PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358973
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358973
Artificial Intelligence in Healthcare Market Forecasts to 2030 - Global Analysis By Offering, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Artificial Intelligence in Healthcare Market is accounted for $20.87 billion in 2023 and is expected to reach $175.00 billion by 2030 growing at a CAGR of 35.5% during the forecast period. Artificial intelligence (AI) is defined as the study of intelligent agents, i.e., any agent or tool that has the ability to comprehend and grasp its environment and, as a result, to determine the appropriate course of action to increase its chances of succeeding. AI also refers to situations in which machines can mimic the learning and problem-solving processes of the human brain.
According to the statistics published by the CI security, data breaches in the healthcare industry increased by around 36.0% in the second half of 2020. This revealed that around 21.3 million patient records were hampered.
Market Dynamics:
Driver:
Growing healthcare data
Electronic health records, medical equipment, wearable sensors, and genomics are just a few of the sources of the data explosion in the healthcare sector. This flood of data contains a wealth of insights that AI is just beginning to unlock. Moreover, AI algorithms can make predictions, find hidden patterns in this data, and assist healthcare professionals in making decisions that are supported by the best available evidence.
Restraint:
Data security and privacy issues
Data security and privacy are of utmost importance in the healthcare industry because of the sensitive patient data that is handled there. Additionally, an increased risk of data breaches, which could potentially harm patients and have legal repercussions, exists as AI systems become more dependent on access to large volumes of patient data. It's difficult to balance providing AI with access to data while maintaining strict data security protocols.
Opportunity:
Remote monitoring and telemedicine
AI facilitates the growth of telemedicine and remote patient monitoring, which have become more popular, particularly during the COVID-19 pandemic. Furthermore, AI-powered virtual healthcare platforms make it possible to manage chronic diseases, monitor symptoms, and conduct remote consultations, ensuring continuity and accessibility of care, especially for people living in rural or remote areas.
Threat:
Threats to data privacy and security
Healthcare organizations are attractive targets for cyber attacks as they gather enormous amounts of private patient data. Patient confidentiality may be violated, patient records may be compromised, and identity theft may occur as a result of data breaches and security breaches. However, to lessen these risks, it is essential to maintain strong data security procedures, encryption, and regulatory compliance.
COVID-19 Impact:
The COVID-19 pandemic has significantly altered healthcare priorities and accelerated the adoption of technology, including artificial intelligence. Increased investments in AI-driven solutions for telemedicine, vaccine development, drug discovery, and pandemic response followed the pandemic's emphasis on the value of effective healthcare delivery, remote monitoring, and quick diagnostics. Moreover, COVID-19 highlighted the potential of AI to improve healthcare resilience, data-driven decision-making, and the development of creative solutions for upcoming healthcare challenges, even though it puts a strain on healthcare resources and supply chains.
The Services segment is expected to be the largest during the forecast period
During the forecast period, it is anticipated that the services segment will hold the largest share. For the successful integration and operation of healthcare IT systems, such as electronic health records (EHRs), telemedicine platforms, and artificial intelligence applications, a wide range of services, including consulting, implementation, maintenance, and support services, are required. Additionally, services are essential for assisting healthcare providers to make the most of their technology investments, ensure regulatory compliance, and deliver high-quality patient care in an environment where healthcare is becoming more and more digitized.
The Precision Medicine segment is expected to have the highest CAGR during the forecast period
The artificial intelligence market in healthcare is seeing the highest CAGR in the precision medicine segment. Customizing medical care and interventions for each patient based on genetic make-up, way of life and unique health characteristics is known as precision medicine. The development of personalized treatment plans, advances in genomics, and the growing accessibility of patient-specific data have all contributed to the growing popularity of this strategy. Moreover, precision medicine is a focus for research, investment, and innovation in the healthcare sector because it holds the promise of more effective therapies, diminished side effects, and improved patient outcomes.
Region with largest share:
The artificial intelligence market in healthcare is anticipated to hold the largest share in the North American region, particularly the United States. Large patient populations, a thriving pharmaceutical industry, significant investments in medical research and technology, and a well-developed healthcare infrastructure are just a few examples of the factors that contribute to this dominance. Additionally, the area has also led the way in implementing healthcare IT solutions, such as telemedicine and electronic health records (EHRs), which has helped it gain market share. The continued advancements and investments in healthcare technology and services will probably maintain this region's prominence.
Region with highest CAGR:
In the global healthcare market, the Asia-Pacific region is anticipated to hold the highest CAGR. This rapid growth is caused by a number of variables, including rising healthcare costs, an aging population, an increase in the prevalence of chronic diseases, and increased access to healthcare services. Furthermore, the Asia-Pacific region is also heavily investing in healthcare infrastructure, medical technologies, and digital health solutions, making it a hub for market growth and healthcare innovation.
