The global AI in healthcare market size was estimated at USD 9.3 billion in 2021 and is anticipated to expand at a CAGR of 36% between 2023 to 2032.
Artificial intelligence in healthcare uses complex algorithms and software to mimic human cognition in analysis, interpretation, and understanding of medical and healthcare data. The major application of AI in healthcare include surgeries using robots, drug development, analysis of reports, assistance in operations, and targeted treatment solutions amongst others.
Rising number of cancer diagnosed patients coupled with increasing demand for personalized treatment is driving AI in the healthcare market. Companies such as Zebra Medical Vision and Qure.ai offer AI-enabled assistant and algorithm-based solutions for diagnosis. AI-enabled assistants analyze the imaging scans and provide clinical findings providing better insights to the doctors for better treatment.
Increasing demand for the development of medicines in less time and with more efficiency is strengthening the AI in the healthcare market. The market players are accelerating the early stage of drug development by screening the molecular mechanism, shortening the timelines for mechanism identification. For instance, BioSymetrics offers an AI-based computational framework to improve the accuracy and speed of drug discovery. Companies such as BioXcel Therapeutics offers re-innovation programs to develop immune-oncology & neuroscience medicines. These companies have fueled the growth of the global AI in the healthcare market and are anticipated to drive the growth of the market during the forecast timeline.
North America contributed a dominating share to the Global AI in the Healthcare market in terms of revenue in 2019 and is expected to be dominating geography throughout the forecast period. North America is headquartered to most of the market players operating across the globe. An increasing number of hospitals and clinics are creating new opportunities for AI in the healthcare market.
The new hospitals are equipped with the latest technologies providing better insights to the doctors. These hospitals use AI integrated solutions to get the patient's record and treat them based on the earlier diagnosis. Increasing R&D activities among the competitors are fueling the AI in the healthcare market. Asia Pacific is the third-largest consumer of AI integrated solutions in the healthcare sector but due to the rising number of investors, this region accounts to grow at a rapid pace in the forecast timeline.
Increasing healthcare tourism coupled with lower and effective treatment costs is creating new opportunities for the Asia Pacific. This region experienced a large number of foreign patients in the last few years due to advancements in treatment facilities in cost-effective packages is propelling the AI in the healthcare market.
AI in Healthcare Market Share Analysis, by Geography (2021)
The report titled “AI in Healthcare Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global AI in healthcare market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global AI in Healthcare market is segmented on the basis of component, application, and geography. Based on component, the global AI in healthcare market component is segmented into hardware, software and services. Based on application, the global AI in healthcare market is segment into virtual assistants, robot assisted surgery, connected machines, diagnosis, clinical trials and others. Based on geography, the global AI in healthcare market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, Taiwan, South Korea, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on AI in healthcare. Further, market share of prominent companies in the global AI in healthcare market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the AI in healthcare companies. The global AI in healthcare market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products, solutions and services under the AI in healthcare business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global market.
Major players active in the global AI in Healthcare market include Nuance Communications, Inc., DeepMind Technologies Limited, IBM Corporation, Intel Corporation and Microsoft and NVIDIA Corporation.
Rising number of cancer diagnosed patients coupled with increasing demand for personalized treatment is driving AI in the healthcare market.
North America contributed a dominating share to the Global AI in the Healthcare market in terms of revenue. North America is headquartered to most of the market players operating across the globe. An increasing number of hospitals and clinics are creating new opportunities for AI in the healthcare market.
Based on component, the AI in healthcare market is segmented into hardware, software and services.
Key AI in healthcare market players are Nuance Communications, Inc., DeepMind Technologies Limited, IBM Corporation, Intel Corporation and Microsoft and NVIDIA Corporation.
The AI in healthcare market size was estimated at US$ 9.3 billion in 2021.
AI in healthcare market is anticipated to expand at a CAGR of 36% from 2023 to 2032.
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