Global artificial intelligence in healthcare market

Artificial Intelligence (AI) in Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Services, and Software), By Technology(Machine Learning (Deep Learning, Supervised, Unsupervised, Reinforcement Learning), By Application(Patient Data & Risk Analysis, Medical Imaging & Diagnostics, Precision Medicine, Drug discovery), By End-User(Hospitals & healthcare providers, Healthcare Payers, Pharmaceutical & Biotechnology Companies, Patients), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2090 | Region: Global | Published Date: June, 2024
Pages: 219 |Tables: 95 |Figures: 76

Artificial Intelligence (AI) in Healthcare Market Insights

Global Artificial Intelligence in Healthcare Market size was valued at USD 14.09 billion in 2022 and is poised to grow from USD 19.47 billion in 2023 to USD 259.11 billion by 2031, growing at a CAGR of 38.2% during the forecast period (2024-2031).

The main benefits contributing to the growth of AI in healthcare are the reduction of errors, and support for medical employees majorly. Technological advancement in AI applications continues to provide chances to medical organizations to offer patient services all the time throughout the day. It’s a vast platform that is used in all departments for many functions like the diagnostic of a medical, analysis of images, planning of treatment, and procedures that include X-ray or any scan. It goes on to foster endures to simplify business processes; it includes responding to questions in the chat support sessions to analyzing the population health. Thus, manpower is employed more effectively, to the extent that care seekers are given the nectar of improved professional care. This capacity has made many startups focus on predictive modeling, applying Artificial Intelligence to work through big sets of medical data to analyze and foresee further developmental issues.

Given that healthcare organizations are experiencing the need to manage various data inputs in their daily operations, further advancements in the integration of data and natural language processing are expected to provide additional enhancement to these functions in the future. In Europe, the use of AI to support patient care and clinical decision-making is already implemented both in the in-patient and administrative settings. For instance, generative AI has increased the efficiency of the nurses in their workplace; through the implementation of regulatory activities, nurses have been able to spend 20% of their time under their care attending to the patients. Machine learning techniques hold an immense opportunity in hundreds of fields, such as the healthcare field in medical imaging analysis, prediction analysis, personalized treatment planning, and drug analysis, where it can truly disrupt the conventional medical practices. In addition, the market, due to the growth of current players and the emergence of new ones, is expected to grow with the help of such drivers as an existing demand for new technological products. 

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

USD 14.09 billion

Largest Segment

Software

Fastest Growth

Services

Growth Rate

38.2% CAGR

Global Artificial Intelligence in Healthcare Market ($ Bn)
Country Share for North America Region (%)

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Artificial Intelligence (AI) in Healthcare Market Segmental Analysis

Global Artificial intelligence in the healthcare market is segmented by Component, Technology, Application, and region. By component, the market is segmented into Hardware (Processor (MPUs/CPUs, GPUs, FPGAs, ASICs), Memory, Network (Adapter, Switch, Interconnect)), Software (AI Platform (Application Program Interface (API) and Machine learning Framework), AI Solution (On-Premises and Cloud)), Services (Deployment & Integration and Support & Maintenance). By Technology, the market is segmented into Machine Learning (Deep Learning, Supervised, Unsupervised, Reinforcement Learning, Others), Natural Language Processing (IVR, OCR, Pattern and Image Recognition, Auto Coding, Classification and Categorization, Text Analytics, Speech Analytics), Context-aware Computing (Device Context, User Context, Physical Context), Computer Vision. By Application, the market is segmented into Patient Data & Risk Analysis, Medical Imaging & Diagnostics, Precision Medicine, Drug discovery, Lifestyle Management & Remote Patient Monitoring, Virtual Assistants, Wearables, In-Patient Care & Hospital Management, Research, Emergency Room & Surgery, Mental Health, Healthcare Assistance Robots, Cybersecurity, and Others. By end user, the market is segmented into Hospitals & healthcare providers, Healthcare Payers, Pharmaceutical & Biotechnology Companies, Patients, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. 