Key players in the market:
Some of the key players in Artificial Intelligence in Healthcare market include: Micron Technology Inc., Allscripts Healthcare Solutions, Inc., Medtronic, Enlitic Inc., Google Inc., General Vision, Inc., General Electric Company, Intel Corporation, Amazon Web Services Inc., Nuance Communications Inc., DeepMind Technologies Limited, Next IT Corporation, Koninklijke Philips N.V, Johnson & Johnson Services, Inc, Cloudmedx Inc., IBM Corporation, NVIDIA Corporation, Microsoft Corporation, Hewlett Packard Enterprise Company, Siemens Healthcare and Welltok, Inc.
Key Developments:
In May 2023, Medtronic plc, a global leader in healthcare technology, today announced it has entered into a set of definitive agreements to acquire EOFlow Co. Ltd., manufacturer of the EOPatch® device - a tubeless, wearable and fully disposable insulin delivery device. The addition of EOFlow, together with Medtronic's Meal Detection Technology™ algorithm and next-generation continuous glucose monitor, is expected to expand the company's ability to address the needs of more individuals with diabetes, no matter where they are in their treatment journey or preference for how they want their insulin delivered.
In February 2023, General Electric has signed an agreement with Iraq to set up new power plants and expand capacity at existing units in the country. The deal, which was signed between the US conglomerate and Iraq's Ministry of Electricity, also aims to maintain installed power generation and transmission infrastructure, establish new substations to relieve grid congestion and boost the connectivity between the Jordanian and Iraqi power grids, GE said on Thursday.
In January 2023, Amazon Web Services, Inc. announced its Strategic Collaboration Agreement (SCA) with Slalom, LLC to develop vertical solutions and accelerators on AWS for their customers in healthcare, life sciences, financial services, energy, and media and entertainment industries.
Offerings Covered:
- Hardware
- Software
- Services
- Other Offerings
Technologies Covered:
- Machine Learning
- Natural Language Processing
- Context-aware Computing
- Computer Vision
- Other Technologies
Applications Covered:
- Patient Data & Risk Analysis
- Medical Imaging & Diagnostics
- Precision Medicine
- Drug Discovery
- Lifestyle Management & Monitoring
- Virtual Assistant
- Wearables
- In-patient Care & Hospital Management
- Research
- Emergency Room & Surgery
- Mental Health
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Dosage Error Reduction
- Healthcare Assistance Robots
- Cybersecurity
- Other Applications
End Users Covered:
- Hospitals & Healthcare Providers
- Healthcare Payers
- Pharmaceuticals & Biotechnology Companies
- Patients
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Artificial Intelligence in Healthcare Market, By Offering
- 5.1 Introduction
- 5.2 Hardware
- 5.2.1 Processor
- 5.2.1.1 MPU (Memory Processing Unit)
- 5.2.1.2 GPU (Graphical Processing Unit)
- 5.2.1.3 FPGA (Field Programmable Gate Array)
- 5.2.1.4 ASIC
- 5.2.2 Memory
- 5.2.3 Network
- 5.2.3.1 Adapter
- 5.2.3.2 Switch
- 5.2.3.3 Interconnect
- 5.2.1 Processor
- 5.3 Software
- 5.3.1 AI Platform
- 5.3.1.1 Application Program Interface (API)
- 5.3.1.2 Machine learning Framework
- 5.3.2 AI Solution
- 5.3.2.1 On-Premise
- 5.3.2.2 Cloud
- 5.3.1 AI Platform
- 5.4 Services
- 5.4.1 Deployment and Integration
- 5.4.2 Support & Maintenance
- 5.5 Other Offerings
6 Global Artificial Intelligence in Healthcare Market, By Technology
- 6.1 Introduction
- 6.2 Machine Learning
- 6.2.1 Deep Learning
- 6.2.2 Supervised
- 6.2.3 Unsupervised
- 6.2.4 Reinforcement Learning
- 6.3 Natural Language Processing
- 6.3.1 IVR
- 6.3.2 OCR
- 6.3.3 Pattern and Image Recognition
- 6.3.4 Auto Coding
- 6.3.5 Classification and Categorization
- 6.3.6 Text Analytics
- 6.3.7 Speech Analytics
- 6.4 Context-aware Computing
- 6.4.1 Device Context
- 6.4.2 User Context
- 6.4.3 Physical Context
- 6.5 Computer Vision
- 6.6 Other Technology
7 Global Artificial Intelligence in Healthcare Market, By Application
- 7.1 Introduction
- 7.2 Patient Data & Risk Analysis
- 7.3 Medical Imaging & Diagnostics
- 7.4 Precision Medicine
- 7.5 Drug Discovery
- 7.6 Lifestyle Management & Monitoring
- 7.7 Virtual Assistant
- 7.8 Wearables
- 7.9 In-patient Care & Hospital Management
- 7.10 Research
- 7.11 Emergency Room & Surgery
- 7.12 Mental Health
- 7.13 Administrative Workflow Assistants
- 7.14 Connected Machines
- 7.15 Diagnosis
- 7.16 Clinical Trials
- 7.17 Fraud Detection
- 7.18 Dosage Error Reduction
- 7.19 Healthcare Assistance Robots
- 7.20 Cybersecurity
- 7.21 Other Applications
8 Global Artificial Intelligence in Healthcare Market, By End User
- 8.1 Introduction
- 8.2 Hospitals & Healthcare Providers
- 8.3 Healthcare Payers
- 8.4 Pharmaceuticals & Biotechnology Companies
- 8.5 Patients
- 8.6 Other End Users
9 Global Artificial Intelligence in Healthcare Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Micron Technology Inc.
