Overview and Scope
AI in healthcare refers to the use of machine learning and cognitive algorithms for treatment techniques and patient outcomes. AI is applied in various healthcare practices, such as medical diagnostics, drug discovery, clinical trials, pain management, and improving patient outcomes.
Sizing and Forecast
The artificial intelligence in healthcare market size has grown exponentially in recent years. It will grow from $13.48 billion in 2023 to $17.96 billion in 2024 at a compound annual growth rate (CAGR) of 33.3%. The growth in the historic period can be attributed to growing number of collaborations and partnerships, rising prevalence of chronic diseases, increasing implementation of ai in radiology, growing adoption of artificial intelligence for cost efficient drug discovery, rising funding in artificial intelligence in healthcare.
The artificial intelligence in healthcare market size is expected to see exponential growth in the next few years. It will grow to $52.2 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The growth in the forecast period can be attributed to increase in geriatric population, growing adoption of digital transformation in healthcare, increasing government initiatives for supporting artificial intelligence in healthcare. Major trends in the forecast period include use of ai for clinical trials, ai for rare diseases treatment, ai for drug adherence, ai in target selection, leveraging ai based models in pre-clinical studies, investments in ai driven biotech firms, rise in merger and acquisition activity, emerging role of cros in ai ecosystems, introduction of new artificial intelligence (ai) tools, introduction of ai innovation labs.
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Segmentation & Regional Insights
The artificial intelligence in healthcare market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Algorithm: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
3) By Application: Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis
4) By End-User: Hospitals And Diagnostic Centers, Pharmaceutical And Biopharmaceutical Companies, Healthcare Payers, Patients
North America was the largest region in the Artificial Intelligence in the Healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the adoption of precision medicine is one of the driving factors of artificial intelligence in the healthcare market. Precision medicine uses information about an individual’s genes, and environmental and lifestyle changes to design and improve the diagnosis and therapeutics of the patient. It is widely used for oncology cases, and due to the rising prevalence of cancer and the number of people affected by it, the demand for AI in precision medicine will increase going forward. According to research published in the Lancet Oncology, the global cancer burden is set to increase by 75% by 2030.
Key Industry Players
Major companies operating in the artificial intelligence in healthcare market report are IBM Watson Health, Nuance Communications, Inc., Alphabet Inc., Concreto HealthAI, Nvidia Corporation, PathAI, XtalPi, Benevolent AI, Exscientia, OWKIN, LiveHealth, ChironX, Consure Medical, Predible Health, Lybrate, Artelus, OncoStem Qure.ai, Jiaxing Taimei Medical Technology, Ping An Health Medical Technology, YITU, iCarbonX, Insilico, Skin Analytics, Babylon Health, Cambridge Cognition, Renalytix AI, Iktos, Novartis, Gero, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, Atomwise Inc., Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Deep Genomics, Cyclica, IQVIA, Roche, Pfizer, PRA Healthscience, Gesto, Intensicare, Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, MedPass, Pixeon, Hi Technologies, Conexa Saude, Wuru, Yerbo, BioScience, Caecus, Epitrack, GE Healthcare, Oncora Medical, Recursion Pharmaceuticals Inc., Nucleai, Pepticom, AstraZeneca, Rology, HearX Group, DilenyTech, iNNOHEALTH Technology Solutions
The artificial intelligence in healthcare market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence in Healthcare Market Characteristics
3. Artificial Intelligence in Healthcare Market Trends And Strategies
4. Artificial Intelligence in Healthcare Market – Macro Economic Scenario
5. Global Artificial Intelligence in Healthcare Market Size and Growth
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31. Artificial Intelligence in Healthcare Market Other Major And Innovative Companies
32. Global Artificial Intelligence in Healthcare Market Competitive Benchmarking
33. Global Artificial Intelligence in Healthcare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence in Healthcare Market
35. Artificial Intelligence in Healthcare Market Future Outlook and Potential Analysis
36.Appendix
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