PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515394
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515394
Artificial Intelligence in Healthcare Market size was valued at USD 15,458.2 Million in 2023, expanding at a CAGR of 38.10% from 2024 to 2032.
The Artificial Intelligence in Healthcare Market refers to the industry that deals with applying artificial intelligence technology in a range of healthcare settings. This market involves the application of AI in analyzing complex medical data, improving patient outcomes, streamlining administrative processes, and enhancing decision-making among health professionals.
Artificial Intelligence in Healthcare Market- Market Dynamics
Improved Diagnostic Process
AI algorithms have shown the ability to assess large volumes of medical data, such as patient records and genetic information. This efficiency enables healthcare providers to detect problems more quickly and precisely, resulting in better patient outcomes. AI-powered diagnostic systems can detect subtle patterns and signs of disease, allowing for earlier detection and prevention. AI systems also support healthcare practitioners with essential tools; all of these aspects improve the diagnosis process and catalyze market expansion. For instance, in November 2022, Nuance Communications and NVIDIA are integrating AI models in medical imaging directly into clinical settings. Nuance's collaborative cooperation with NVIDIA enables the widespread deployment of diagnostic imaging AI models developed in existing large-scale clinical applications.
Artificial Intelligence in Healthcare Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 38.10% over the forecast period (2024-2032)
Based on Component segmentation, the software segment generated the largest revenue in 2023.
Based on Technology segmentation, in 2023, the Machine Learning section had the greatest share.
Based on End User segmentation, Hospital & Healthcare Providers were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Artificial Intelligence in Healthcare Market is segmented based on Component, Application, Technology, End User, and Region.
The market is divided into three categories based on Components: Software, Hardware, and Services. The software segment had the most revenue in 2023. The rising usage of artificial intelligence-powered software solutions throughout healthcare units, as well as among healthcare professionals, patients, and payers, has resulted in the segment's rapid rise. Rising investments in the use of AI-based software solutions in the healthcare sector are driving the software segment's growth. The leading healthcare companies are working with software developers to design and develop artificial intelligence-based applications for use in the healthcare industry.
The market is divided into four categories based on Technology: Machine Learning, Natural Language Processing, Context-aware Computing and Computer Vision. In 2023, the Machine Learning section accounted for the greatest proportion. The healthcare industry produces massive volumes of data, such as EHRs, medical imaging, genomic data, and wearable device data. Machine learning is particularly good at extracting useful insights from huge and diverse datasets, allowing healthcare professionals to make data-driven decisions and improve patient outcomes. This technology is extensively used in healthcare solutions for disease detection, prognosis, and treatment planning. ML models may detect early disease indicators, estimate patient outcomes, and propose individualized treatment options based on patient data patterns and correlations, improving intervention accuracy and timeliness.
Artificial Intelligence in Healthcare Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America's AI in the healthcare market had the highest revenue share in 2023. This can be ascribed to advances in healthcare IT infrastructure, rising healthcare costs, broad acceptance of AI/ML technologies, favorable government efforts, lucrative funding opportunities, and the existence of multiple significant companies. Factors such as the growing geriatric population, changing lifestyles, increasing prevalence of chronic illnesses, increased demand for value-based care, and rising awareness of the deployment of AI-based technologies are all driving market expansion in North America.
Asia Pacific is expected to be the fastest-growing market over the projection period. This is due to expanding government investments in the creation of smart hospitals, increased investments in the development of healthcare and IT infrastructure, and an increasing number of patients in the region. Asia-Pacific is seeing an increase in smartphone use and internet penetration. Technological improvements in digital technologies to meet the needs of data security and privacy in the healthcare industry are projected to drive the adoption of artificial intelligence in healthcare in the region.
The competitive landscape for Artificial Intelligence in Healthcare is highly active and intense. Several companies are aggressively investing in AI technologies to transform healthcare delivery, improve patient outcomes, and reduce processes. Intel, Koninklijke Philips, Microsoft, IBM, and Siemens Healthineers are among the market's leading participants. These companies use AI for medical image analysis, predictive analytics, personalized medication, and virtual health assistants.
In March 2024, Microsoft worked with NVIDIA to improve AI innovation and speed computing capabilities. This cooperation uses Microsoft Azure's global scale and powerful computing, coupled with NVIDIA's DGX Cloud and Clara suite, to expedite innovation and improve patient care.
GLOBAL ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
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
Others