The artificial intelligence (AI) in healthcare market size is projected to reach US$ 519.73 billion by 2031 from US$ 25.64 billion in 2023. The market is expected to register a CAGR of 53.4% during 2023–2031.
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.
Artificial Intelligence (AI) in Healthcare Market Analysis
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.
Artificial Intelligence (AI) in Healthcare Market Overview
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.
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Artificial Intelligence (AI) in Healthcare Market: Strategic Insights
Market Size Value in US$ 3,991.23 Million in 2019 Market Size Value by US$ 107,797.82 Million by 2027 Growth rate CAGR of 49.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Artificial Intelligence (AI) in Healthcare Market: Strategic Insights
| Market Size Value in | US$ 3,991.23 Million in 2019 |
| Market Size Value by | US$ 107,797.82 Million by 2027 |
| Growth rate | CAGR of 49.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Artificial Intelligence (AI) in Healthcare Market Drivers and Opportunities
Increasing Cross-Industry Partnerships and Collaborations
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.
Rising Potential in Emerging Economies
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.
Artificial Intelligence (AI) in Healthcare Market Report Segmentation Analysis
Key segments that contributed to the derivation of the artificial intelligence (AI) in healthcare market analysis are component, application, and end user.
- Based on component, the artificial intelligence (AI) in healthcare market is segmented into software solution, hardware, and services. The software solution segment held the largest market share in 2023.
- By application, the market is segmented into robot-assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The robot-assisted surgery segment held the largest share of the market in 2023.
- In terms of end user, the market is segmented into hospitals & healthcare providers, patients, pharma & biotech companies, healthcare payers, and others. The hospitals & healthcare providers segment dominated the market in 2023.
Artificial Intelligence (AI) in Healthcare Market Share Analysis by Geography
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.
Artificial Intelligence (AI) in Healthcare Market Report Scope
Artificial Intelligence (AI) in Healthcare Market News and Recent Developments
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:
- Bayer and Google Cloud announced a collaboration on the development of AI solutions to support radiologists and ultimately better serve patients. As part of the collaboration, Bayer would develop its innovation platform to accelerate the development and deployment of AI-powered healthcare applications with a clear focus on radiology, using Google Cloud's technology, including its generative AI (gen AI) tools. The collaboration aims to help organizations overcome many of the challenges to building scalable and compliant AI-powered medical imaging software products using leading data security capabilities and accelerate the development of potentially groundbreaking and impactful solutions that ultimately benefit patients. (Source: Google Cloud, Press Release, 2024)
- OM1 launched PhenOM, an AI-powered platform for personalized medicine. Calibrated using OM1’s longitudinal health history datasets, PhenOM uses AI to identify unique digital phenotypes associated with conditions and outcomes and compare patients’ records to highlight risks and opportunities. PhenOM powers personalized healthcare insights at scale across the entire healthcare ecosystem, from life science research to point-of-care clinical decision making. (Source: OM1, Press Release, 2023)
- Responding to rapid advances in AI and the urgent need to define its responsible use in health and medicine, Stanford Medicine and the Stanford Institute for Human-Centered Artificial Intelligence (HAI) announced the launch of RAISE-Health (Responsible AI for Safe and Equitable Health). This pioneering initiative seeks to address critical ethical and safety issues surrounding AI innovation and help others navigate this complex and evolving field. (Source: Stanford Medicine, Newsletter, 2023)
- Google Cloud announced two new AI-powered life sciences solutions to boost drug discovery and precision medicine for pharmaceutical firms, biotech companies, and public sector organizations. Available across the world, the Target and Lead Identification Suite helps researchers predict the structure of proteins and identify the function of amino acids, and the Multiomics Suite accelerates the discovery and interpretation of genomic data, helping companies design precision treatments. (Source: Google Cloud, Press Release, 2023)
Artificial Intelligence (AI) in Healthcare Market Report Coverage and Deliverables
The “Artificial Intelligence (AI) in Healthcare Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Artificial intelligence (AI) in healthcare market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Artificial intelligence (AI) in healthcare market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Artificial intelligence (AI) in healthcare market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the artificial intelligence (AI) in healthcare market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Application , End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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