What is the global market size of Artificial Intelligence In Healthcare Market?

Global Artificial Intelligence In Healthcare Market size was valued at USD 11.2 billion in 2021 and is poised to grow from USD 15.4 billion in 2022 to USD 196.76 billion by 2030, growing at a CAGR of 37.55% in the forecast period (2023-2030).

Who are the key vendors in the Global Artificial Intelligence In Healthcare Market?

Global artificial intelligence in healthcare market is highly fragmented and highly competitive. The primary tactics that market participants are emphasizing to gain a competitive edge include increasing R&D investments, innovative product developments and launches, the rise in technological collaborations, and service differentiation. Furthermore, the rise and acknowledgment of AI-based startups are boosting growth. '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.'

What is the key market trend for Global Artificial Intelligence In Healthcare Market?

The increase in IT start-ups providing services to the healthcare industry is one of the major trends in the market. This is a direct outcome of more venture capitalist investment becoming available to such businesses. For instance, in 2018, Kleiner Perkins and GV invested $21 million in Viz. ai-an, a startup in the healthcare sector. IDG Ventures India, Kalaari Capital, and a number of other venture investors contributed $3 million to HealthPlix Technologies Pvt. Ltd. in that year. Additional companies that give money to HIT start-ups include Data Collective, Accel Partners, Khosla Ventures, and General Catalyst Partners.

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 News

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.
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.
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.

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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).

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. '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.'

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.

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.

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.

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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

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What is the global market size of Artificial Intelligence (AI) in Healthcare Market?

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