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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 for Artificial Intelligence in healthcare is witnessing significant growth, fueled by the imperative for streamlined healthcare solutions, escalating investments by industry leaders in AI technology, and governmental backing. Major market contenders are strategically aligning through partnerships, mergers, and acquisitions to broaden their product offerings and fortify their market standing. Furthermore, continuous advancements in AI, notably in medical imaging interpretation, predictive analytics, and personalized treatment strategies, are pivotal drivers of market expansion, underlining the sector's trajectory towards transformative innovation and enhanced patient care. 'Microsoft Corporation (US) ', 'Alphabet Inc. (US) ', 'NVIDIA Corporation (US) ', 'General Vision, Inc. (US) ', 'Intel Corporation (US) ', 'IBM Corporation (US) ', 'MedicalValues GmbH (Germany) ', 'General Electric (GE) Company (US) ', 'Subtle Medical, Inc. (US) ', 'Corti ApS (Denmark)  ', 'Qure.ai (India) ', 'Venn Biosciences Corp. (US)   ', 'Koninklijke Philips N V. (Netherlands) ', 'Siemens Healthineers (Germany) ', 'Lunit, Inc. (South Korea    ) ', 'Biobeat (Israel) ', 'Fuse-AI GmbH (Germany) ', 'Sirona Medical, Inc. (Germany) ', 'Qventus, Inc. (US) ', 'Stryker (US)'

The adoption of AI/ML technology has been prompted by the growing shortage of healthcare professionals. Machine learning models can be developed to interpret the pattern of a patient’s health, which can be useful in diagnosing a patient and determining the best course of action to be taken. Forces of escalating concerns of Covid-19, series of mergers and acquisitions, technological affiliations and collaborations, and supportive measures from the government have collectively steered the unbounded growth and integration of AI in healthcare. Originally designed to facilitate fast, efficient diagnosis of diseases, the AI/ML algorithm is now commonly used to determine Covid-19 positive patients based on consolidated and individuated patient data. 

Impact of Chronic Disease Prevalence on the 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. Our findings show that there were about 9-10 million cancer deaths worldwide in 2023. This forecast also predicted new cancer cases in the year 2023 as 1,958,310. They maintained an explicit focus on cancer by monitoring new cases that resulted from different types of cancer. Current statistics on cancer and other persistent diseases indicate that there is urgency for relevant and accurate diagnostic techniques and therapy. Therefore, the market for preventive strategies and diagnosis based on AI technologies that can also help identify diseases in their early stage is constantly expanding in the sphere of healthcare. 

North America dominated the market in 2023. Several factors have advocated for the increase of artificial intelligence adoption within the North America healthcare market some of which include Advanced technology implementation adopted in the healthcare sector, high investment on startups based on AI, increased burden of chronic diseases; the need to reduce health care expenditure; big data widely implemented in the health care sector. Various applications of big data in the healthcare sector have seen its uptake increase, and this is expected to drive the market forward in the region. According to our findings, 86% healthcare providers, life sciences and tec, l, life sciences and technology vendors organizations use Artificial Intelligence. Moreover, the United States committed USD 4.7 trillion to spend on research and development in 2023 as outlined by the Organization for Economic Co-operation and Development (OECD) report in 2023 annually toward healthcare. Hence, there is the urge to reduce the costs incurred in the delivery of healthcare services; and since the use of AI in healthcare works as a key driver of the market. 

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Global artificial intelligence in healthcare market

Product ID: SQMIG35G2090

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