Global Healthcare Artificial Intelligence Market Size, Share, Growth Analysis, By Component(Software Solutions, Hardware), By Application(Virtual Assistants, Connected Machines) - Industry Forecast 2024-2031

Global Healthcare Artificial Intelligence Market size was valued at USD 15.50 billion in 2022 and is poised to grow from USD 21.31 billion in 2023 to USD 273.31 billion by 2031, growing at a CAGR of 37.5% during the forecast period (2024-2031).

Numerous factors are driving the growth of the Global Healthcare Artificial Intelligence Market. These include the need to lower healthcare costs, the growth in demand for tailored therapy, and the proliferation of digital data pertaining to patient health. The market is also influenced by the growing number of senior people worldwide, changing lifestyles, and the increased incidence of chronic illnesses, all of which have increased demand for early disease detection and understanding. These days, machine learning (ML) and artificial intelligence (AI) algorithms are widely used in healthcare systems. These technologies make accurate early-stage disease predictions based on prior health data. Furthermore, cutting-edge methods such as natural language processing (NLP) technologies, predictive analytics, content analytics, and deep learning allow medical practitioners to identify underlying medical issues early on. The deployment of AI technologies has been positively impacted by the Covid-19 pandemic. These technologies were quickly embraced by healthcare systems in order to diagnosis various viral strains and better control the outbreak. In particular, AI/ML algorithms were used to diagnose patients who tested positive for Covid-19 using exposure history, symptoms, pathological findings, and chest CT images. The deployment of AI/ML technology was further propelled by the shortage of healthcare workers. AI systems are able to quickly evaluate patient health data, assisting medical professionals in making timely diagnoses and precise treatment plans. The use of AI in healthcare has been expedited by government initiatives, a rise in mergers and acquisitions, technology partnerships, and the ongoing pandemic.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Healthcare Artificial Intelligence Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Healthcare Artificial Intelligence Market Segmental Analysis

Based on component, application, and geography, the global healthcare artificial intelligence market is divided into segments. The market is divided into software solutions, hardware, and services segments based on the component. The market is divided into four application categories: clinical trials, virtual assistants, connected machines, and diagnosis. The market is divided into North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa based on geographic regions.

Drivers of the Global Healthcare Artificial Intelligence Market

AI technologies are becoming more and more economical for healthcare businesses as their cost decreases. The use of AI in healthcare is also being fueled by this.

Restraints in the Global Healthcare Artificial Intelligence Market

The deployment of AI is hampered by the lack of qualified AI specialists in the healthcare sector.

Market Trends of the Global Healthcare Artificial Intelligence Market

Personalized medicine-the technique of customizing medical care for each patient-is being developed with the assistance of AI. To do this, artificial intelligence (AI) is being used to examine massive patient data sets in order to find trends and connections that can be utilized to forecast a patient's chance of developing an illness or how they will react to therapy.