- 11.2 Allscripts Healthcare Solutions, Inc.
- 11.3 Medtronic
- 11.4 Enlitic Inc.
- 11.5 Google Inc.
- 11.6 General Vision, Inc.
- 11.7 General Electric Company
- 11.8 Intel Corporation
- 11.9 Amazon Web Services Inc.
- 11.10 Nuance Communications Inc.
- 11.11 DeepMind Technologies Limited
- 11.12 Next IT Corporation
- 11.13 Koninklijke Philips N.V
- 11.14 Johnson & Johnson Services, Inc
- 11.15 Cloudmedx Inc.
- 11.16 IBM Corporation
- 11.17 NVIDIA Corporation
- 11.18 Microsoft Corporation
- 11.19 Hewlett Packard Enterprise Company
- 11.20 Siemens Healthcare
- 11.21 Welltok, Inc.
List of Tables
- Table 1 Global Artificial Intelligence in Healthcare Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Artificial Intelligence in Healthcare Market Outlook, By Offering (2021-2030) ($MN)
- Table 3 Global Artificial Intelligence in Healthcare Market Outlook, By Hardware (2021-2030) ($MN)
- Table 4 Global Artificial Intelligence in Healthcare Market Outlook, By Processor (2021-2030) ($MN)
- Table 5 Global Artificial Intelligence in Healthcare Market Outlook, By Memory (2021-2030) ($MN)
- Table 6 Global Artificial Intelligence in Healthcare Market Outlook, By Network (2021-2030) ($MN)
- Table 7 Global Artificial Intelligence in Healthcare Market Outlook, By Software (2021-2030) ($MN)
- Table 8 Global Artificial Intelligence in Healthcare Market Outlook, By AI Platform (2021-2030) ($MN)
- Table 9 Global Artificial Intelligence in Healthcare Market Outlook, By AI Solution (2021-2030) ($MN)
- Table 10 Global Artificial Intelligence in Healthcare Market Outlook, By Services (2021-2030) ($MN)
- Table 11 Global Artificial Intelligence in Healthcare Market Outlook, By Deployment and Integration (2021-2030) ($MN)
- Table 12 Global Artificial Intelligence in Healthcare Market Outlook, By Support & Maintenance (2021-2030) ($MN)
- Table 13 Global Artificial Intelligence in Healthcare Market Outlook, By Other Offerings (2021-2030) ($MN)
- Table 14 Global Artificial Intelligence in Healthcare Market Outlook, By Technology (2021-2030) ($MN)
- Table 15 Global Artificial Intelligence in Healthcare Market Outlook, By Machine Learning (2021-2030) ($MN)
- Table 16 Global Artificial Intelligence in Healthcare Market Outlook, By Deep Learning (2021-2030) ($MN)
- Table 17 Global Artificial Intelligence in Healthcare Market Outlook, By Supervised (2021-2030) ($MN)
- Table 18 Global Artificial Intelligence in Healthcare Market Outlook, By Unsupervised (2021-2030) ($MN)
- Table 19 Global Artificial Intelligence in Healthcare Market Outlook, By Reinforcement Learning (2021-2030) ($MN)
- Table 20 Global Artificial Intelligence in Healthcare Market Outlook, By Natural Language Processing (2021-2030) ($MN)
- Table 21 Global Artificial Intelligence in Healthcare Market Outlook, By IVR (2021-2030) ($MN)
- Table 22 Global Artificial Intelligence in Healthcare Market Outlook, By OCR (2021-2030) ($MN)
- Table 23 Global Artificial Intelligence in Healthcare Market Outlook, By Pattern and Image Recognition (2021-2030) ($MN)
- Table 24 Global Artificial Intelligence in Healthcare Market Outlook, By Auto Coding (2021-2030) ($MN)
- Table 25 Global Artificial Intelligence in Healthcare Market Outlook, By Classification and Categorization (2021-2030) ($MN)
- Table 26 Global Artificial Intelligence in Healthcare Market Outlook, By Text Analytics (2021-2030) ($MN)
- Table 27 Global Artificial Intelligence in Healthcare Market Outlook, By Speech Analytics (2021-2030) ($MN)
- Table 28 Global Artificial Intelligence in Healthcare Market Outlook, By Context-aware Computing (2021-2030) ($MN)
