Global Artificial Intelligence in Medicine Market

Artificial Intelligence in Medicine Market Size, Share, Growth Analysis, By Therapeutic Applications(Oncology, Cardiology, Neurology, Respiratory), By Component(Software and Services), By End-User(Hospitals, Diagnostic Centers, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2865 | Region: Global | Published Date: April, 2024
Pages: 220 |Tables: 90 |Figures: 73

Artificial Intelligence in Medicine Market Insights

Global Artificial Intelligence in Medicine Market size was valued at USD 800 million in 2022 and is poised to grow from USD 996.8 Million in 2023 to USD 5790.98 Million by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

Rapid advances in AI algorithms and computing power drive artificial intelligence in the market. Advances in machine learning, deep learning, and natural language processing (NLP) enable sophisticated AI models capable of analyzing vast amounts of medical data with unprecedented accuracy and speed and flow thus, high-performance computing systems, cloud-based conferencing, and graphical user interfaces. units (GPUs) and the availability of specialized hardware accelerators such as tensor-processing units (TPUs) accelerate the deployment of AI solutions in medical diagnostics, research and treatment planning. The increasing adoption of Artificial Intelligence for the interpretation of medical images is a major factor in the emergence of AI in the medical market. AI algorithms can analyze medical images such as X-rays, MRI scans, CT scans and pathology slides to help radiologists and pathologists diagnose, identify abnormalities and monitor treatment response AI-powered medical imaging solutions provide diagnostic accuracy, faster Provides benefits such as reducing image analysis and interpretation errors, thereby increasing patient care and operational efficiency in healthcare settings. The shift towards personalized medicine and precision healthcare is increasing the demand for AI-driven decision support tools and predictive analytics solutions.

Market Snapshot - 2024-2031

Global Market Size

USD 800 million

Largest Segment

Oncology

Fastest Growth

Neurology

Growth Rate

24.6% CAGR

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

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Artificial Intelligence in Medicine Market Segmental Analysis

Based on therapeutic applications, the global market has been further segmented into oncology, cardiology, neurology, respiratory, and others. Based on Component, the Artificial Intelligence in Medical Diagnostics Market is segmented into Software and Services. Based on End User, the Artificial Intelligence in Medical Diagnostics Market is segmented into Hospitals, Diagnostic Centers, and Others. Based on Region, Artificial Intelligence in Medical Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Analysis by Component

Wide adoption of AI-driven software solutions for precision medicine by organizations, providers and patients is expected to boost the software segment In September 2019, GE Healthcare and several local software companies in China, Shukun Technology, 12 Sigma Technologies, YTU Technology partnered , Biomind and Yizhun Medical AI , to develop the Edison AI platform and provide a seamless digital transformation for GE Healthcare.

Moreover, the software segment is estimated to grow at the fastest CAGR of 36.2% during the forecast period. Increasing adoption of AI-based software solutions for precision medicine by healthcare payers, organizations, providers and patients is expected to accelerate the growth of the software segment in this sector Healthcare application types such as cybersecurity, error reduction, automated assistants, robot-assisted surgery, clinical trials, fraud detection and telemedicine Due to the increasing availability of AI based technologies. Furthermore government. Actions from the private sector and players are expected to boost the growth of the sector.

The services division plays a key role in artificial intelligence (AI) in the pharmaceutical market, providing critical support, management and customization services to healthcare organizations and stakeholders to adopt AI-powered solutions.

The consulting firm, which specializes in healthcare and technology, provides advice to healthcare providers, pharmaceutical companies, and medical device manufacturers interested in applying AI to medicine. Consultants will provide insights into industry trends, regulatory requirements, and best practices to guide organizations in aligning AI strategies with their clinical business objectives.

Analysis by Therapeutic Application

Oncology emerged as the dominant segment and accounted for 30.4% revenue share by 2022. This segment will continue to dominate throughout the forecast period AI integrated in oncology for faster and more accurate cancer diagnosis, a improves patient outcomes, is set to drive the continued growth of this sector over the forecast period AI in oncology is contributing to faster and more accurate cancer diagnosis, resulting in improved patient outcomes, and monitoring allowing the segments to expand over the forecast period.

Increasing incidence of cancer and increasing access to healthcare is one of the most important factors expected to drive the growth of the segments. The increasing number of cancer patients and incidence worldwide is expected to put pressure on the expected improvement of the healthcare system. On the other hand, the neurology segment is expected to register the fastest CAGR of 36.8% during the forecast period. The increasing incidence of neurological diseases such as epilepsy, epilepsy, brain tumor, dementia, Alzheimer's disease etc. is expected to boost the neuroscience segment Technological advancements and the need for early diagnosis of neurological disorders is fueling the market expansion.

Global Artificial Intelligence in Medicine Market ByTherapeutic Applications (%), Medicine (%)

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Artificial Intelligence in Medicine Market Regional Insights

North America continued to dominate the market by 2023 and is expected to hold the largest market share in medicine during the forecast period. North America is an important player in AI in the medical industry, along with the US. The country and Canada are the main contributors to the development of the sector. There has been a significant investment in AI in medicine in this area. Venture capital firms and government programs have continued to support startups aiming to develop AI solutions to advance healthcare.

