The Artificial Intelligence in Healthcare Market Size is valued at USD 11.2 Billion in 2022 and is estimated to achieve a market size of USD 427.5 Billion by 2032; growing at a CAGR of 44.0%.
Artificial Intelligence in Healthcare Market Report Statistics
Artificial intelligence has found a wide array of applications in healthcare. It has not only sophisticated the various activities but also increase the efficiency of the work. The introduction has also reduced the time of the treatment and reduced the labor cost. Similar to everyday lives, artificial intelligence and robotics are increasingly a part of the healthcare sector. They are used in patient data & risk analysis, lifestyle management & monitoring, precision medicine, inpatient care & hospital management, medical imaging & diagnostics, Virtual Assistants, virtual assistant, research, and others. One of the major advantages of AI is to help people stay healthy. Technology applications and apps encourage healthier behavior in individuals and help with the proactive management of a healthy lifestyle. Moreover, it increases the ability of healthcare professionals to better understand the day-to-day patterns and from this information, the professional help in understanding better feedback, guidance, and support for staying healthy.
Global Artificial Intelligence (AI) in Healthcare Market Dynamics
AI in Healthcare Market Report Coverage:
|Artificial Intelligence in Healthcare Market
|Artificial Intelligence in Healthcare Market Size 2022
|USD 11.2 Billion
|Artificial Intelligence in Healthcare Market Forecast 2032
|USD 427.5 Billion
|Artificial Intelligence in Healthcare Market CAGR During 2023 - 2032
|Artificial Intelligence in Healthcare Market Analysis Period
|2020 - 2032
|Artificial Intelligence in Healthcare Market Base Year
|Artificial Intelligence in Healthcare Market Forecast Data
|2023 - 2032
|By Application, By Technology, By End-User, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Microsoft, IBM, Johnson & Johnson Services, Inc., Oncora, Koninklijke Philips N.V, Siemens, GE Healthcare, Medtronic, Google, Amazon, Intel, CareSkore, CloudMedx Inc., Clarify Health Solutions, Zebra Medical Vision Ltd., Qventus Inc., NextHealth Technologies, and Anju Software Inc. (Zephyr Health).
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis
Artificial Intelligence in Healthcare Market Insights
The major driving factors for the market are accuracy of the result, continuously development in healthcare technology, and rising penetration of IT in healthcare. Growing need to reduce healthcare cost also fuels the AI in healthcare industry. Additionally, rapidly developing infrastructure, increasing government support for research & development, and introduction of the advanced technology have supported the growth of the market. However, high cost and lack of funding is also the major hurdle for the market growth. Furthermore, increasing focus on developing human-aware AI system creates numerous growth opportunities for the market in the coming years. Then again, growing application of AI-based tools for elderly care is also generating several growth prospects in the healthcare artificial intelligence market.
Artificial Intelligence in Healthcare Market Segmentation
The worldwide market for artificial intelligence is split based on application, technology, end-user, and geography.
AI in Healthcare Market by Application
As per the AI in healthcare industry analysis, clinical trials are one of the prominent applications of artificial intelligence (AI) in healthcare, revolutionizing the way new medical treatments and therapies are developed and tested. AI's role in clinical trials is multifaceted and transformative. It streamlines the traditionally complex and time-consuming process of recruiting eligible participants by leveraging data analytics and natural language processing to identify suitable candidates based on their medical histories and profiles. Additionally, AI enhances the design of clinical trials by analyzing vast datasets to determine optimal trial parameters, such as sample size and duration, leading to more efficient and cost-effective studies.
During the course of a clinical trial, AI plays a crucial role in monitoring patient outcomes and identifying potential adverse events in real-time. By continuously analyzing patient data, including vital signs and laboratory results, AI can swiftly detect any deviations from expected patterns, enabling early intervention and ensuring the safety of trial participants.
AI in Healthcare Market By Technology
In terms of technology, machine learning accounted for significant share in 2022 and is gradually growing up in coming future. Machine learning, particularly in the form of predictive analytics and data-driven decision support systems, had a significant impact on healthcare. It was widely used in tasks such as disease prediction, patient risk assessment, and personalized treatment recommendations.
NLP played a crucial role in healthcare for extracting insights from unstructured clinical notes, medical literature, and patient records. It enabled the conversion of text data into structured information, facilitating better clinical decision-making and research.
Deep learning, a subset of machine learning, gained prominence in medical imaging and diagnostics. Convolutional Neural Networks (CNNs) and other deep learning models showed remarkable capabilities in image analysis tasks such as identifying tumors in medical images like X-rays and MRIs.
Speech recognition technology was employed in healthcare for tasks like transcribing medical dictations and enabling voice-controlled interfaces for electronic health record (EHR) systems. It improved documentation accuracy and efficiency.
