The global AI in healthcare market is expected to be registering a whopping CAGR of 49.8% from 2023 to 2028 and the global market size is anticipated to be valued at USD 83.62 billion by 2028 from USD 11.09 billion in 2023.
Each year, huge data are 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.
Global AI in Healthcare Market Drivers:
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 in healthcare market 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 growing adoption of AI systems in various verticals of the healthcare industry is fuelling the market's growth rate. 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.
The growing adoption of clinical workflow solutions, increasing aging population, declining resources, budget constraints and lack of clinical SOPs and standard regimes are primarily driving the growth of the AI in healthcare market. The increasing importance of aesthetics, the increase in purchasing power in developing countries, and the greater acceptance of cosmetic products by consumers are contributing to the global market growth.
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 healthcare data and the problems of data confidentiality prevent the market from reaching higher levels.
Global AI in Healthcare Market Restraints:
The reluctance of healthcare professionals to adopt new technologies is one of the notable restraints to global market growth. High implementation costs, concerns about privacy and security and stringent regulations are further impeding the global market growth.
Market Size Available
2022 to 2028
2023 to 2028
Offering, Algorithm, Application, End-User and Region
Various Analyses Covered
Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, iCarbonX. The other players in the value chain are Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc. and Bay Labs, Inc.
This research report on the global AI in healthcare market has been segmented and sub-segmented based on offering, algorithm, application, end-user and region.
Global AI in Healthcare Market – By Offering:
The software segment occupied the largest share of the global market in 2022 and the domination of the software segment is expected to continue throughout the forecast period. The domination of the software segment is majorly attributed to the continuous software innovation that meets the demands of the healthcare industry.
The hardware segment is expected to experience the highest growth rate in the worldwide market over the forecast period.
Global AI in Healthcare Market – By Algorithm:
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.
Global AI in Healthcare Market – By Application:
Global AI in Healthcare Market – By End-User:
Global AI in Healthcare Market – By Region:
North America had the largest share of AI in the healthcare market in 2022 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:
Companies playing a dominating role in the global AI in healthcare market include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, iCarbonX, Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc. and Bay Labs, Inc.
The global AI in healthcare market was valued at USD 7.4 billion in 2022.
Major contributors to the AI in healthcare market share include North America, Europe, and Asia-Pacific, with North America leading the way due to advanced technological infrastructure and early adoption.
Challenges in the AI in healthcare market include concerns about data privacy, the need for robust regulatory frameworks, integration with existing healthcare systems, and addressing ethical considerations surrounding AI applications.
Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, iCarbonX. The other players in the value chain are Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc. and Bay Labs, Inc. are some of the major players in the global AI in healthcare market.
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