[Latest Research 2023], AI in Healthcare Market Size to Surpass USD 164.10 Billion by 2029 | With 42.4% CAGR
As per the report by Fortune Business Insights, The global Artificial Intelligence (AI) in healthcare market size was valued at USD 10.54 billion in 2021 and is expected to reach a valuation of USD 13.82 billion in 2022. The market is expected to reach USD 164.10 billion by 2029 with a CAGR of 42.4% during the forecast period.
Artificial Intelligence (AI) in Healthcare Market
Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) — Global Artificial Intelligence (AI) in healthcare market size was valued at USD 10.54 billion in 2021 and is expected to reach a valuation of USD 164.10 billion by 2029 with a CAGR of 42.4%. Increasing integration of AI into medical equipment of the healthcare industry is projected to drive market growth.
There are growing number of investments by private and public sectors to increase market development. Fortune Business Insights™ shares this information in its report titled “Artificial Intelligence (AI) in Healthcare Market, 2022-2029.”
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Key Industry Development
November 2021: CANON MEDICAL SYSTEMS EUROPE B.V. launched Altivity that combines machine learning and need learning technologies. It is a new innovative brand that uses AI and is used in medical imaging systems by enhancing improved image quality and decreases the scanning time.
Key Takeaways :
- COVID-19 Pandemic Led to an Increase in the Adoption of AI-based Tools and Solutions
- Rising Implementation of Artificial Intelligence and Robotics is Transforming the Healthcare Industry
- Investments by Private and Government Sectors in Artificial Intelligence to Drive the Market Growth
- Increasing Complexities, Data Breaches, and High Costs to Restrict Market Growth
- Mergers and Acquisitions by Key Players to Propel Market Progress
List of Key Companies Profiled in the Report:
- Amazon.com, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- NVIDIA Corporation (U.S.)
- Alphabet Inc. (U.S.)
- Hewlett Packard Enterprise Company (U.S.)
- Intel Corporation (U.S.)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- Allscripts Healthcare Solutions, Inc. (U.S.)
- UnitedHealth Group, (Optum Inc.) (U.S.)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 42.4% |
| 2029 Value Projection | USD 164.10 Billion |
| Base Year | 2021 |
| Artificial Intelligence (AI) in Healthcare Market Size in 2021 | USD 10.54 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 159 |
| Segments covered | By Platform, By Application, By End-user |
Drivers and Restraints
Incorporation of Artificial Intelligence and Robotics to Drive Market Progress
Use of artificial intelligence and robotics in diagnosing and treating pharmacological disorders is estimated to drive the Artificial Intelligence (AI) in healthcare market growth. Use of virtual assistants can help in transform delivery of care for improving patient care and help in tracking patient health. In January 2021, Nuance launched a new virtual assistant platform to simplify the use of AI to connect the patients. The new platform addresses the need of healthcare providers and patients and delivers solutions of care.
However, growing complications, high costs, and data breaches in AI in healthcare are anticipated to hamper market development.
Segmentation
Due to Increasing Number of Collaborations by Market Players, Hospitals & Clinics to be the Prime Segment
Based on platform, the market is segmented into solutions and services. The solutions segment is projected to hold a major market share of 70.3%. The growth of the segment is due to a rise in the number of investments by the market players. Initiatives by governments to augment AI in the healthcare infrastructure have surged the demand for AI.
Due to Technological Innovations, Robot-Assisted Surgery to Dominate the Segment
According to application, the market is divided into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, clinical trials, preliminary diagnosis, and others. Robot-assisted surgery led the segment in 2021 due to rise in technological modernizations and developments. The preliminary diagnosis segment is also anticipated to have a considerable CAGR due to optimistic results derived from AI-based diagnostics tools.
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Owing to Increasing Number of Collaborations by Market Players, Hospitals & Clinics to be the Prime Segment
Based on end-user, the market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies, Contract Research Organization (CRO), and others. The hospitals & clinics segment had a dominant part in 2021 due to the adoption of new technologies and increasing collaborations amongst market players.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Regional Insights
Implementation of AI in Medical Facilities to Propel North America to Govern Market Share
North America is projected to lead the Artificial Intelligence (AI) in healthcare market share and is estimated to have the highest part due to rising adoption of new AI-based medical equipment. Increase in the number of machine learning-based clinical trials in the region which provides accurate results is expected to drive market growth.
Europe is expected to hold the second-largest position owing to improvement in the drug discovery process.
Asia Pacific is anticipated to have a prominent share due to demand from developing countries such as China, India, and Japan. Growing investments in AI-based medical devices are anticipated to propel market size.
Competitive Landscape
Market Players Adopted Collaboration Techniques to Support Market Development
In June 2021, Amazon Web Services, Inc. and Salesforce, Inc. collaborated with the aim to integrate AWS services for artificial intelligence, machine learning, and delivery of various services. This is done to help customers in various industries on different verticals. This new plan for expansion and integration of Artificial Intelligence (AI) in healthcare is expected to drive the market growth. It is anticipated to facilitate market progress during the forecast period to increase their market share.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological Advancements Pertaining to the Artificial Intelligence in Healthcare
- Regulatory Scenario for Key Countries
- Recent Industry Developments, Such as Partnerships, Mergers and Acquisitions
- Overview on Application of AI in Hospitals and Clinics
- Challenges Faced During Adoption and Implementation of AI-based Solutions
- Key Performance Indicators for Artificial Intelligence in the Healthcare Market
- Impact of COVID-19 on the Market
- Global Artificial Intelligence (AI) in Healthcare Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Platform
- Solutions
- Services
- Market Analysis, Insights and Forecast – By Application
- Robot-Assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Clinical Trials
- Diagnostics
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Contract Research Organization (CRO)
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Artificial Intelligence (AI) in Healthcare Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Platform
- Solutions
- Services
- Market Analysis, Insights and Forecast – By Application
- Robot-Assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Clinical Trials
- Diagnostics
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Contract Research Organization (CRO)
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
Toc Continue…
FAQs :
How big is the Artificial Intelligence (AI) in Healthcare Market?
- The global Artificial Intelligence (AI) in healthcare market size was valued at USD 10.54 billion in 2021 and is expected to reach a valuation of USD 13.82 billion in 2022. The market is expected to reach USD 164.10 billion by 2029 with a CAGR of 42.4% during the forecast period.
What are the key factors driving the Artificial Intelligence (AI) in Healthcare Market?
- The Rising investment by private and government sectors in AI is driving the market.
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