AI in Healthcare Market to Grow by USD 20.34 Billion (2024-2028), Driven by Healthcare Digitization, AI-Powered Report Highlights Market Transformation - Technavio

NEW YORK, Nov. 13, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global artificial intelligence (AI) in healthcare market size is estimated to grow by USD 20.34 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 29.52% during the forecast period. Push for digitization in healthcare is driving market growth, with a trend towards new growing potential for ai-based tools in elderly care. However, physician and provider skepticism poses a challenge.Key market players include Ada Health GmbH, Alphabet Inc., Amazon.com Inc., Atomwise Inc., BenchSci Analytics Inc., CarePredict Inc., Catalia Health, Cyclica, Deep Genomics Inc., Entelai, Exscientia PLC, General Electric Co., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., MaxQ AI, Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthineers AG.

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Key Market Trends Fueling Growth

Artificial Intelligence (AI) is revolutionizing the healthcare industry with intelligent agents like machine learning and artificial neural networks. These technologies analyze patient health details using digital technologies, focusing on chronic diseases and personalized medicines. AI's predictive analytics and content analytics provide real-time insights from medical images such as X-rays, CT scans, and MRIs, ensuring data security and standardization. Cloud computing and IoT devices enable remote patient monitoring and telehealth services, improving clinical decision-making and virus strain identification. AI applications in diagnostics, treatment planning, and personalized care plans enhance patient outcomes. AI-powered solutions in medicine, clinical trials, drug discovery, and development streamline IT infrastructure and resource allocation. Virtual assistants and companion robots offer personalized care plans and medication management. AI algorithms and machine learning integrate with claims processing and workflow optimization, reducing dosage errors and fraud detection. Genomic sequencing and AI-based software solutions provide personalized treatment plans using big data analytics. Healthcare organizations, providers, payers, and patients benefit from AI-based solutions, including robot-assisted surgeries, computer vision, IoT sensors, and AI-based software solutions. 

The global population aged 60 and above is projected to double from 605 million in 2000 to nearly 2 billion by 2050. This demographic shift is particularly noticeable in Europe, Japan, and China. In the US, the elderly population is projected to account for 20% of the total population by 2030. This trend poses significant economic, social, and health implications for these countries. In response, the healthcare industry is developing innovative solutions to cater to the unique needs of the aging population. These advancements include telemedicine, AI-assisted diagnosis, and remote patient monitoring systems. By leveraging technology, healthcare providers aim to improve patient outcomes, reduce costs, and enhance overall efficiency. 

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Market Challenges

• Artificial Intelligence (AI) is revolutionizing healthcare by enabling intelligent agents like machine learning and artificial neural networks to analyze vast amounts of patient health data. This data comes from digital technologies such as electronic health records, IoT devices, and medical imaging scans like X-rays, CT scans, and MRIs. AI applications in healthcare include personalized medicines, predictive analytics, content analytics, and real-time insights for chronic disease management. However, challenges persist. Data security, standardization, and IT infrastructure are key concerns. AI must ensure the privacy and protection of patient data while dealing with big data analytics. AI-powered solutions can help with clinical decision-making, virus strain identification, and personalized care plans for elderly care and lifestyle diseases. Telehealth and telemedicine are also areas where AI can improve patient outcomes by providing remote patient monitoring and real-time insights. AI is also transforming clinical practice with AI-based algorithms for claims processing, workflow optimization, and machine integration. Deep learning technology and computer vision are being used for medical imaging analysis, while AI-powered software solutions are enhancing medication management and treatment planning. AI is also playing a crucial role in drug discovery and development, with genomic sequencing and AI-based algorithms accelerating the process. Despite these advancements, there are challenges to overcome. Data security, standardization, and clinical practice integration are ongoing concerns. AI solutions must be integrated seamlessly into healthcare organizations, ensuring cybersecurity and innovation. AI is also transforming robot-assisted surgeries, dosage error reduction, and fraud detection. The future of AI in healthcare is bright, with AI-powered solutions set to transform the industry and improve patient care services.
• Artificial Intelligence (AI) is revolutionizing healthcare by providing connected services and addressing the shortage of medical professionals. Skepticism among doctors is common, but AI offers advantages such as enhanced diagnostics and more time for critical cases. However, AI solutions are still in development and have yet to significantly impact mainstream practice. To increase adoption, technology vendors and life sciences companies must focus on user experience and innovative offerings. AI's potential to transform healthcare is significant, but careful implementation is necessary to ensure value and trust.

