The Global Artificial Intelligence in Healthcare Market Size is valued at USD 7.9 Billion in 2021 and is estimated to achieve a market size of USD 201.3 Billion by 2030; growing at a CAGR of 43.4%.
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 DRO’s:
|Market||Artificial Intelligence in Healthcare Market|
|Market Size 2021||USD 7.9 Billion|
|Market Forecast 2030||USD 201.3 Billion|
|CAGR During 2022 - 2030||43.4%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Application, By Technology, By End-User, And By Geography
|Regional Scope||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, Anju Software Inc. (Zephyr Health) among other.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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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 artificial intelligence in healthcare market is split based on application, technology, end-user, and geography.
AI in Healthcare Market by Application
AI in Healthcare Market By Technology
AI in Healthcare Market by End-User
Artificial Intelligence in Healthcare Market Regional Outlook
The Middle East & Africa (MEA)
Increasing healthcare spending fuels the North America Artificial Intelligence in Healthcare Market
North America dominates the global healthcare AI market owing to the high healthcare spending and well-developed healthcare sector. The government in this region is supporting the research institute for researcher and development supporting the market growth. Increasing government support and presence of leading players have supported the growth of the market. Additionally, high adoption rate of AI in North America coupled with development & growth of research & development activities and investments by government and private organizations is further stimulating the market growth.
North America region includes US, Canada and Mexico. In the present market scenario, North America is estimated to be the largest market for AI in healthcare owing to technological advancements and early adoption of AI in Healthcare in developed countries such as US and Canada. North America is one of the most technologically advanced application markets for AI due to the active involvement of tech giants in the field of Artificial intelligence. There is a need to improve the measures of affordability, access and health outcomes. Also, focus should be on increasing the rate of insurance coverage and access to primary care so that there are less hurdles for the doctor to manage the administration work. There is a growing need for elimination of agents and other third-party entities to reduce the transaction time, costs and related frauds. These factors form the key drivers propelling the growth of AI in healthcare in the North America region.
Technology has made patient care much easier. There are apps and wearables which help patients monitor their health. However, the healthcare data is not fully protected. If the security does not get better, then patients and providers can fall victims to data breaches. The long-term after-effects of medical surgeries are not tracked. The healthcare industry needs to do follow-ups to check the effectiveness of the surgeries. Doctors have a difficulty in finding the data exploring the long-term effects of the surgeries. Such data is needed to know the requirement of a particular surgery and whether or not the surgery was helpful. Poor record keeping does affect surgeries adversely. There is no track of official information on medical errors. AI is a possible solution to keep a record of patient’s health history as well as to keep a track of long-term effects of surgeries, treatments and medical errors. AI will give individuals control of documents. More efficient data sharing between healthcare networks will facilitate greater research and development.
Europe holds the second leading market which is followed by the Asia Pacific. Availability of funds, increasing application in clinical research and strong government support for will drive the European market during the forecast period. The Asia Pacific is the fastest growing market owing to the presence of developing economies such as India and China, increasing government support, and continuously rising healthcare spending. On the other hand, limited availability of fund and poor economy in Africa region has led the Middle East & Africa region at 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, Anju Software Inc. (Zephyr Health) among other.
The estimated value of global artificial intelligence in healthcare market in 2021 was accounted to be USD 7.9 Billion.
The projected CAGR artificial intelligence in healthcare market during the analysis period of 2022 to 2030 is 43.4%.
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 held the dominating artificial intelligence in healthcare during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for artificial intelligence in healthcare during the analysis period of 2022 to 2030.
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 drives the growth of global artificial intelligence in healthcare market.
Based on application, clinical trials segment held the maximum share artificial intelligence in healthcare market in 2021.