Analysis by Component 

In 2023, the largest share of the growth in the healthcare AI market segment is related to software primarily as a result of the shift from non-programmable languages that were formerly prevalent in Python and Java to the SQL dominated generation. These intuitive languages focus on consequences, with the goal of AI becoming widely accessible, allowing healthcare workers to actively engage in the process. For example, deep learning penetrates medical imaging analysis, drug discovery, personalized medicine, etc. Non-procedural computations contribute to model explainability, writing-efficient clinical tracks, and cost reduction, stimulating clinical decision support systems, and public health, etc. However, considering the opportunities that non-pro procedural languages can bring to the deployment of AI healthcare, appears to offer a compelling force in improving the quality of patient care and of the final results.  

Service segment is expected to grow at the fastest pace during the forecast period. This growth is attributed to the rising use of AI in numerous forms of healthcare types. The essential features that have led to this growth include the use of AI in crucial sectors like clinical research, telehealth, robotically guided surgeries, miscalculations dropping, and fraud identification. Bedsore, as more and more hospitals and clinics are seeking to provide patients with better care services and improve their operational efficiency, the advancement of artificial-intelligence services for healthcare purposes has given an impulse to the development of related services. Moreover, the implementation and proper management of AI systems are challenging, and the complexity of handling such systems requires professional assistance, which in turn drives the increased demand for services. 

Analysis by Application 

In 2023, the medical imaging & diagnostic segment emerged as the dominant force in the AI in healthcare market. This was propelled by the surge in enhanced image interpretation and analysis. These technologies empower algorithms to scrutinize medical images, identifying subtle abnormalities beyond human capability. This leads to more precise diagnoses and treatment plans for various conditions. AI excels in detecting early signs of breast cancer in mammograms, lung nodules in CT scans, and indications of Alzheimer's disease in MRI scans. Moreover, AI aids in analyzing echocardiograms for heart function assessment and disease diagnosis. By automating routine tasks like image processing and quality control, AI streamlines radiology reports, alleviating radiologists' workload and ensuring faster, more accurate diagnoses. 

In-Patient Care & Hospital Management segment is poised for rapid expansion during the forecast period. Factors such as harnessing vast clinical datasets, machine learning algorithms discern patterns and forecast medical outcomes with unparalleled precision will fuel the market growth. For instance, precision medicine is a prevalent application, which tailors’ treatment protocols based on patient-specific data, primarily through supervised learning. Furthermore, deep learning, which is a subset of AI, plays a vital role in healthcare by enabling tasks like speech recognition via natural language processing. As deep learning continues to evolve, its integration and comprehension in clinical settings will be imperative for healthcare professionals seeking to deliver optimal patient care.

Global Artificial Intelligence in Healthcare Market Size By Components (%), Healthcare (%)

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Artificial Intelligence (AI) in Healthcare Market Regional Insights

North America dominated the market in 2023. Several factors have advocated for the increase of artificial intelligence adoption within the North America healthcare market some of which include Advanced technology implementation adopted in the healthcare sector, high investment on startups based on AI, increased burden of chronic diseases; the need to reduce health care expenditure; big data widely implemented in the health care sector. Various applications of big data in the healthcare sector have seen its uptake increase, and this is expected to drive the market forward in the region. According to our findings, 86% healthcare providers, life sciences and tec, l, life sciences and technology vendors organizations use Artificial Intelligence. Moreover, the United States committed USD 4.7 trillion to spend on research and development in 2023 as outlined by the Organization for Economic Co-operation and Development (OECD) report in 2023 annually toward healthcare. Hence, there is the urge to reduce the costs incurred in the delivery of healthcare services; and since the use of AI in healthcare works as a key driver of the market. 

Out of all the specified regions, the Asia-Pacific region is expected to grow at the fastest rate having a staggering CAGR of 44% during the projected period. This growth is mainly driven by the growing patient population and the enhanced implementation of cloud integration. Furthermore, there is a growing trend of governments of the region that provide funds and support for the development of AI technology which will in-turn help foster key growth. For example, information from the IDC report reveals that over 50 per cent of the healthcare providers in Asia Pacific consider generative AI as one of their investment areas to improve patient experience. Further, a significant number of biopharmaceutical firms are embracing Artificial intelligence in modifying the existing drug discovery and development process, not to mention the diagnostic uses of AI.

