Healthcare Artificial Intelligence Market Size

Healthcare Artificial Intelligence Market size was valued at USD 21.32 Billion in 2023 and is poised to grow from USD 29.31 Billion in 2024 to USD 374.42 Billion by 2032, growing at a CAGR of 37.5% during the forecast period (2025-2032).

The global healthcare artificial intelligence (AI) market is a dynamic and rapidly evolving landscape, driven by the convergence of advanced technology and the healthcare industry's growing demand for improved efficiency, diagnosis accuracy, and patient outcomes. As of 2021, the market has witnessed a surge in innovation and investment, resulting in a plethora of AI solutions across various healthcare domains. 'IBM Watson Health (USA)', 'Google Health (USA)', 'Microsoft (USA)', 'NVIDIA Corporation (USA)', 'GE Healthcare (USA)', 'Siemens Healthineers (Germany)', 'Medtronic (USA)', 'Cerner Corporation (USA)', 'Philips Healthcare (Netherlands)', 'Johnson & Johnson (USA)'

The cost of AI technologies is declining, making them more affordable for healthcare organizations. This is also driving the adoption of AI in healthcare.

Personalized medicine: AI is being used to develop personalized medicine, which is the practice of tailoring medical treatment to the individual patient. This is being done by using AI to analyze large datasets of patient data to identify patterns and correlations that can be used to make predictions about a patient's risk of disease or their response to treatment.

In the year 2022, North America asserted its dominance in the AI in healthcare market by securing the foremost portion of revenue, accounting for a substantial share of 58.0%. This commanding position is attributed to a range of factors including advancements in the healthcare IT infrastructure, escalating healthcare expenditures, widespread integration of AI/ML technologies, supportive government initiatives, attractive funding opportunities, and the presence of numerous influential market players. The North American market's growth is further augmented by the increasing elderly population, evolving lifestyles, a heightened prevalence of chronic conditions, mounting demand for value-based care, and an enhanced awareness about the benefits of implementing AI-based technologies.