The "Others" category likely encompasses various AI technologies, including robotics, predictive modeling, and reinforcement learning, which also found applications in healthcare but may not have been as dominant in specific subfields.
AI in Healthcare Market by End-User
According to the artificial intelligence in healthcare market forecast, hospitals, including both large medical centers and smaller regional facilities, have been at the forefront of adopting AI technologies in healthcare. They use AI for a wide range of applications, including electronic health record (EHR) optimization, medical imaging and diagnostics, predictive analytics for patient outcomes, and resource allocation. AI has been instrumental in improving patient care, streamlining operations, and reducing costs for hospitals.
Pharmaceutical companies have also been substantial users of AI, primarily in drug discovery and development. AI is used to analyze vast datasets, identify potential drug candidates, predict their efficacy, and streamline clinical trials. AI-driven drug discovery has the potential to significantly accelerate the process of bringing new drugs to market.
Artificial Intelligence in Healthcare Market Regional Outlook
The Middle East & Africa
Increasing Healthcare Spending Fuels the North America Artificial Intelligence in Healthcare Market
North America dominates the global healthcare AI market due to its high healthcare spending and well-developed healthcare sector. The government in this region supports research institutes for research and development, further contributing to market growth. Increasing government support and the presence of leading players have fueled market expansion. Additionally, the high adoption rate of AI in North America, coupled with the development and growth of research and development activities and investments by government and private organizations, is stimulating market growth.
The North American region includes the US, Canada, and Mexico. In the current market scenario, North America is estimated to be the largest market for AI in healthcare, driven by technological advancements and early adoption of AI in healthcare in developed countries such as the US and Canada. North America stands out as one of the most technologically advanced application markets for AI, thanks to the active involvement of tech giants in the field of artificial intelligence. There is a need to improve measures of affordability, access, and health outcomes. Additionally, the focus should be on increasing the rate of insurance coverage and access to primary care to reduce administrative burdens for doctors. There is a growing need to eliminate intermediaries and third-party entities to reduce transaction time, costs, and related fraud. These factors are key drivers propelling the growth of AI in healthcare in the North American region.
Technology has made patient care much more manageable with apps and wearables that help patients monitor their health. However, healthcare data security remains a concern. If security is not enhanced, patients and providers may fall victim to data breaches. The long-term effects of medical surgeries are often not adequately tracked, making it challenging to assess their effectiveness. Doctors face difficulties in accessing data that explores the long-term effects of surgeries. Such data is essential to determine the necessity and effectiveness of specific surgical procedures. Poor record-keeping can have adverse effects on surgeries, and there is no official information on medical errors. AI presents a possible solution for maintaining comprehensive patient health records and tracking the long-term effects of surgeries, treatments, and medical errors. AI will give individuals control over their documents, and more efficient data sharing between healthcare networks will facilitate greater research and development.
Europe holds the second-largest market, followed by the Asia Pacific. The availability of funds, increasing applications in clinical research, and strong government support will drive the European market during the forecast period. The Asia Pacific is the fastest-growing market, driven by developing economies like India and China, increasing government support, and continuously rising healthcare spending. However, limited availability of funds and a weak economy in the African region place the Middle East & Africa region in the last position.
Artificial Intelligence in Healthcare Market Players
Some of the key artificial intelligence in healthcare companies includes Microsoft, IBM, Johnson & Johnson Services, Inc., Oncora, Koninklijke Philips N.V, Siemens, GE Healthcare, Medtronic, Google, Amazon, Intel, CareSkore, CloudMedx Inc., Clarify Health Solutions, Zebra Medical Vision Ltd., Qventus Inc., NextHealth Technologies, and Anju Software Inc. (Zephyr Health) among other.
The size of global AI in healthcare market was USD 11.2 billion in 2022.
The AI in healthcare market CAGR during the analysis period of 2023 to 2032 is 40%.
The prominent players of the global artificial intelligence in healthcare market are Microsoft, IBM, Johnson & Johnson Services, Inc., Oncora, Koninklijke Philips N.V, Siemens, GE Healthcare, Medtronic, Google, Amazon, Intel, CareSkore, CloudMedx Inc., Clarify Health Solutions, Zebra Medical Vision Ltd., Qventus Inc., NextHealth Technologies, Anju Software Inc. (Zephyr Health).
North America region held the dominating position in AI in healthcare industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of AI in healthcare during the analysis period of 2023 to 2032.
The current trends and dynamics in the AI in healthcare industry include growing need to reduce healthcare costs, improving computing power and declining hardware cost, and increase in processing power of AI systems leading to enhanced AI capabilities.
The clinial trails application held the maximum share of the AI in healthcare industry