Artificial Intelligence in Healthcare Market Size & Share to Surpass $95.65 Billion by 2028 | Vantage Market Research

WASHINGTON, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Artificial Intelligence in Healthcare Market which is $ 6.60 Billion in 2021, is expected to reach $ 95.65 Billion by 2028, at a CAGR of 46.1% during the forecast period 2022 to 2028.

Vantage Market Research has recently published a Report, titled, Artificial Intelligence in Healthcare Market The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. To produce a worldwide artificial intelligence in healthcare market research report, the best and most advanced tools for collecting, recording, estimating, and analyzing market data have been employed. With the systematic and comprehensive market research study, this market report provides the facts associated with any subject in the field of marketing for the artificial intelligence in healthcare industry. It gives better ideas and solutions in terms of product trends, marketing strategy, future products, new geographical markets, future events, sales strategies, and customer actions or behaviors. The large-scale artificial intelligence in healthcare market analysis report has been prepared by considering several fragments of the present and upcoming market scenario.  

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Market Dynamics:

Driver: Rising Potential of AI Technology in Genomics and Drug Discovery to Fuel Global Artificial Intelligence in Healthcare Market

AI applications in clinical genomics liable to perform operations that are not possible to perform with the help of human intelligence and are error prone when applied with standard statistical approaches. The various steps that are adapted to address in clinical genomic analysis include variant calling, variant classification, genome annotation, and phenotype-to-genotype correspondence. They can also be used in genotype-to-phenotype predictions. Here, we describe the major classes of problems that have been addressed by AI in clinical genomics. AI algorithms can easily learn biases from a single genome and produce superior variant calls. Furthermore, AI is widely used in target discovery and early drug discovery in order to analyze data sets, form hypotheses and generate novel insights, predict binding affinity and other pharmacological properties of molecules, allow filtering for drug-like properties of molecules and reduce complexity in protein design. Additionally, it is used in design and processing of preclinical experiments to reduce time, money, and uncertainty in planning experiments, decode open- and closed-access data on reagents and get actionable insights and automate sample analysis with a robotic cloud laboratory, among others. Thus, the increasing application of AI is augmenting the growth of the AI in healthcare industry in the years to come.

Opportunity: Development of Human-aware AI Systems to Stimulate Market Growth

Human-aware augmented intelligence combines the skills of humans and artificial intelligence (AI) techniques. This helps to achieve better performance over either the human or the technology can alone. Additionally, the increasing interference of human with AI techniques has resulted in interpretation and presentation challenges like proper communication problems associated with automating parts and intelligent control of crowdsourcing parts. Interpretation challenges include understanding human input and presentation challenges include problems delivering the AI system’s output and feedback. Thus, the improvement of human-aware AI systems remains the primary opportunity for AI developers and healthcare industry. Furthermore, in the healthcare sector, it is very useful in monitoring patients, help in analysis, diagnosis and create treatment plans personalized to the individual, and deliver care for the elderly and disabled people, among other prospects.

Top Players in the Artificial Intelligence in Healthcare Market:

  • Koninklijke Philips (Netherlands)
  • Intel (US)
  • Microsoft (US)
  • Nvidia (US)
  • IBM (US)
  • Siemens Healthineers (Germany)
  • Medtronic (US)
  • Micron Technology (US)
  • Google (US)
  • General Electric Company (US)
  • General Vision (US)
  • Amazon Web Services (US)
  • Johnson & Johnson (US)
  • Enlitic (US)
  • Lunit (South Korea)
  • CloudmedX (US)
  • Oncora Medical (US)

For Additional Information on Artificial Intelligence in Healthcare Market Players and Detail List, Download a Report PDF Brochure

Recent Developments

  • In 2020, announced a collaboration with the Texas Hospital Association (THA) to promote statewide AI adoption for autonomous monitoring.
  • In 2020, Aidoc and Imbio collaborated to integrate AI technologies in medical image analysis for pulmonary embolism detection and treatment regimes. Furthermore, a growing number of startups specializing in AI-based healthcare technologies are receiving recognition in the form of investments from private investors and venture capitalists.

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Segment Summary:

  • Based on offering, the Global Artificial Intelligence in Healthcare Market is bifurcated into software, hardware, & services. The software segment held a largest share in 2021 owing to the increase in the adoption of AI software solutions by healthcare organizations.
  • Based on technology, the Artificial Intelligence in Healthcare Market is divided into machine learning, computer vision, natural language processing, and context aware processing. The natural language processing segment is expected to grow at a significant CAGR of from 2022 to 2028. This is attributable to the increase in implementation of image recognition and data mining to uncover abnormalities in imaging data and accelerate the treatment.
  • Based on application, the Artificial Intelligence in Healthcare Market is divided into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. The clinical trials participant identifier projected to grow at the fastest CAGR from 2022 to 2028. This is owing to the increase in demand for faster clinical trials for new drug development.
  • Based on end user, the artificial intelligence in healthcare market is segmented into healthcare providers, pharmaceutical & biotechnology companies, patients, and payer. The healthcare providers segment held the largest share in 2021. The pharmaceutical & biotechnology companies’ segment is anticipated to grow at a fastest CAGR from 2022 to 2028.

Browse market data Tables and Figures spread through 187 Pages and in-depth TOC on Artificial Intelligence in Healthcare Market Forecast Report (2022-2028).

Regional Analysis:

North America Dominates the Global Artificial Intelligence in Healthcare Market

North America has dominated the Global Artificial Intelligence in Healthcare Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the early adoption of AI technologies, growing collaborations and partnerships, and supportive government initiatives across the region. Furthermore, the presence of major market players and the rising elderly population are also expected to support the regional growth of the market.

Asia Pacific is likely to witness fastest growth in the Artificial Intelligence in Healthcare Market during the forecast period. This is attributable to the rise in development and innovations and establishment of new start-ups in the emerging economies like the India, and China in the region. Additionally, the increasing adoption AI-based technologies by healthcare organizations, Research and Development activities and government expenditure on healthcare facilities are also expected to support the growth of the artificial intelligence in healthcare market in near future.

Segmentation of the Global Artificial Intelligence in Healthcare Market:

By Offering

  • Hardware
  • Software
  • Services

By Technology

  • Machine Learning
  • NLP
  • Context-aware Computing
  • Computer Vision

By Application

  • Robot-Assisted Surgery
  • Virtual Nursing Assistant
  • Administrative Workflow Assistance
  • Fraud Detection
  • Dosage Error Reduction
  • Others

By End User

  • Healthcare Providers
  • Pharmaceutical & Biotechnology Companies
  • Patients
  • Payer

By Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 6.60 Billion
Revenue Forecast by 2028USD 95.65 Billion
CAGR46.1% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersKoninklijke Philips, Intel, Microsoft, Nvidia, IBM, Siemens Healthineers, Medtronic, Micron Technology, Google, General Electric Company, General Vision, Amazon Web Services, Johnson & Johnson, Enlitic, Lunit, CloudmedX, Oncora Medical
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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