Pune, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Artificial Intelligence in Healthcare (AI) in Healthcare Market Overview:
According to SNS Insider, The Artificial Intelligence in Healthcare Market Size was valued at USD 22.5 billion in 2023 and is expected to reach USD 370.14 billion by 2032, growing at a CAGR of 36.5% over the forecast period 2024-2032.
The exponential growth in Artificial Intelligence in the Healthcare market is fueled by the rising adoption of AI-based solutions across various healthcare applications, including diagnostics, treatment planning, and robotic surgeries. The increasing volume of healthcare data, combined with advancements in machine learning and natural language processing, is driving demand for AI-powered tools that can enhance decision-making processes, improve patient outcomes, and optimize operational efficiency in healthcare settings.
The Artificial Intelligence in Healthcare market is experiencing unprecedented growth, driven by both supply and demand factors. On the supply side, technological advancements and increased investments in AI are enabling the development of sophisticated tools that cater to a wide range of healthcare needs. Companies are increasingly focusing on AI-based software solutions, with significant innovations in clinical applications such as diagnostic imaging, drug discovery, and personalized medicine. On the demand side, the healthcare sector's growing reliance on data-driven decision-making and the need to improve patient outcomes is accelerating the adoption of AI technologies. The integration of AI in healthcare is also addressing critical challenges, such as the shortage of skilled healthcare professionals, by enhancing the accuracy and efficiency of medical procedures.
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Major Players Analysis Listed in this Report are:
- Enlitic Inc.
- GE Healthcare
- General Vision Inc.
- Google Inc.
- IBM Corporation
- iCarbonX
- Intel Corporation
- Medtronic
- Microsoft Corporation
- Next IT Corporation
- Nuance Communications
- Nvidia Corporation
- Siemens Healthineers
- Welltok Inc.
- Zebra Medical Vision
Artificial Intelligence in Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 22.5 Billion |
| Market Size by 2032 | US$ 370.14 Billion |
| CAGR | CAGR of 36.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segment Analysis
By Component
In 2023, the software solutions component dominated the market, holding a 38.7% share. The rapid adoption of AI-based software by healthcare providers, payers, and patients is the primary driver behind this dominance.
The services component is projected to be the fastest-growing segment, driven by the expanding application of AI technologies across various healthcare functions. These include robot-assisted surgeries, clinical trials, and virtual healthcare services.
By Application
In 2023, the robot-assisted surgery segment led the market with a 21.99% share, and it is expected to continue growing significantly. The rise in robotic surgical procedures, alongside increased investments in AI platform development, is fueling this growth.
By Technology
The machine learning (ML) technology segment dominated the market in 2023, accounting for 35.6% of the market share. ML's ability to process vast amounts of healthcare data, including electronic health records and genomic data, makes it indispensable for disease diagnosis, treatment planning, and patient outcome prediction.
By End-user
In 2023, healthcare companies were the leading end-users, holding a 32.2% share of the market. The adoption of AI in drug development and clinical trials is a significant driver for this segment. AI technologies are revolutionizing the drug discovery process by shortening development timelines and enhancing the precision of targeting specific patient groups.
Artificial Intelligence in Healthcare Market Key Segmentation:
By Component
- Hardware
- Software Solutions
- Services
By Application
- Robot-assisted Surgery
- Virtual Assistants, Administrative Workflow Assistants
- Connected Medical Devices
- Medical Imaging & Diagnostics
- Clinical Trials
- Fraud Detection
- Cybersecurity
- Dosage Error Reduction
- Precision Medicine
- Drug Discovery & Development
- Lifestyle Management & Remote Patient Monitoring,
- Wearables
- Others
By Technology
- Machine Learning
- Natural Language Processing
By End-users
- Healthcare Providers (Hospitals, Outpatient Facilities, and Others)
- Healthcare Payers
- Healthcare Companies (Pharmaceutical, Biotechnology, Medical Devices), Patients, and Others)
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Regional Analysis
North America held the largest share of Artificial Intelligence in the Healthcare market in 2023. The region's dominance is driven by the early adoption of advanced technologies, substantial investment in healthcare AI startups, and a well-established healthcare infrastructure. Key applications in North America include AI-driven diagnostic tools and personalized medicine platforms. Companies like IBM Watson Health and Google Health are at the forefront of AI innovation in this region, contributing to the market's growth.
Asia-Pacific is projected to be the fastest-growing region in the AI healthcare market from 2024 to 2032. The rapid expansion of healthcare infrastructure, along with increasing investments in AI technologies, particularly in countries like China and India, are propelling the market.
Recent Developments
- August 2024: Philips introduced its AI-powered HealthSuite Platform, designed to enhance patient management through real-time data integration and analytics.
- July 2024: IBM Watson Health announced the launch of its AI-driven drug discovery platform aimed at accelerating the development of new therapies.
- June 2024: Microsoft launched Azure AI Health Insights, a platform providing predictive analytics for healthcare providers.
- May 2024: Medtronic unveiled its AI-based endoscopy system, GI Genius, which aids in the early detection of colorectal cancer.
- April 2024: Siemens Healthineers launched an AI-enhanced imaging software to improve the accuracy of diagnostic imaging in radiology.
- March 2024: Google Health released a new AI tool for breast cancer detection, demonstrating higher accuracy than traditional mammograms.
Key Takeaways
- The Artificial Intelligence in Healthcare market is set for explosive growth, driven by increasing AI adoption in diagnostics, treatment, and robotic surgeries.
- The software solutions component and robot-assisted surgery application segment dominated the market in 2023.
- North America led the market, while Asia-Pacific is expected to be the fastest-growing region over the next decade.
- Recent developments from major companies like Philips, IBM Watson Health, and Google Health highlight the rapid pace of innovation in AI healthcare technologies.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
3. Research Methodology
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates, 2023
5.2 User Demographics, By User Type and Roles, 2023
5.3 Feature Analysis, by Feature Type
5.4 Cost Analysis, by Software
5.5 Integration Capabilities
5.6 Regulatory Compliance, by Region
6. Competitive Landscape
7. Artificial Intelligence in Healthcare Market Segmentation, by Component
8. Artificial Intelligence in Healthcare Market Segmentation, by Application
9. Artificial Intelligence in Healthcare Market Segmentation, by Technology
10. Artificial Intelligence in Healthcare Market Segmentation, By End-user
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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