Global Artificial Intelligence in Healthcare Market By Geography, 2024-2031
  • Largest
  • Fastest

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Artificial Intelligence (AI) in Healthcare Market Dynamics

Artificial Intelligence In Healthcare Market Drivers

Increasing use of AI/ML technologies

  • The adoption of AI/ML technology has been prompted by the growing shortage of healthcare professionals. Machine learning models can be developed to interpret the pattern of a patient’s health, which can be useful in diagnosing a patient and determining the best course of action to be taken. Forces of escalating concerns of Covid-19, series of mergers and acquisitions, technological affiliations and collaborations, and supportive measures from the government have collectively steered the unbounded growth and integration of AI in healthcare. Originally designed to facilitate fast, efficient diagnosis of diseases, the AI/ML algorithm is now commonly used to determine Covid-19 positive patients based on consolidated and individuated patient data. 

Innovative product development

  • The factors including high demand and need for early and accurate diagnosis of diseases, increasing costs of healthcare, scarcity of health-care personnel and need for delivery of care beyond the hospital, companies are aiming to penetrate a new market with more innovative strategies like developing new product, entering into partnership and joint ventures and merging with other institutions to achieve their goals. For instance, generative AI builds up user-friendly healthcare products and reduces time, energy, and costs. Further, there is a rising tide of start-ups exclusively focused on AI-driven solutions in healthcare, stretching investors’ interest from venture capitalists to private ones.

Artificial Intelligence In Healthcare Market Restraints

Data Challenges in Healthcare AI 

  • Despite the impressive opportunities of AI in the context of healthcare delivery, there is a huge problem, that can be referenced as the lack of high-quality, curated healthcare data. The limitation poses a significant threat to the accuracy of an AI, and by extension the safety of patients. Challenges involved in implementing AI include; Data dispersion, Data privacy and Data costs, which are some of the challenges that worsen the situation. For instance, in November 2023, WHO released its guidelines focusing on the specificities of regulating AI applications in healthcare. On data risks the guidelines indicate legal frameworks on privacy and security that must be put in place to ensure more on AI application with the need to embrace collaboration and effectiveness emphasized. 

High price required for research and development skills 

  • Clinical risks and procedural challenges, coupled with resistance from healthcare professionals towards integrating AI technologies, pose significant barriers to market expansion. Furthermore, the substantial costs associated with research and development capabilities present problematic obstacles to growth. According to our analysis, research and development expenses in the AI healthcare sector reaching an estimated $6.8 trillion by 2030.

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Artificial Intelligence (AI) in Healthcare Market Competitive Landscape

The market for Artificial Intelligence in healthcare is witnessing significant growth, fueled by the imperative for streamlined healthcare solutions, escalating investments by industry leaders in AI technology, and governmental backing. Major market contenders are strategically aligning through partnerships, mergers, and acquisitions to broaden their product offerings and fortify their market standing. Furthermore, continuous advancements in AI, notably in medical imaging interpretation, predictive analytics, and personalized treatment strategies, are pivotal drivers of market expansion, underlining the sector's trajectory towards transformative innovation and enhanced patient care.

Artificial Intelligence In Healthcare Market Top Player’s Company Profiles

  • Microsoft Corporation (US) 
  • Alphabet Inc. (US) 
  • NVIDIA Corporation (US) 
  • General Vision, Inc. (US) 
  • Intel Corporation (US) 
  • IBM Corporation (US) 
  • MedicalValues GmbH (Germany) 
  • General Electric (GE) Company (US) 
  • Subtle Medical, Inc. (US) 
  • Corti ApS (Denmark)  
  • Qure.ai (India) 
  • Venn Biosciences Corp. (US)   
  • Koninklijke Philips N V. (Netherlands) 
  • Siemens Healthineers (Germany) 
  • Lunit, Inc. (South Korea    ) 
  • Biobeat (Israel) 
  • Fuse-AI GmbH (Germany) 
  • Sirona Medical, Inc. (Germany) 
  • Qventus, Inc. (US) 
  • Stryker (US)

Artificial Intelligence In Healthcare Market Recent Developments

  • In March 2024, Microsoft and NVIDIA joined forces to boost AI innovation and enhance computing capabilities. This collaboration harnesses the expansive reach and advanced computing power of Microsoft Azure, combined with NVIDIA's DGX Cloud and Clara suite, to accelerate innovation and advance patient care. 

