PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1623607
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1623607
The global Artificial Intelligence (AI) in healthcare market is projected to reach USD 164.16 billion by 2030 from USD 14.92 billion in 2024, at a CAGR of 49.1% during the forecast period. The market is expected to grow as a result of the increasing investments & funding by public-private organizations, the rapid proliferation of AI in the healthcare industry, and the increasing focus on developing human-aware AI systems. Moreover, the market has experienced growth due to rising demand for enhanced services due to a disproportionate ratio between the healthcare workforce and patient numbers. However, insufficient IT infrastructure, and reluctance towards adoption of AI-based healthcare solutions in emerging economies are some of the factors that are expected to pose a challenge to the market growth.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | By Offering, Function, Application, Deployment, Tools, End User |
Regions covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
"Cloud-based segment is expected to register highest growth during the forecast period, by deployment."
The Artificial Intelligence (AI) in healthcare software segment is segmented into on-premise, cloud-based, and hybrid model. In 2023, the cloud-based segment is expected to register the highest growth during the forecast period. The growth of the cloud segment is attributed to the ample number of advantages offered by this model, such as the seamless integration of data from various silos, unlimited user access from remote locations, low maintenance costs, high security, privacy, easy accessibility, no upfront capital investment for hardware, and extreme capacity flexibility and optimized resource utilization. Moreover, the increasing demand for remote healthcare services and telemedicine solutions has accelerated the adoption of cloud technologies that facilitate easy access to imaging tools and data sharing among healthcare professionals, further contributing to the segment's growth.
"Hospitals & Clinics dominated the market in the Artificial Intelligence (AI) in healthcare market for healthcare providers, by end user in 2023."'
The hospitals & clinics, ambulatory surgical centers, home healthcare agencies & assisted living facilities, diagnostic & imaging centers, pharmacies, and other healthcare providers make up the healthcare providers segment of the end user of the Artificial Intelligence (AI) in healthcare market. In 2023, the hospitals & clinics accounted for a significant share of the Artificial Intelligence (AI) in healthcare market, by end user. The prominent position of this segment is due to the push for personalized medicine, demand for precise diagnostics & surgical planning, rise in minimally-invasive procedures, and the need for interoperability with existing systems. AI applications, such as clinical decision support systems, predictive analytics for patient outcomes, and automated administrative workflows, address critical challenges like workforce shortages and rising patient loads. Additionally, advancements in medical imaging, integration with EHR systems, and government support for AI-driven healthcare transformation further encourage adoption.
"Asia Pacific is expected to register highest market growth during the forecast period."
The Artificial Intelligence (AI) in healthcare market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to register the highest growth during the forecast period. The high growth of this region is attributed to the presence of a large and growing patient population in the region, the increasing need for innovative therapies, the emergence of big data in healthcare, increasing spending on HCIT infrastructure, and the shifting focus of various market players on emerging countries in the region. Government initiatives to promote the adoption of digital & technologically enabled solutions across the healthcare industry and a significant focus on integrating sophisticated technologies across the workflows also contribute to the growth.
List of Companies Profiled in the Report
The report analyzes the Artificial Intelligence (AI) in healthcare market and aims to estimate the market size and future growth potential of various market segments, based on offering, solution type, imaging modality, applicarion, end user, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders. The report also studies micro markets with respect to their growth trends, prospects, and contributions to the total Artificial Intelligence (AI) in healthcare market. The report forecasts the revenue of the market segments with respect to five major regions. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.