Global Artificial Intelligence In Healthcare Market Size 2024, Forecast To 2033
11 Mar, 2024
The artificial intelligence in healthcare market has experienced exponential growth, surging from $13.48 billion in 2023 to $17.96 billion in 2024, with a compound annual growth rate (CAGR) of 33.3%. This growth in the historical period is attributed to the increasing number of collaborations and partnerships, rising prevalence of chronic diseases, implementation of AI in radiology, adoption of AI for cost-efficient drug discovery, and increased funding in AI in healthcare. Forecasts suggest continued exponential growth, with the market expected to reach $52.2 billion in 2028, boasting a compound annual growth rate (CAGR) of 30.6%. This growth is driven by factors such as the increase in the geriatric population, adoption of digital transformation in healthcare, and government initiatives supporting AI in healthcare. Major trends in the forecast period include the use of AI for clinical trials, rare diseases treatment, drug adherence, target selection, AI-driven biotech firms, and the introduction of new AI tools and innovation labs.
Global Artificial Intelligence in Healthcare Market Key Driver
The artificial intelligence in the healthcare market is being driven by the increasing adoption of precision medicine. Precision medicine leverages information about an individual's genes, environmental factors, and lifestyle changes to enhance diagnosis and therapeutics. Widely utilized in oncology cases, the demand for artificial intelligence in precision medicine is expected to rise with the growing prevalence of cancer. Research published in the Lancet Oncology predicts a 75% increase in the global cancer burden by 2030. This surge in precision medicine adoption, fueled by advancements in artificial intelligence, reflects the need for personalized healthcare solutions. To comprehend the trajectory, market sizes for 2023, 2024, and 2028 are pivotal indicators of the evolving dynamics in the healthcare sector.
Get A Free Sample Of The Global Artificial Intelligence in Healthcare Market ReportGlobal Artificial Intelligence in Healthcare Market Segments
The artificial intelligence in healthcare market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Algorithm: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
3) By Application: Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis
4) By End-User: Hospitals And Diagnostic Centers, Pharmaceutical And Biopharmaceutical Companies, Healthcare Payers, Patients
By Geography:The regions covered in the artificial intelligence in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the Artificial Intelligence in the Healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Artificial Intelligence in Healthcare Industry Players
IBM Watson Health, Nuance Communications, Inc, Alphabet Inc, Concreto HealthAI, Nvidia Corporation, PathAI, XtalPi, Benevolent AI, Exscientia, OWKIN, LiveHealth, ChironX, Consure Medical, Predible Health, Lybrate, Artelus, OncoStem Qure.ai, Jiaxing Taimei Medical Technology, Ping An Health Medical Technology, YITU, iCarbonX, Insilico, Skin Analytics, Babylon Health, Cambridge Cognition, Renalytix AI, Iktos, Novartis, Gero, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, Atomwise Inc, Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Deep Genomics, Cyclica, IQVIA, Roche, Pfizer, PRA Healthscience, Gesto, Intensicare, Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, MedPass, Pixeon, Hi Technologies, Conexa Saude, Wuru, Yerbo, BioScience, Caecus, Epitrack, GE Healthcare, Oncora Medical, Recursion Pharmaceuticals Inc, Nucleai, Pepticom, AstraZeneca, Rology, HearX Group, DilenyTech, iNNOHEALTH Technology Solutions
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Artificial Intelligence in Healthcare Market Overview
AI in healthcare refers to the use of machine learning and cognitive algorithms for treatment techniques and patient outcomes. AI is applied in various healthcare practices, such as medical diagnostics, drug discovery, clinical trials, pain management, and improving patient outcomes.
Artificial Intelligence in Healthcare Global Market Report 2023 provides data on the global artificial intelligence in healthcare market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial intelligence in healthcare market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.