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Segment Overview 

This artificial intelligence (ai) in healthcare market report extensively covers market segmentation by

1. Application 
• 1.1 Medical imaging and diagnostics
• 1.2 Drug discovery
• 1.3 Virtual assistants
• 1.4 Operations management
• 1.5 Others
2. Component 
• 2.1 Software
• 2.2 Hardware
• 2.3 Services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Medical imaging and diagnostics- Medical imaging is a crucial aspect of healthcare, involving the creation of visual representations of the body for clinical analysis and diagnosis. Radiology, the science behind interpreting these images, utilizes tools like X-rays, CAT scans, and MRIs. Managing and analyzing the vast amounts of high-resolution medical imaging data is challenging for even large healthcare institutions and experienced professionals. The increasing volume of data and the need for radiologists to work more efficiently will fuel the adoption of Artificial Intelligence (AI) in medical imaging. Nearly 90% of healthcare data originates from medical imaging, making it a valuable source of patient information. Healthcare organizations are implementing AI-driven image processing to identify health patterns and diagnose patients with accuracy and speed. Key players in the healthcare sector, including providers, manufacturers, and imaging technology vendors, are integrating AI into their products and services. Imaging research laboratories are developing advanced AI systems for modernizing medical imaging, focusing on reducing noise, improving computer-aided detection, classification, and radio genomics. AI systems employ Deep Learning (DL) and Machine Learning (ML) algorithms to aid expert physicians in clinical interpretation tasks, resulting in fewer diagnostic errors, enhanced patient care, and increased efficiency at a lower cost. The growing use of medical imaging data and AI technology in healthcare practices will continue to drive the growth of the medical imaging market in the forecast period.

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Research Analysis

Artificial Intelligence (AI) is revolutionizing healthcare by introducing intelligent agents like machine learning and artificial neural networks to analyze vast amounts of patient health data. These technologies enable the identification of patterns and trends, leading to personalized medicines for chronic diseases. Data analytics, fueled by deep learning technology and computing power, are transforming healthcare by providing insights from big data. AI applications include personalized care plans, health monitoring through wearable devices and companion robots, medication management, and virtual assistants. AI-powered solutions also excel in medical imaging analysis, predictive analytics for personalized treatment planning, and drug discovery. Healthcare data, including medical imaging scans and genomic sequencing, are analyzed to deliver accurate and timely diagnoses and treatments. AI is set to revolutionize clinical decision-making, making healthcare more efficient, effective, and personalized.

Market Research Overview

Artificial Intelligence (AI) is revolutionizing the healthcare industry by enabling intelligent agents to learn from digital technologies and patient health details. Machine learning and artificial neural networks are at the core of this transformation, analyzing vast healthcare datasets to deliver personalized medicines and predictive analytics. Deep learning technology and content analytics provide real-time insights into patient care services, while cloud computing and IoT devices enable remote patient monitoring and standardization of clinical practice. AI applications in healthcare span from diagnostics and treatment planning to drug discovery and development. AI-powered solutions analyze medical images, such as X-rays, CT scans, and MRIs, to detect virus strains and provide personalized care plans. Data security and standardization are crucial in this context, ensuring the confidentiality and integrity of patient health data. Telehealth, telemedicine, and clinical trials also benefit from AI, with AI-based software solutions optimizing workflows, integrating machines, and enhancing cybersecurity. AI algorithms and AI-based algorithms are transforming clinical decision-making, enabling resource allocation and personalized treatment plans for chronic diseases, geriatric population, and lifestyle diseases. AI applications extend to companion robots, virtual assistants, and medication management, improving healthcare outcomes for patients and healthcare organizations alike. AI-powered solutions are also revolutionizing claims processing, dosage error reduction, and fraud detection, while AI algorithms analyze genomic sequencing and genomic information to accelerate drug discovery and development. In summary, AI is transforming the healthcare industry by enabling personalized medicine, predictive analytics, real-time insights, and resource allocation, ultimately improving patient care and outcomes. The software segment, including non-procedural languages, deep learning, and artificial neural networks, plays a crucial role in this transformation. AI-based solutions are revolutionizing medical imaging analysis, patient data analysis, wearables, cancer care, and healthcare data management, among other applications. The future of healthcare is AI-driven, with AI-powered solutions set to transform clinical practice, resource allocation, and patient care services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Medical Imaging And Diagnostics
• Drug Discovery
• Virtual Assistants
• Operations Management
• Others
• Component
• Software
• Hardware
• Services
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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