The healthcare industry in North America has embraced digital transformation, including the adoption of AI technology to improve patient outcomes, reduce costs and increase efficiency The region benefits from access to more healthcare data, which is critical for training and validation of AI systems. I have checked the account details of the student and can see that the student has not enrolled for the course yet. AI in medicine can deliver personalized and patient-centered care, in line with the growing focus on precision medicine and personalized treatment plans.

The market is expected to grow at the highest rate in Asia-Pacific during the forecast period. Increasing diversity of chronic & infectious diseases, increasing number of AI-based start-ups especially in China and India, increasing funding, and tremendous potential of AI to fill the gap in the healthcare sector of the region are all contributing factors to the growth of the market.

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

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Artificial Intelligence in Medicine Market Dynamics

Drivers

Improving Diagnostic Accuracy and Patient Care

  • Artificial intelligence (AI) is increasingly being adopted in medicine due to its ability to increase disease accuracy and improve patient care outcomes AI algorithms can analyze large amounts of medical data including patient records, medical images and genomic information including in identifying patterns, predicting disease progression and helping healthcare professionals make more informed medical decisions Operated. By enhancing human knowledge with insights, healthcare professionals can deliver tailored treatment plans that have provided personalized services tailored to individual patients’ needs, resulting in better health outcomes and fewer medical errors.

Rapid Technological Advances in AI Algorithms and Computing Power

  • Rapid advances in AI algorithms and computing power are fueling the growth of AI in the pharmaceutical market. Advances in machine learning, deep learning, and natural language processing (NLP) have enabled sophisticated AI models that can analyze complex medical data with unprecedented accuracy and speed, and high-performance computing, cloud-based conferencing, and graphics processing The availability of specialized hardware accelerators such as -units (GPUs) and tensor processing units (TPUs) is set to accelerate the implementation of AI solutions in medical research, research and medicine.

Restraints

Data Privacy and Security Issues

  • Data privacy and security concerns pose significant challenges to the widespread use of AI in medicine. Medical data, including electronic health records (EHRs), medical imaging, and genomic data, are sensitive patient data that must be protected from unauthorized access, breach, and transfer misused Health plans and AI manufacturers comply with HIPAA (Health Insurance Portability and Accountability Act). in United States law) and facing other compliance requirements, requiring robust data security measures, encryption protocols, privacy protection AI algorithms to ensure patient privacy and compliance.

Challenges to Integration and Resisting Adoption

  • Integrating AI into existing healthcare workflows and clinical practices presents challenges of interoperability, workflow integration, and user adoption Healthcare systems often rely on legacy systems, disparate data silos, and across disparate IT systems, making it difficult to seamlessly integrate AI solutions into routine clinical workflows Meeting these integration challenges, which can have shown resistance to AI adoption due to job elimination, loss of autonomy, and unfamiliarity with AI-driven decision support tools is critical to the successful implementation and adoption of AI in medicine by enhancing physician confidence and acceptance.

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Artificial Intelligence in Medicine Market Competitive Landscape

The global market for medical diagnostics is highly competitive and somewhat fragmented. Different growth strategies are constantly being used by key industry players to maintain a competitive edge. Innovation, mergers, acquisitions, collaborations and partnerships make these players successful in a competitive market. Leading market players have also focused on ongoing R&D to deliver highly effective and affordable solutions for the industry.

Top Player’s Company Profiles

  • Google LLC
  • GE Healthcare
  • Siemens Healthineers
  • Philips Healthcare
  • Hologic Inc.
  • Arterys Inc.
  • Medtronic Inc.
  • Freenome Holdings Inc.
  • PathAI Inc.
  • Enlitic Inc.
  • Zebra Medical Vision Ltd.
  • Viz.ai Inc.
  • Gauss Surgical Inc.
  • Aidoc Medical Ltd.
  • Paige.AI Inc.
  • Freenome Holdings Inc.
  • Owkin Inc.

Recent Developments

  • In July 2022, Siemens Healthiners partnered with RAD-AID to support radiology education in African countries.
  • In October 2022, GE Healthcare and Acure Incorporated announced the signing of a global commercial collaboration agreement designed to provide solutions that will enable more healthcare organizations around the world to customize patient care along their medical journey in each section.
  • In June 2023, Dartmouth launched its Center for Precision Health and Artificial Intelligence (CPHAI), an interdisciplinary collaboration on how artificial intelligence (AI) and biomedical data can improve the precision of medical and health outcomes. The establishment of CPHAI is set to advance research with an initial $2 million grant from the Dartmouth Gesell School of Medicine and the Dartmouth Cancer Institute. The Center’s research aims to improve public health and health care while maintaining strict ethical standards for health AI. Such developments may further enhance the market dynamics studied.

