Global artificial intelligence in healthcare market

Global Artificial Intelligence (AI) in Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Services), By Algorithm(Deep Learning, Querying Method), By End User(Healthcare Providers, Pharmaceuticals & Biotechnology Companies) - Industry Forecast 2024-2031

Report ID: SQMIG35G2090 | Region: Global | Published Date: February, 2024
Pages: 219 | Tables: 90 | Figures: 76

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Global Artificial Intelligence (AI) in Healthcare Market size was valued at USD 15.70 billion in 2022, and is projected to rise from USD 21.68 in 2023 to reach USD 286.77 billion by 2031, growing at a CAGR of 38.1% in the forecast period (2024-2031).

The worldwide healthcare AI market is crowded with competitors, ranging from startups to giant software companies. Leaders in artificial intelligence (AI) solutions that involve analytics, medication discovery, and diagnostics include IBM, Google, and Microsoft. Startups that focus on telemedicine systems and AI in medical imaging compete for AI integration as well. Innovation and competitiveness are promoted by global alliances and collaborations among technology companies, healthcare providers, and research institutes. Technical innovations, adherence to regulations, and strategic partnerships such as artificial intelligence continue to transform healthcare around the globe. '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.'

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.

Revolutionizing Healthcare: Due to advancements in technology and consumer demand for quicker access to healthcare, the market for artificial intelligence in healthcare has expanded. The application of AI is revolutionizing two aspects of healthcare: diagnosis and customized treatment regimens. This is a result of AI altering diagnostic images and physicians. This is making the process of locating illnesses quicker and more efficient. Using X-ray and MRI images, machine learning can assist medical professionals in diagnosing and treating patients. The addition of AI to x-rays is the largest development in medical technology.

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.

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