Chicago, March 07, 2024 (GLOBE NEWSWIRE) -- The AI in Healthcare market size is projected to grow from USD 20.9 billion in 2024 and is projected to reach USD 148.4 billion by 2029; it is expected to grow at a CAGR of 48.1% from 2024 to 2029. The growth of the AI in Healthcare market is driven by the generation of large and complex healthcare datasets and pressing the need to reduce healthcare costs.
Major AI in Healthcare Companies Include:
- Koninklijke Philips N.V. (Netherlands),
- Microsoft (US),
- Siemens Healthineers (Germany),
- Intel Corporation (US), and
- NVIDIA Corporation (US).
Major strategies adopted by the players in the AI in Healthcare market ecosystem to boost their product portfolios, accelerate their market share, and increase their presence in the market include acquisitions, collaborations, partnerships, and new product launches.
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For instance, in December 2023, Microsoft and AFL-CIO jointly announced a groundbreaking tech-labor partnership focused on AI and workforce development. The partnership aimed to educate workers, integrate labor voices in AI development, and shape policies supporting workers.
In November 2023, at #RSNA23, Philips successfully launched cutting-edge healthcare innovations, including next-gen ultrasound systems, the pioneering BlueSeal MR Mobile - the world's sole fully sealed magnet for mobile MRI, and cloud-based PACS with AI-enabled workflows. These advancements aimed to enhance diagnostic accuracy, streamline workflows, and alleviate pressures on healthcare professionals, exemplifying a commitment to improving patient care.
Koninklijke Philips N.V.:
Koninklijke Philips N.V. is a technology company involved in the healthcare, lighting, and consumer sectors. The company has a vast portfolio of artificial intelligence solutions for the healthcare sector. It is one of the pioneers of introducing AI in the healthcare sector. Koninklijke Philips N.V. offers a comprehensive range of services and solutions in the healthcare sector, covering Healthcare Operations, Planning, Implementation, Optimization, Maintenance, Upgrading, Enabling Technologies, Consulting, and Financing. Their diverse solutions include Alarm Management, Ambient Experience, Early Warning Scoring (EWS), HealthSuite Digital Platform, Integrated Cardiovascular Solutions, Managed Technology Services, Patient Reported Outcomes, PerformanceBridge, and Strategic Partnerships. With specializations in Clinical, Business, and Government, as well as Non-clinical specialties, Philips is dedicated to providing a holistic approach to healthcare, combining operational services, innovative technologies, and strategic partnerships to enhance patient care and advance healthcare systems.
Philips focuses on both organic and inorganic growth strategies to expand its market presence. Strategic partnerships in high-potential markets and collaborations have been Philips’ marquee growth strategy over the years. For example, in November 2023, Philips and NYU Langone Health concluded an 8-year, up to USD 115 million partnership, focusing on patient safety and outcomes. The collaboration integrated innovative health technologies, including digital pathology, clinical informatics, and AI-enabled diagnostics, enabling real-time collaboration among clinicians.
Microsoft:
Microsoft is a global leader offering software products and diverse licensing suites. They provide a range of services, encompassing cloud-based solutions that furnish customers with software, services, platforms, and content, along with offering solution support and consulting services. Additionally, they deliver targeted online advertising to a global audience. The product line comprises operating systems, cross-device productivity and collaboration applications, server applications, desktop and server management tools, business solution applications, software development tools, and video games. They are also involved in the design and sale of devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and associated accessories.
Microsoft is among the major companies in the AI in healthcare market. The company is highly focused towards investments in R&D, which accelerate its product portfolio and position in the AI market. ML, deep learning, NLP, and speech processing are the key focus areas of the company in the AI market. Microsoft continuously invests in a series of services and computational biology projects, including research support tools for next-generation precision healthcare, genomics, immunomics, CRISPR, and cellular and molecular biologics. The company is continuously involved in bringing the AI capabilities for the platforms in large-scale models of the customers.