Artificial Intelligence in Medicine Key Market Trends

  • Rise in Development of Al Technology: The real goal during the development of Al technology was to raise awareness, or to create models that mimicked how people thought. Al device developers continue to face challenges in developing interactive and scalable devices. Furthermore, the increased involvement of humans in machine learning methods and the interest in learning more about the phenomenon creates new research challenges, such as interpretation and description, artifacts in a passive, intelligent crowdsourcing manner. The dynamics and response distribution of the Al system is one of the theoretical challenges. Thus, the biggest opportunity for Al producers is to continue to develop human-recognizable Al systems.

Artificial Intelligence in Medicine 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.

Global Artificial intelligence in the medicine market is gaining momentum due to improved diagnostic accuracy and patient care enabled by AI algorithms. However, the market faces data privacy and security concerns, as well as integration challenges, and resistance to adoption among health systems. Despite these challenges, major players such as IBM Watson Health, Google Health, Microsoft Healthcare NExT, Siemens Healthineers, are developing strong AI -powered healthcare solutions to drive innovation in patients and management.

Intelligence (AI) in the medical market is rapidly evolving and changing, with advancements in AI algorithms, increased healthcare data, and growing demand for personalized healthcare solutions. AI technology is adapting to in various areas of medicine, including diagnosis, Treatment planning, drug discovery, patient and user education, deep learning, natural language processing (NLP), practical research in AI Solutions. AI Solution Assessment of Medical Date, to eliminate the extensive review of the doctrine, the main test of the assessment of the analytical product developed. As the healthcare industry continues to embrace AI-powered innovations, AI in the medical market is poised for further expansion by technologists, health care organizations and research institutes. It offers significant opportunities to improve outcomes, reduce healthcare costs and increase productivity.

Report Metric Details
Market size value in Medicine USD 800 million
Market size value in 2031 USD 5790.98 Million
Growth Rate 24.6%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Therapeutic Applications
    • Oncology, Cardiology, Neurology, Respiratory, and Others
  • Component
    • Software and Services
  • End-User
    • Hospitals, Diagnostic Centers, and 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
  • Google LLC
  • GE Healthcare
  • Siemens Healthineers
  • Philips Healthcare
  • Hologic Inc.
  • Arterys Inc.
  • Medtronic Inc.
  • Freenome Holdings Inc.
  • PathAI Inc.
  • Enlitic Inc.
  • Zebra Medical Vision Ltd.
  • Viz.ai Inc.
  • Gauss Surgical Inc.
  • Aidoc Medical Ltd.
  • Paige.AI Inc.
  • Freenome Holdings Inc.
  • Owkin Inc.
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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 in Medicine 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 in Medicine 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 in Medicine 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 in Medicine 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.

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Customization Options

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FAQs

Artificial Intelligence in Medicine Market size was valued at USD 800 million in 2022 and is poised to grow from USD 996.8 Million in 2023 to USD 5790.98 Million by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

The market for medical diagnostics is highly competitive and somewhat fragmented. Different growth strategies are constantly being used by key industry players to maintain a competitive edge. Innovation, mergers, acquisitions, collaborations and partnerships make these players successful in a competitive market. Leading market players have also focused on ongoing R&D to deliver highly effective and affordable solutions for the industry. 'Google LLC', 'GE Healthcare', 'Siemens Healthineers', 'Philips Healthcare', 'Hologic Inc.', 'Arterys Inc.', 'Medtronic Inc.', 'Freenome Holdings Inc.', 'PathAI Inc.', 'Enlitic Inc.', 'Zebra Medical Vision Ltd.', 'Viz.ai Inc.', 'Gauss Surgical Inc.', 'Aidoc Medical Ltd.', 'Paige.AI Inc.', 'Freenome Holdings Inc.', 'Owkin Inc.'

Artificial intelligence (AI) is increasingly being adopted in medicine due to its ability to increase disease accuracy and improve patient care outcomes AI algorithms can analyze large amounts of medical data including patient records, medical images and genomic information including in identifying patterns, predicting disease progression and helping healthcare professionals make more informed medical decisions Operated. By enhancing human knowledge with insights, healthcare professionals can deliver tailored treatment plans that have provided personalized services tailored to individual patients’ needs, resulting in better health outcomes and fewer medical errors.

Rise in Development of Al Technology: The real goal during the development of Al technology was to raise awareness, or to create models that mimicked how people thought. Al device developers continue to face challenges in developing interactive and scalable devices. Furthermore, the increased involvement of humans in machine learning methods and the interest in learning more about the phenomenon creates new research challenges, such as interpretation and description, artifacts in a passive, intelligent crowdsourcing manner. The dynamics and response distribution of the Al system is one of the theoretical challenges. Thus, the biggest opportunity for Al producers is to continue to develop human-recognizable Al systems.

North America continued to dominate the market by 2023 and is expected to hold the largest market share in medicine during the forecast period. North America is an important player in AI in the medical industry, along with the US. The country and Canada are the main contributors to the development of the sector. There has been a significant investment in AI in medicine in this area. Venture capital firms and government programs have continued to support startups aiming to develop AI solutions to advance healthcare.

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