Covina, Aug. 23, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global AI in healthcare market size and share is projected to grow from USD 29.2 Billion in 2024 and is forecasted to reach USD 508.7 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 36.9% during the forecast period (2024 - 2034).
AI in Healthcare Market Report Overview
AI in Healthcare is revolutionizing the healthcare industry by introducing innovative technologies and approaches that enhance patient care, streamline operations, and advance medical research.
AI encompasses a range of technologies, including machine learning, natural language processing, and robotics, which are being integrated into various aspects of healthcare to improve outcomes and efficiencies.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The AI in Healthcare Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- NVIDIA Corp
- Intel Corp.
- IBM Corp.
- Google LLC
- Microsoft Corp.
- AWS, Inc.
- General Vision Services, Inc.
- GE Healthcare, Inc.
- Siemens Healthineers, Inc.
- Medtronic PLC
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Analyst View:
The demand for AI solutions is being driven by the exponential growth of healthcare data, including genomic data, medical imaging, and electronic health records (EHRs). Large data sets may be handled and analyzed by AI technologies, which can then be used to derive insights that can be used to improve patient care, expedite operations, and further medical research.
Market Dynamics:
Drivers:
Rising Demand for Personalized Medicine
- Personalized medicine, which attempts to customize therapies for individual patients based on their distinct genetic and health profiles, is becoming more and more popular. AI is pushing the adoption of AI solutions in this field by playing a critical role in the analysis of large information to uncover personalized treatment options and anticipate patient responses.
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Market Trends:
Integration with Big Data and Cloud Computing
- AI in healthcare is increasingly being integrated with big data and cloud computing technologies. This integration allows for more comprehensive data analysis and storage solutions, facilitating real-time insights and collaborative research.
Segmentation:
AI in Healthcare Market is segmented based on Type, Application, and Region.
Type Insights
- This sector includes Hardware, Software, and Services. The software segment is expected to dominate the target market growth as AI software in healthcare includes applications such as diagnostic tools, predictive analytics, personalized medicine, and electronic health record (EHR) systems.
Application Insights
- This sector includes Machine Learning, NLP, Context-Aware Computing, and Computer Vision. The machine learning segment is expected to dominate the target market growth as the shift towards personalized medicine, which tailors treatment plans to individual patient profiles, is significantly driven by Machine Learning. ML algorithms analyze genetic, clinical, and lifestyle data to identify personalized treatment options and predict how patients will respond to different therapies.
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Recent Development:
- In April 2024, World Health Day, the World Health Organization (WHO) announced the launch of S.A.R.A.H., a digital health promoter prototype with enhanced empathetic response powered by generative artificial intelligence (AI). According to WHO, S.A.R.A.H. is a Smart AI Resource Assistant for Health that represents an evolution of AI-powered health information avatars, using new language models and cutting-edge technology. It can engage users 24 hours a day in 8 languages on multiple health topics, on any device.
Regional Insights
- North America: The growth of telemedicine in North America is driving the demand for AI-powered solutions that enhance remote patient monitoring, virtual consultations, and telehealth services.
- Asia Pacific: Governments in this region are implementing initiatives to promote the adoption of AI in healthcare. For example, various national strategies and funding programs support AI research and application in healthcare settings, driving market growth.
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