The global artificial intelligence in healthcare market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next eight years.
The global artificial intelligence in healthcare market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next eight years. The market is expected to grow to $136.79 billion by 2029, more than double the $11.06 billion valuation in 2021.
The increased adoption of digital technologies in the healthcare sector is fueling the growth of the global artificial intelligence (AI) in healthcare market, owing to the growing demand to reduce healthcare expenses and provide better quality patient care services to patients. The rising frequency of numerous chronic diseases, as well as the growing older population has resulted in a larger patient pool at hospitals. Every day, a considerable amount of patient health data is generated, which must be adequately saved and handled.
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The growing need for tailored medicines, as well as the need to keep digital health data are propelling the artificial intelligence (AI) in healthcare industry forward.The COVID-19 pandemic is shaping the growth of global artificial intelligence (AI) in healthcare market. According to a report published by the National Center for Biotechnology Information in 2020, artificial intelligence based algorithms correctly identified 68% of COVID-19 positive cases in a database of 25 patients who were labelled as negative cases by healthcare providers.
| Report Coverage | Details |
| Market Size by 2030 | USD 187.95 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 37% |
| North America Market Share in 2021 | 58.1% |
| Software Solutions Segment Market Share in 2021 | 39.5% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Component, Application, Technology, End User, Geography |
Report Highlights
- On the basis of component, software solutions segment holds the largest market share in the global artificial intelligence (AI) in healthcare market. The rising adoption of artificial intelligence in healthcare sector is driving the segment growth. In September 2019, for example, GE Healthcare teamed with 5 Chinese local software companies, including Biomind, 12Sigma Technologies, and Shukun Technology to collaborate on the Edison artificial intelligence platform and assist GE Healthcare’s smooth digital transformation.
- On the basis of application, clinical trials segment holds the largest market share in the global artificial intelligence (AI) in healthcare market. Clinical trial efficiency and precision as well as improved clinical trial reliability are projected to drive the segment growth. Deep6AI, for instance, is an artificial intelligence monitoring system that improves the patient recruiting process while reducing time and costs.
Regional Snapshot
North America is the largest segment for artificial intelligence (AI) in healthcare market in terms of region.The U.S. is dominating the artificial intelligence (AI) in healthcare market in the North America region.The factors such as technological developments, growing prevalence of chronic disorders, favorable government regulations, and existence of major market players are supporting the growth of North America artificial intelligence (AI) in healthcare market.
Asia-Pacific region is the fastest growing region in the artificial intelligence (AI) in healthcare market.India, Japan, and Chinahold the highest market share in the Asia-Pacificartificial intelligence (AI) in healthcare market. The growth of Asia-Pacific artificial intelligence (AI) in healthcare market is attributed to the growing investments by market players, expansion of healthcare information technology sector, and adoption of advanced technologies.
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Market Dynamics
Drivers
Growing adoption of unique strategies
The number of artificial intelligence startups in the healthcare sector has expanded considerably in recent years, and this trend is expected to continue in the next coming years, resulting in a beneficial impact on the artificial intelligence (AI) in healthcare market. The increase in venture capital funding in this industry is one of the key factors driving the increase in the number of these startups.
Restraints
Concerns regarding data security and privacy
As artificial intelligence patient care necessitates access to a variety of health information and data, artificial intelligence-based technologies must follow all data security procedures put forth by government bodies. As a result, concerns regarding data security and privacy is restricting the artificial intelligence (AI) in healthcare market growth.
Opportunities
Growing emphasis on big data analytics
In healthcare industry, big data analytics is the problematic process of examininghuge amounts of information to discover data such as market trends, hidden patterns, and customer preferences that can aid businesses in making better business and clinical decisions. Thus, growing emphasis on big data analytics is supporting the growth of global artificial intelligence (AI) in healthcare market over the forecast period.
Challenges
High cost of artificial intelligence systems
The strict laws are likely to limit corporate growth because healthcare institutions will not be able to use artificial intelligence technologies without the proper licenses and legal approval. Furthermore, because artificial intelligence is still a relatively new technology, the prices of artificial intelligence systems are exceedingly expensive, requiring significant investment across the industry. Thus, this factor is the biggest challenge for the market growth.
Recent Developments
- IBM introduced two nanometer chip technology in May 2021. It will improve chip productivity and effectiveness while also assisting artificial intelligence and cloud applications.
- Cleveland Clinic declared the Center for Clinical artificial intelligence in March 2019 with the goal of providing a comprehensive platform for data scientists and researchers to develop artificial intelligence applications that will improve patient outcomes at lower costs while also assisting the hospital in streamlining healthcare processes.
- IBM introduced enhanced storage solutions in April 2021, with the goal of making data more accessible and available for cloud and artificial intelligence applications.
Some of the key players in the global artificial intelligence 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
Market Segmentations:
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
Regional Segmentations:
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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