  • In March 2024, NVIDIA unveiled the novel Generative AI Microservices designed to revolutionize medical technology (MedTech), drug discovery, and digital health. This pioneering strategy seeks to redefine healthcare technology by harnessing advanced AI capabilities. 

  • In September 2023, Merck KGaA forged a strategic partnership with Exscientia and BenevolentAI to expedite drug discovery through the integration of cutting-edge AI platforms.

Artificial Intelligence (AI) in Healthcare Key Market Trends

  • Impact of Chronic Disease Prevalence on the Adoption of AI in Healthcare: The escalating prevalence of chronic diseases, coupled with significant product launches by industry players, is a driving force in the healthcare segment. Our findings show that there were about 9-10 million cancer deaths worldwide in 2023. This forecast also predicted new cancer cases in the year 2023 as 1,958,310. They maintained an explicit focus on cancer by monitoring new cases that resulted from different types of cancer. Current statistics on cancer and other persistent diseases indicate that there is urgency for relevant and accurate diagnostic techniques and therapy. Therefore, the market for preventive strategies and diagnosis based on AI technologies that can also help identify diseases in their early stage is constantly expanding in the sphere of healthcare. 
  • Harnessing Predictive Analytics for Preventative Care: A key market trend in healthcare is the growing use of predictive analytics powered by artificial intelligence (AI) to shift from reactive to proactive healthcare. Autonomous AI systems analyze the data of a particular individual to determine if the patient is at risk for developing an illness on which preventative action can be taken to avoid being sick. Furthermore, with the help of AI, effective drugs are produced faster as the system screens big data in search of new treatment points, thus reducing the time necessary to develop new medications.

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, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. 

Artificial Intelligence is reshaping healthcare, empowering professionals with advanced tools for data analysis, error reduction, and real-time patient monitoring. SkyQuest's analysis underscores AI's pivotal role in handling vast datasets and genetic information, fostering precision medicine and enhancing treatment outcomes. Despite its promise, AI adoption faces resistance from some medical practitioners, citing concerns about job displacement and technology reliability. Overcoming these hurdles requires concerted efforts, including standardized guidelines and collaboration between tech firms and healthcare providers. In this dynamic landscape, a plethora of players, from industry giants like IBM and Google to nimble startups, vie for dominance, driving innovation across analytics, diagnostics, and drug discovery. This competitive environment spurs creativity and international partnerships, propelling healthcare into a new era of predictive analytics and personalized medicine. Through strategic alliances and adherence to regulations, AI promises to revolutionize healthcare delivery worldwide, from telemedicine to drug development, ushering in a future of improved patient care and medical innovation.

Report Metric Details
Market size value in Healthcare USD 14.09 billion
Market size value in 2031 USD 259.11 billion
Growth Rate 38.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware, Services, and Software
  • Technology
    • Machine Learning (Deep Learning, Supervised, Unsupervised, Reinforcement Learning, Others), Natural Language Processing (IVR, OCR, Pattern and Image Recognition, Auto Coding, Classification and Categorization, Text Analytics, Speech Analytics), Context-aware Computing (Device Context, User Context, Physical Context), Computer Vision
  • Application
    • Patient Data & Risk Analysis, Medical Imaging & Diagnostics, Precision Medicine, Drug discovery, Lifestyle Management & Remote Patient Monitoring, Virtual Assistants, Wearables, In-Patient Care & Hospital Management, Research, Emergency Room & Surgery, Mental Health, Healthcare Assistance Robots, Cybersecurity, Others
  • End-User
    • Hospitals & healthcare providers, Healthcare Payers, Pharmaceutical & Biotechnology Companies, Patients, Others
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
  • Microsoft Corporation (US) 
  • Alphabet Inc. (US) 
  • NVIDIA Corporation (US) 
  • General Vision, Inc. (US) 
  • Intel Corporation (US) 
  • IBM Corporation (US) 
  • MedicalValues GmbH (Germany) 
  • General Electric (GE) Company (US) 
  • Subtle Medical, Inc. (US) 
  • Corti ApS (Denmark)  
  • Qure.ai (India) 
  • Venn Biosciences Corp. (US)   
  • Koninklijke Philips N V. (Netherlands) 
  • Siemens Healthineers (Germany) 
  • Lunit, Inc. (South Korea    ) 
  • Biobeat (Israel) 
  • Fuse-AI GmbH (Germany) 
  • Sirona Medical, Inc. (Germany) 
  • Qventus, Inc. (US) 
  • Stryker (US)
Customization scope

