USD 11.2 billion
Global Artificial Intelligence In Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Services), By Application(Diagnosis, Clinical Trials) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2090 |
Region:
Global |
Published Date: February, 2024
Pages:
219
|
Tables:
70 |
Figures:
75
Global Artificial Intelligence In Healthcare Market Insights
Artificial Intelligence In Healthcare Market size was valued at USD 11.2 billion in 2019 and is poised to grow from USD 15.4 billion in 2023 to USD 196.76 billion by 2031, growing at a CAGR of 37.55% in the forecast period (2024-2031).
AI has many uses in the areas of drug development, treatment plans, and medication management. It is used in medical procedures like diagnosis, personalized medication, drug development, and patient care monitoring. Artificial Intelligence (AI) in healthcare is the use of complex algorithms and software to simulate human perception in the analysis, interpretation, and understanding of complex medical and healthcare data. The term "artificial intelligence" (AI) refers to an intelligent system that connects numerous human intelligence-based capabilities, such as reasoning, learning, and problem-solving services, to diverse fields, including biology, engineering, mathematics, computer science, languages, and psychology. Also, the healthcare sector's adoption of artificial intelligence (AI) and machine learning techniques has improved medication discovery and development's creativity, efficiency, and cost.
The growing volume of healthcare data and the complexity of datasets driving the need for AI, the intensifying need to lower healthcare costs, better computing power and falling hardware costs, an increase in cross-industry partnerships and collaborations, and the widening gap between the health workforce and patients driving the need for improved healthcare services are the main factors driving the market growth. The use of this technology by numerous pharmaceutical and biotechnology companies worldwide to speed up the COVID-19 vaccine or medication development procedures is another significant reason driving the market growth.
An increase in AI system processing capacity that results in improved AI capabilities and the use of AI for novel surgeries is the main factor driving the growth of the global artificial intelligence market in healthcare. However, low adoption among medical professionals due to the danger of harm and misunderstanding restricts the development of global artificial intelligence in the healthcare market. However, an imprecise regulatory environment and healthcare professionals' reluctance to employ AI-based technologies are expected to hamper market growth.
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
Largest Segment
Software solutions
Fastest Growth
Software solutions
Growth Rate
37.55% CAGR
Global Artificial Intelligence In Healthcare Market ($ Bn)
Country Share for North America Region (%)
Global Artificial Intelligence In Healthcare Market By Type ($ Bn)
Global Artificial Intelligence In Healthcare Market By Type (%)
To get more reports on the above market click here to Buy The Report
Global Artificial Intelligence In Healthcare Market Segmental Analysis
Global artificial intelligence in healthcare market is segmented on the basis of component, application, and region. By component, the market is segmented into hardware, services, and software solutions. By application, market is segmented into diagnosis, clinical trials, fraud detection, cyber security, connected machines, robot-assisted surgery, virtual assistants, administrative workflow assistants, dosage error reduction, and connected machines. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Artificial Intelligence In Healthcare Market Analysis by Component
In 2021, the software solutions segment dominated the artificial intelligence in healthcare market as healthcare providers, payers, and patients are increasingly adopting AI-based software solutions. For instance, in September 2019, GE Healthcare collaborated on the development of the Edison AI platform with five local Chinese software developers, namely 12Sigma Technologies, Biomind, Shukun Technology, Yizhun Medial AI, and YITU Technology, in order to support GE Healthcare's seamless digital transformation.
Hardware solutions are expected to grow at the fastest rate of 39.4% during the forecast period. The rise of AI-based technologies in a number of healthcare applications, including cyber security, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dose error reduction, and fraud detection, is responsible for this rapid growth rate. Also, the potential for growth is being boosted by the increasing number of strategic efforts, including collaborations and seed investments, undertaken by important stakeholders. IBM Corporation, NVIDIA Corporation, Intel Corporation, and Biosymetrics are significant players in this market.
Artificial Intelligence In Healthcare Market Analysis by Application
The clinical trials segment dominated the AI in the healthcare market in 2021, accounting for the largest revenue share of 24.2%, owing to the increasing number of patent expirations and rising demand for faster and more accurate clinical trials to meet the need for new drug discoveries and medication development. Although AI-based technologies in clinical trials were still in their infancy prior to the pandemic, there has been an explosion in their use as a result of the desire for speedier clinical trials that help trial design, study adherence, lowering dropout rates, and patient recruiting. It is expected that shorter clinical trial durations and improved clinical trial accuracy and reliability will accelerate market expansion. Healthcare start-ups, government regulatory agencies, and organizations in the life sciences are starting to support and incorporate AI-powered solutions into their operations. For instance, Deep6AI is an AI monitoring system that speeds up and lowers the cost of patient recruitment.
