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

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.