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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 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
  • 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 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
  • 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
  • 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(%)

Methodology

For the 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 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

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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

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FAQs

Global Artificial Intelligence in Healthcare Market size was valued at USD 14.09 billion in 2022 and is poised to grow from USD 19.47 billion in 2023 to USD 259.11 billion by 2031, growing at a CAGR of 38.2% during the forecast period (2024-2031).

The market for Artificial Intelligence in healthcare is witnessing significant growth, fueled by the imperative for streamlined healthcare solutions, escalating investments by industry leaders in AI technology, and governmental backing. Major market contenders are strategically aligning through partnerships, mergers, and acquisitions to broaden their product offerings and fortify their market standing. Furthermore, continuous advancements in AI, notably in medical imaging interpretation, predictive analytics, and personalized treatment strategies, are pivotal drivers of market expansion, underlining the sector's trajectory towards transformative innovation and enhanced patient care. 'Microsoft Corporation (US) ', 'Alphabet Inc. (US) ', 'NVIDIA Corporation (US) ', 'General Vision, Inc. (US) ', 'Intel Corporation (US) ', 'IBM Corporation (US) ', 'MedicalValues GmbH (Germany) ', 'General Electric (GE) Company (US) ', 'Subtle Medical, Inc. (US) ', 'Corti ApS (Denmark)  ', 'Qure.ai (India) ', 'Venn Biosciences Corp. (US)   ', 'Koninklijke Philips N V. (Netherlands) ', 'Siemens Healthineers (Germany) ', 'Lunit, Inc. (South Korea    ) ', 'Biobeat (Israel) ', 'Fuse-AI GmbH (Germany) ', 'Sirona Medical, Inc. (Germany) ', 'Qventus, Inc. (US) ', 'Stryker (US)'

The adoption of AI/ML technology has been prompted by the growing shortage of healthcare professionals. Machine learning models can be developed to interpret the pattern of a patient’s health, which can be useful in diagnosing a patient and determining the best course of action to be taken. Forces of escalating concerns of Covid-19, series of mergers and acquisitions, technological affiliations and collaborations, and supportive measures from the government have collectively steered the unbounded growth and integration of AI in healthcare. Originally designed to facilitate fast, efficient diagnosis of diseases, the AI/ML algorithm is now commonly used to determine Covid-19 positive patients based on consolidated and individuated patient data. 

Impact of Chronic Disease Prevalence on the Adoption of AI in Healthcare: The escalating prevalence of chronic diseases, coupled with significant product launches by industry players, is a driving force in the healthcare segment. Our findings show that there were about 9-10 million cancer deaths worldwide in 2023. This forecast also predicted new cancer cases in the year 2023 as 1,958,310. They maintained an explicit focus on cancer by monitoring new cases that resulted from different types of cancer. Current statistics on cancer and other persistent diseases indicate that there is urgency for relevant and accurate diagnostic techniques and therapy. Therefore, the market for preventive strategies and diagnosis based on AI technologies that can also help identify diseases in their early stage is constantly expanding in the sphere of healthcare. 

North America dominated the market in 2023. Several factors have advocated for the increase of artificial intelligence adoption within the North America healthcare market some of which include Advanced technology implementation adopted in the healthcare sector, high investment on startups based on AI, increased burden of chronic diseases; the need to reduce health care expenditure; big data widely implemented in the health care sector. Various applications of big data in the healthcare sector have seen its uptake increase, and this is expected to drive the market forward in the region. According to our findings, 86% healthcare providers, life sciences and tec, l, life sciences and technology vendors organizations use Artificial Intelligence. Moreover, the United States committed USD 4.7 trillion to spend on research and development in 2023 as outlined by the Organization for Economic Co-operation and Development (OECD) report in 2023 annually toward healthcare. Hence, there is the urge to reduce the costs incurred in the delivery of healthcare services; and since the use of AI in healthcare works as a key driver of the market. 

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