The virtual assistant segment is expected to grow the fastest during the forecast period. The lack of qualified workers, the rising use of smartphones, and increased internet access are all contributing to the rapid expansion and penetration of AI-based technologies in the virtual assistant market. In addition to the virtual assistant market, the robot-assisted surgery market is expected to experience profitable growth and hold significant promise in the years to come. This notable growth rate is due to the rise in collaborations between suppliers of AI technology and companies that make surgical robots.
Global Artificial Intelligence In Healthcare Market By Type, 2019 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Artificial Intelligence In Healthcare Market Regional Insights
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.
Asia Pacific region is expected to grow at the fastest growth of 40.9% over the forecast period. The rapid advancement of IT infrastructure and business endeavors focusing on AI-based technologies is responsible for this growth rate. Private investors, venture capitalists, and non-profit groups are increasing their investments to better therapeutic outcomes, data analysis and security, and cost reduction. Favorable government measures encouraging and promoting healthcare organizations and care providers to conveniently embrace AI-based technologies are some of the key drivers for the Asia Pacific market growth.
Global Artificial Intelligence In Healthcare Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Artificial Intelligence In Healthcare Market Dynamics
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.
Request Free Customization of this report to help us to meet your business objectives.
Global Artificial Intelligence In Healthcare Market Competitive Landscape
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.
Artificial Intelligence In Healthcare Market Top Player’s Company Profiles
- 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.
Artificial Intelligence In Healthcare Market Recent Developments
- In August 2021, Philips introduced two HealthSuite solutions that simplify the integration of informatics with health systems and can be scaled as needed.
- In May 2021, IBM introduced its nanoscale chip technologies. The effectiveness and performance of the chips can be improved with the help of artificial intelligence and cloud technologies.
- In April 2021, Nvidia launched the A10 and A30 GPUs for enterprise servers. Additionally, Morpheus was introduced, enabling cyber security programmers to find cyber-attacks using AI.
- In April 2021, IBM introduced its advanced storage systems, which facilitated data access and availability for artificial intelligence and cloud applications.
- In September 2019, GE Healthcare announced collaboration with five Chinese software developers to work on the Edison AI platform.
Global Artificial Intelligence In Healthcare Key Market Trends
- 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.
- One of the primary reasons driving the market growth is the rising use of robots in surgical and rehabilitation treatments in the healthcare industry. Neurological, orthopedic, and laparoscopic minimally invasive (MI) surgery can be successfully carried out by robots. Also, the market is benefiting from the growing trend of digitalization in the healthcare industry. AI is being used in a variety of medical systems and gadgets to facilitate and secure data handling. Additionally, this helps to produce patient-specific data that is used to provide specialized pharmaceutical and diagnostic services. The aging population and their growing reliance on healthcare services are other factors driving the market. AI is largely being used in aged care products, such as smart devices for assisted living, fall detection, and virtual companions. While industrial robots are utilized in healthcare facilities to carry out numerous everyday duties, these empathetic robots may also care for patients who are physically and intellectually challenged. The market is expected to be driven by other factors in the next years, such as increased research and development (R&D) and favorable healthcare policies by governments of several countries.
Global Artificial Intelligence 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.
According to our global artificial intelligence in healthcare market analysis, by component, in 2021, the software solutions segment dominated the market and accounted for the largest revenue share of 40.2% due to surging adoption rate of AI-based software solutions amongst healthcare providers, payers, and patients. The clinical trials segment dominated the AI in the healthcare market in 2021, accounting for the largest revenue share of 24.2%, owing to the increasing number of patent expirations and rising demand for faster and more accurate clinical trials to meet the need for new drug discoveries and medication development. 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, favourable government initiatives, lucrative funding choices, and the presence of numerous prominent industry competitors. Asia Pacific region is expected to grow at the fastest growth of 40.9% over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 11.2 billion |
| Market size value in 2031 | USD 196.76 billion |
| Growth Rate | 37.55% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Global Artificial Intelligence 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Global Artificial Intelligence 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Global Artificial Intelligence 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 Global Artificial Intelligence 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
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Artificial Intelligence In Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Artificial Intelligence In Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Artificial Intelligence In Healthcare Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
