According to Nova one advisor, the global Artificial Intelligence (AI) in Healthcare market size was valued at USD 11.09 billion in 2021 and is predicted to hit USD 208.9 billion by 2030 with a registered CAGR of 38.9% during the forecast period 2022 to 2030.
According to Nova one advisor, the global Artificial Intelligence (AI) in Healthcare market size was valued at USD 11.09 billion in 2021 and is predicted to hit USD 208.9 billion by 2030 with a registered CAGR of 38.9% during the forecast period 2022 to 2030.
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The growing demand for personalized medicine, rising demand for value-based care, growing datasets of patient health-related digital information, advancements in healthcare IT infrastructure, penetration of smartphones, improved internet connectivity, and shortage of care providers is propelling the growth of the market over the forthcoming years.
In addition, changing lifestyles, the growing geriatric population, rising prevalence of chronic diseases have contributed to the need for faster and accurate disease detection and improving the understanding of the disease in the early stage, thereby driving the adoption of technologies based on Artificial Intelligence (AI) in healthcare. The ongoing Covid-19 pandemic positively impacted the adoption of AI-based technologies and unearthed the potential they withhold. Healthcare systems began adopting AI-based technologies in faster and early diagnosis & detection of diseases and quicker & accurate clinical trials.
Furthermore, AI-based technologies were implemented in virtual assistants, robot-assisted surgeries, claims management, cybersecurity, and patient management. AI algorithms were trained with patient health datasets to optimize the diagnosis and detection of diseases at an early stage, to begin with, an optimum treatment regime. Supportive government initiatives, a growing number of investments from private investors and venture capitalists, and the emergence of AI-specialized startups across the globe are driving the market growth. Software solutions dominated in 2021, owing to the rapidly rising adoption rates of software solutions in healthcare systems and the growing penetration of these technologies in various applications.
The clinical trials segment dominated in 2021, owing to the adoption of these technologies in clinical trial designing, study adherence, patient recruitment, and minimized patient dropout. North America region dominated in 2021, owing to the availability of optimum IT infrastructure, technological literacy, presence of key players & local developers, and lucrative funding options. Key players are focusing on devising innovative product development strategies through mergers & acquisitions and collaborations to expand their product portfolio and cater to larger business geographies.
Report Scope of the Artificial Intelligence (AI) in Healthcare Market
| Report Coverage | Details |
| Market Size | USD 208.9 Billion by 2030 |
| Growth Rate | CAGR of 38.9% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Component, Application, Technology, End User and Region, |
| Companies Mentioned | Intel, Koninklijke Philips, Microsoft, IBM, Siemens Healthineers, Nvidia, Google, General Electric Company, Medtronic, Micron Technology, Amazon Web Services, Johnson & Johnson, General Vision, CloudmedX, Oncora Medical, Enlitic, Lunit |
Key Takeaways:
- The AI in healthcare market size is anticipated to be valued at USD 208.9 billion by 2030, owing to the growing datasets of patient health-related information, advancing healthcare IT infrastructure, and growing need for accurate and early disease diagnosis
- The software solutions segment dominated the global market in 2021, due to the widespread adoption of AI-based software solutions amongst care providers, payers, and patients.
- The clinical trials segment dominated the market in 2021, owing to the growing demand for faster and accurate clinical trials with enhanced accuracy and reliability
- North America dominated in 2021, owing to advancements in healthcare IT infrastructure, readiness to adopt advanced technologies, presence of several key players, growing geriatric population, and rising prevalence of chronic diseases
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Regional Insights
North America dominated the AI in healthcare market in 2021 and accounted for the largest revenue share of 58.4%, owing to advancements in healthcare IT infrastructure, growing care expenditures, widespread adoption of AI/ML technologies, favorable government initiatives, lucrative funding options, and presence of several key market players. Moreover, the growing geriatric population, changing lifestyles, increasing prevalence of chronic disorders, growing demand for value-based care, and rising awareness levels towards the implementation of AI-based technologies is bolstering the market growth in North America.
On the other hand, Asia Pacific region is anticipated to register the fastest growth over the forecast period. This growth rate is attributable to the rapid innovations and development in the IT infrastructure and entrepreneurship ventures specializing in AI-based technologies. Increasing investments by private investors, venture capitalists, and non-profit organizations to enhance clinical outcomes, improved data analysis and data security, and reduced costs are driving the adoption rates. Favorable government initiatives supporting and promoting healthcare organizations and care providers to readily adopt AI-based technologies are some of the key factors driving the growth of the Asia Pacific market.
Some of the prominent players in the Artificial Intelligence (AI) in Healthcare Market include:
- Intel
- Koninklijke Philips
- Microsoft
- IBM
- Siemens Healthineers
- Nvidia
- General Electric Company
- Medtronic
- Micron Technology
- Amazon Web Services
- Johnson & Johnson
- General Vision
- CloudmedX
- Oncora Medical
- Enlitic
- Lunit
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Artificial Intelligence (AI) in Healthcare market
By Component
- Software
- Hardware
- Services
By Application
- Virtual Assistants
- Diagnosis
- Robot Assisted Surgery
- Clinical Trials
- Wearables
- Administrative Workflow Assistants
- Cybersecurity
- Dosage Error Reduction
- Fraud Detection
- Connected Machines
By Technology
- Machine Learning
- Natural Language Processing
- Context-aware Computing
- Computer Vision
By End User
- Hospital & Healthcare Providers
- Patients
- Pharmaceuticals & Biotechnology Companies
- Healthcare Payers
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Artificial Intelligence (AI) In Healthcare industry analysis from 2022 to 2030 to identify the prevailing Artificial Intelligence (AI) In Healthcare industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Artificial Intelligence (AI) In Healthcare industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Artificial Intelligence (AI) In Healthcare industry trends, key players, market segments, application areas, and market growth strategies.
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