. Industry heavyweights like IBM, Google, and Microsoft are leading the way in AI solutions for analytics, drug discovery, and diagnostics, while startups specializing in telemedicine and medical imaging AI competes with other technologies for integration, promoting creativity and competitiveness through international alliances, legal compliance, and strategic collaborations, and ultimately bringing about revolutionary change in healthcare around the globe. Furthermore, the growing use of AI-powered predictive analytics facilitates the creation of medications by identifying patients who are at high risk and accelerates the process of drug discovery through large-scale data analysis.
| Report Metric | Details |
|---|---|
| Market size value in Healthcare | USD 15.70 billion |
| Market size value in 2031 | USD 286.77 billion |
| Growth Rate | 38.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Artificial Intelligence (AI) in Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Artificial Intelligence (AI) in Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Artificial Intelligence (AI) in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Artificial Intelligence (AI) in Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Artificial Intelligence (AI) in Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Artificial Intelligence (AI) in Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Global Artificial Intelligence (AI) in Healthcare Market Report Snapshots
- Global Artificial Intelligence (AI) in Healthcare Companies
- Global Artificial Intelligence (AI) in Healthcare Market Size
- Global Artificial Intelligence (AI) in Healthcare Market Analysis
- Global Artificial Intelligence (AI) in Healthcare Geographic Analysis
- Global Artificial Intelligence (AI) in Healthcare Market News
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