Global Artificial Intelligence in Medicine Market

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

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

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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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