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 driver of Global Artificial Intelligence In Healthcare Market?

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.

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.

Which region accounted for the largest share in Global Artificial Intelligence In Healthcare Market?

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.

Artificial Intelligence (AI) in Healthcare Market Size, Share, Growth Analysis, By Component, Technology(ML, NLP, Computer Vision, Context Aware Computing), Application(Patient Data & Risk Analysis, Medical Imaging & Diagnostics, Precision Medicine, Drug Discovery, Robotic Surgery, Others), End-User and Region - Industry Forecast 2024-2031

Report ID: SQMIG35G2090 | Region: Global | Published Date: July, 2024
Pages: 219 | Tables: 143 | Figures: 77

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 market is primarily being fueled by the escalating need to trim down healthcare expenses, and the integration of big data in healthcare. For instance, a study published in the International Journal of Environmental Research and Public Health in January 2021 revealed that over 60% of hospitals worldwide had adopted IoT in their facilities. It also projected that "AI applications could yield up to USD 150 billion in annual savings for United States healthcare by 2026." Hospitals were projected to allocate USD 6.6 billion annually towards AI-related technologies by 2021. Therefore, the incorporation of AI in healthcare stands to curtail healthcare expenses, fostering demand for AI in healthcare in the foreseeable future.

Furthermore, the surging utilization of big data in healthcare, along with initiatives to integrate big data systems into healthcare, is anticipated to bolster market growth.

US Artificial Intelligence In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.

Artificial Intelligence (AI) in Healthcare Market Report Snapshots

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The global artificial intelligence in the healthcare market is experiencing robust growth, driven by factors such as the increasing need for efficient healthcare solutions, rising investments in AI technology by key players, and supportive government initiatives. Major players in the market are actively engaged in strategic partnerships, mergers, and acquisitions to expand their product portfolios and strengthen their market presence. Additionally, advancements in AI technology, particularly in areas such as medical imaging analysis, predictive analytics, and personalized treatment planning, are further propelling market growth. 'Microsoft Corporation ', 'Alphabet Inc. ', 'NVIDIA Corporation ', 'General Vision, Inc. ', 'Intel Corporation ', 'IBM Corporation ', 'Welltok, Inc. ', 'General Electric Company ', 'Verint Systems Inc. ', 'Bolton NHS Foundation Trust ', 'Qure.ai ', 'THIRONA ', 'Koninklijke Philips N V. ', 'Siemens Healthineers ', 'Lunit Inc ', 'Biobeat ', 'Ginger Recruitment ', 'Sirona Medical, Inc. ', 'Qventus Inc ', 'Stryker'

Artificial intelligence (AI) in healthcare dramatically increases diagnostic accuracy by analyzing large amounts of medical data, including medical imaging, genetic data, and patient records. AI systems can identify patterns and abnormalities that might be missed by human doctors, leading to faster and more accurate diagnoses. Furthermore, AI enables personalized medicine by developing treatment regimens based on individual patient data, improving patient outcomes and reducing side effects. This capability is especially impressive in industry hear as in oncology, cardiology, and neurology.

Impact of Chronic Disease Prevalence on 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. For instance, the Cancer Facts and Figures 2022 report released by the American Cancer Society in January 2022 projected nearly 1.9 million new cancer cases in 2022 alone. This forecast included estimates of 186,670 prostate cancer cases, 169,870 lung cancer cases, and 144,490 female breast cancer cases. The rising incidence of cancer and other chronic ailments underscores the pressing need for precise diagnosis and treatment solutions. Consequently, there's a growing demand for AI-driven technologies aimed at facilitating early disease detection, thus propelling market growth in the healthcare sector.

The surge in artificial intelligence adoption within the North America region is fueled by several key factors, including the increasing integration of advanced technology into healthcare systems, heightened investment in AI-based startups, the escalating burden of chronic diseases, and the imperative to curtail healthcare expenditures, alongside the widespread implementation of big data in healthcare. The escalating uptake of big data in healthcare within the region is poised to propel market expansion further. For Instance, in August 2022, the Children's Hospital of Philadelphia (CHOP) and the University of Pennsylvania School of Medicine (Penn Medicine) jointly inaugurated the Penn-CHOP Kidney Innovation Center, leveraging big data to bolster research aimed at enhancing patient care for individuals, both adults, and children, grappling with kidney disease.

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Artificial Intelligence (AI) in Healthcare Market Insights

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

Who are the key vendors in the Artificial Intelligence (AI) in Healthcare Market?

What is the key driver of Artificial Intelligence (AI) in Healthcare Market?

What is the key market trend for Artificial Intelligence (AI) in Healthcare Market?

Which region accounted for the largest share in Artificial Intelligence (AI) in Healthcare Market?

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