- Table 29 Global Artificial Intelligence in Healthcare Market Outlook, By Device Context (2021-2030) ($MN)
- Table 30 Global Artificial Intelligence in Healthcare Market Outlook, By User Context (2021-2030) ($MN)
- Table 31 Global Artificial Intelligence in Healthcare Market Outlook, By Physical Context (2021-2030) ($MN)
- Table 32 Global Artificial Intelligence in Healthcare Market Outlook, By Computer Vision (2021-2030) ($MN)
- Table 33 Global Artificial Intelligence in Healthcare Market Outlook, By Other Technology (2021-2030) ($MN)
- Table 34 Global Artificial Intelligence in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 35 Global Artificial Intelligence in Healthcare Market Outlook, By Patient Data & Risk Analysis (2021-2030) ($MN)
- Table 36 Global Artificial Intelligence in Healthcare Market Outlook, By Medical Imaging & Diagnostics (2021-2030) ($MN)
- Table 37 Global Artificial Intelligence in Healthcare Market Outlook, By Precision Medicine (2021-2030) ($MN)
- Table 38 Global Artificial Intelligence in Healthcare Market Outlook, By Drug Discovery (2021-2030) ($MN)
- Table 39 Global Artificial Intelligence in Healthcare Market Outlook, By Lifestyle Management & Monitoring (2021-2030) ($MN)
- Table 40 Global Artificial Intelligence in Healthcare Market Outlook, By Virtual Assistant (2021-2030) ($MN)
- Table 41 Global Artificial Intelligence in Healthcare Market Outlook, By Wearables (2021-2030) ($MN)
- Table 42 Global Artificial Intelligence in Healthcare Market Outlook, By In-patient Care & Hospital Management (2021-2030) ($MN)
- Table 43 Global Artificial Intelligence in Healthcare Market Outlook, By Research (2021-2030) ($MN)
- Table 44 Global Artificial Intelligence in Healthcare Market Outlook, By Emergency Room & Surgery (2021-2030) ($MN)
- Table 45 Global Artificial Intelligence in Healthcare Market Outlook, By Mental Health (2021-2030) ($MN)
- Table 46 Global Artificial Intelligence in Healthcare Market Outlook, By Administrative Workflow Assistants (2021-2030) ($MN)
- Table 47 Global Artificial Intelligence in Healthcare Market Outlook, By Connected Machines (2021-2030) ($MN)
- Table 48 Global Artificial Intelligence in Healthcare Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 49 Global Artificial Intelligence in Healthcare Market Outlook, By Clinical Trials (2021-2030) ($MN)
- Table 50 Global Artificial Intelligence in Healthcare Market Outlook, By Fraud Detection (2021-2030) ($MN)
- Table 51 Global Artificial Intelligence in Healthcare Market Outlook, By Dosage Error Reduction (2021-2030) ($MN)
- Table 52 Global Artificial Intelligence in Healthcare Market Outlook, By Healthcare Assistance Robots (2021-2030) ($MN)
- Table 53 Global Artificial Intelligence in Healthcare Market Outlook, By Cybersecurity (2021-2030) ($MN)
- Table 54 Global Artificial Intelligence in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 55 Global Artificial Intelligence in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 56 Global Artificial Intelligence in Healthcare Market Outlook, By Hospitals & Healthcare Providers (2021-2030) ($MN)
- Table 57 Global Artificial Intelligence in Healthcare Market Outlook, By Healthcare Payers (2021-2030) ($MN)
- Table 58 Global Artificial Intelligence in Healthcare Market Outlook, By Pharmaceuticals & Biotechnology Companies (2021-2030) ($MN)
- Table 59 Global Artificial Intelligence in Healthcare Market Outlook, By Patients (2021-2030) ($MN)
- Table 60 Global Artificial Intelligence in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
