AI in Healthcare Market

AI in Healthcare Market Analysis (2023-2028)

Artificial Intelligence (AI) in the healthcare market was valued at $7.4 billion in 2022 and is projected to reach $48.77 billion in 2028, registering a whopping CAGR of 49%.

Overview:

Advances in data analysis will drive growth in the healthcare AI market over the review period. Each year, huge data is generated in the healthcare sector, and the ever-growing volume of big data has created the need to adopt artificial intelligence technology to manage data effectively. Artificial intelligence has revolutionized the healthcare field by designing treatment plans, helping with repetitive tasks, managing medications and discovering medications. It can also be used effectively for health data management through the collection, storage and standardization of data. Recently, Google's artificial intelligence research division launched its Google Deepmind Health project to extract data from medical records to provide better and faster health services.

AI in Healthcare Market Growth and Trends

Clinical Workflow Solutions Market: The global clinical workflow solutions market is poised for significant growth during the forecast period. Population ageing, declining resources, budget constraints, and lack of clinical SOPs and standard regimes are some of the main drivers of growth. Cosmetovigilance market: The global cosmetovigilance market is assumed to grow during the projection years. The increasing importance of aesthetics, the increase in purchasing power in developing countries, and the greater acceptance of cosmetic products by consumers are key growth factors.Immunoinformatics Market: The global immunoinformatics market is presumed to experience lucrative growth due to numerous applications with the integration of computational and experimental approaches in handling abundant genome sequencing data for humans and organisms.One of the main trends in AI in the healthcare market is the increase in the number of new IT companies offering solutions for the medical sector. This in itself is the result of the availability of increased venture capital financing for these companies.

New and expanded opportunities with big data, AI's ability to improve patient care, a massive imbalance between the patient base and healthcare professionals, and opportunities to reduce medical costs are some of the main factors expected to increase demand for AI in the healthcare sector. Furthermore, the increasing importance of precision medicine, the growing number of interprofessional collaborations, the constant influx of risk capital investments and the increase in the geriatric population are some of the other factors that should be positively reflected. In this market, on the other hand, the reluctance of doctors to adopt new technologies, the significant lack of predefined and universal regulatory guidelines, the lack of health care data and the problems of data confidentiality prevent the market from reaching higher levels.

AI in Healthcare Market Drivers and Restraints

AI systems assist with medication management using NLP and context-specific treatment technology. Consequently, with the decline in the doctor-patient relationship, AI offers new solutions to bridge the gap between healthcare staff and patients. The growth of the global AI market in healthcare is driven by AI's ability to improve patient outcomes, the need for greater coordination between healthcare workers and patients, increased adoption of healthcare medicine precision and a significant increase in venture capital investments. Furthermore, the growing importance of big data in healthcare should drive market growth. The market is supposed to experience moderate growth during the forecast period due to the increased adoption of AI systems. Furthermore, technological advancements in AI systems are likely to boost market growth. The prospect of AI-based tools for elder care and the untapped potential of emerging markets such as China and India should present several opportunities for market expansion. However, an imprecise regulatory scenario and the reluctance of healthcare professionals to adopt AI-based technologies should hamper the market growth. AI technologies provide clinicians with tools to help them better diagnose and treat patients effectively. However, doctors are reluctant to new technologies.

AI IN HEALTHCARE MARKET REPORT COVERAGE:

AI in Healthcare Market Segmentation

Depending on the offering, the global AI in the healthcare market is divided into hardware, software and services. The software segment occupied the largest share in 2016, due to continuous software innovation that meets the demands of the healthcare industry. The hardware segment is expected to experience the highest growth rate over the forecast period.

By Algorithm

• Deep Learning

• Query Method

• Natural Language Processing

• Contextual Processing

The deep learning segment is foreseen to grow at the highest CAGR over the forecast period due to the increased use of signal reduction, data mining and image recognition, which are integral components of most AI.

By Application

• Robot-Assisted Surgery

• Virtual Nursing Assistant

• Administrative Workflow Assistant

• Fraud Detection

• Dosage Error Reduction

• Clinical Trial Participant Identifier

• Preliminary Diagnosis

• Others

By End-User

• Healthcare Providers

• Pharmaceutical & Biotechnology

• Patient and Payer

AI in Healthcare Market Regional Analysis:

1. North America

2. Europe

3. Asia Pacific

4. Latin America

5. MEA

North America had the largest share in AI in the healthcare market in 2016 and is suspected of remaining dominant throughout the forecast period. The Asia Pacific and Europe are other promising areas for the implementation of AI in healthcare in the coming years.

Key Market Players

1. Welltok, Inc.,

2. Intel Corporation,

3. Nvidia Corporation,

4. Google Inc.,

5. IBM Corporation,

6. Microsoft Corporation,

7. General Vision, Inc.,

8. Enlitic, Inc.,

9. Next IT Corporation and iCarbonX.

10. Siemens Healthineers,

11. General Electric (GE) Company,

12. Koninklijke Philips N.V.,

13. Cloudmedx, Inc.

14. Bay Labs, Inc.