Development of AI‐powered autonomous service robots, humanoid robots, real-time disease monitoring, analysis and visualization of spreading trends, an estimate of infection rate and infection trend, and rapid decision‐making to identify effective treatments are likely to remain key trends in the artificial intelligence (AI) in healthcare market during the forecast period.
The increasing influx of large and complex healthcare data sets drives the artificial intelligence (AI) in healthcare market. In addition, there is an increasing need to simultaneously reduce healthcare costs and increase computing power by minimizing hardware costs. Furthermore, the market is fuelled by growing government initiatives and their collaboration to promote the implementation of AI in healthcare and increasing mergers and acquisitions and portfolio expansions by market players. There is an imbalance between health workers and patients. Artificial intelligence restores this balance and drives the artificial intelligence (AI) in healthcare market growth. The increasing use of precision medicines and clinical trial processes requires AI, further driving the market. Increased funding for research and development in this area contribute to the artificial intelligence (AI) in healthcare market growth.
AI has various applications in healthcare. It allows doctors to retrieve information, interpret images captured during scans, and make treatment plans. In addition to the clinical aspect, AI is beneficial in research activities. Advances in medicine, supported by advances in public health, innovation, research, and technology, significantly reduce morbidity and mortality. The healthcare sector is evolving significantly by leveraging AI to boost productivity while reducing the enormous burden on healthcare professionals. Government and private organizations incorporate AI into their research efforts to accelerate development.
Cross-industry partnerships are resulting in the introduction of new machine learning (ML) models that predict risk and provide cognitive assistance. The partnerships are among the most dynamic practices in corporate and society relations that bridge various sectors, such as public, private, and nonprofit. In October 2023, Siemens and Microsoft partnered to advance the adoption of AI across industries. The companies are introducing Siemens Industrial Copilot, a jointly developed AI-powered assistant to improve human-machine collaboration in manufacturing. Additionally, the integration of Siemens Teamcenter product lifecycle management software and Microsoft Teams would pave the way for the further development of the industrial metaverse. In January 2023, AstraZeneca collaborated with Qure.ai, a developer of deep-learning algorithms for interpreting radiological images. The collaboration will specifically focus on overcoming barriers that limit access to diagnostic tools, supporting early detection of lung cancer, reducing mortality rates, and improving patient outcomes, particularly in low- and middle-income countries.
In developing countries where access to medical technology, medical professionals, and resources is limited, the impact of AI applications is likely to provide a disruptive path to solving current major challenges. For instance, researchers at the Indian Institute of Technology (IIT), Delhi, developed an AI-powered system to diagnose tuberculosis (TB) using chest X-rays. The system can analyse X-rays for signs of tuberculosis in less than a minute, making it a valuable tool for diagnosing tuberculosis in remote areas where access to healthcare professionals may be limited. In Brazil, there is a shortage of dermatologists in most cities, even in the outskirts of large cities. Top hospitals are narrowing access gaps by offering teledermatology services powered by AI screening tools. Further, the use of AI technology can reduce the cost of healthcare and make it affordable for people in developing countries.
Key segments that contributed to the derivation of the artificial intelligence (AI) in healthcare market analysis are component, application, and end user.
The geographic scope of the artificial intelligence (AI) in healthcare market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
North America dominated the artificial intelligence (AI) in healthcare market. The market growth in North America is attributed to the evolving digital infrastructure in healthcare, the well-established healthcare sector, and rising patient awareness regarding the benefits of AI. The artificial intelligence (AI) in healthcare market in North America is also likely to spur with the presence of various key players in the market. In addition, the adoption of digital tools in healthcare operations for improving quality and reducing costs contributes to the dominance of North America in the artificial intelligence (AI) in healthcare market. Asia Pacific is anticipated to register the highest CAGR in the coming years.
The regional trends and factors influencing the Artificial Intelligence (AI) in Healthcare Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Artificial Intelligence (AI) in Healthcare Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 25.64 Billion |
| Market Size by 2031 | US$ 519.73 Billion |
| Global CAGR (2023 - 2031) | 53.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Artificial Intelligence (AI) in Healthcare Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Artificial Intelligence (AI) in Healthcare Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The artificial intelligence (AI) in healthcare market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes corporate publications, association data, and databases. A few of the developments in artificial intelligence (AI) in healthcare market are listed below:
The “Artificial Intelligence (AI) in Healthcare Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: