Artificial intelligence (AI) in the healthcare sector market size to Grow by USD 11.82 billion from 2022 to 2027, The growing demand for reduced healthcare costs is notably driving market growth, Technavio

NEW YORK, March 6, 2024 /PRNewswire/ -- The artificial intelligence (AI) in the healthcare market size is estimated to grow at a CAGR of 23.5% between 2022 and 2027. The market size is forecast to increase by USD 11,827.99 million. 

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Key Company

Company  Landscape - The global artificial intelligence (AI) in the healthcare sector market is fragmented, with the presence of several global as well as regional Companies. A few prominent companies that offer artificial intelligence (AI) in the healthcare sector in the market are 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 NV, MaxQ AI, Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthineers AG and others.

• Ada Health GmbH: The company offers artificial intelligence in the healthcare sector such as Ada.
• Alphabet Inc.: The company offers artificial intelligence in the healthcare sector such as Google Health.
• Amazon.com Inc.: The company offers artificial intelligence in the healthcare sector such as Amazon HealthLake.

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Segment Overview

This artificial intelligence (AI) in healthcare market report extensively covers market segmentation by application (medical imaging and diagnostics, drug discovery, virtual assistants, operations management, and others), component (software, hardware, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the medical imaging and diagnostics segment will be significant during the forecast period. Medical imaging is the creation of a visual representation of the body or the functioning of organs or tissues for the purpose of clinical analysis and medical diagnosis. Medical imaging includes X-rays, CT scans, and magnetic resonance imaging. Managing high-resolution imaging data for treatment and diagnosis is a challenge, even for large healthcare facilities and experienced clinicians. In addition, the increasing use of medical imaging data and technological advancements such as AI in healthcare are contributing to the adoption of medical imaging in healthcare practice. Hence, such factors will increase segment growth during the forecast period.
• North America is estimated to contribute 38% to the growth of the global market during the forecast period. The early adoption of the technology and the growing investment from market players such as Microsoft, Google, and IBM are indicative of the growing demand for AI in the region. The US is one of the top countries in the world in terms of the number of AI patents filed. The US and Canada together hold nearly 26% of all AI patent applications worldwide. IBM holds the majority of AI-related patents, followed by Microsoft and Google. Thus, such factors will drive the growth of the market in this region during the forecast period.

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The growing demand for reduced healthcare costs is notably driving AI in healthcare market growth.

Optimizing the activities and resources of healthcare providers significantly reduces costs and increases efficiency. The experience of patients and healthcare professionals is improved through affordable, quality treatment and care.AI can reduce traditional medical costs and improve treatment while allowing patients to meet their own healthcare needs through the use of virtual assistants such as doctors or chatbots that reduce considerable human labor. Therefore, the demand to minimize healthcare costs will drive the AI market in the healthcare sector during the forecast period.

• The development of precision medicine is a key trend in the AI in healthcare market. 
• Regulatory challenges to promote the safety and effectiveness of products are challenging AI in healthcare market growth. 

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, 

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Analyst Review

The Artificial Intelligence (AI) revolution in healthcare is reshaping the landscape with unprecedented advancements, leveraging advanced technologies to transform healthcare processes. At the core of this transformation lies a plethora of healthcare datasets, including patient information, medical records, and genomic data, fueling innovative AI applications across diagnostics, treatment planning, and personalized medicine. Through big data analytics and continuous health monitoring, AI empowers medical practitioners with enhanced accuracy and efficiency in delivering care.

However, with the rise of AI-based technologies, concerns about job displacement and AI system reliability surface, challenging established practices in elderly care amidst shifting demographics. Traditional caregiving models evolve towards personalized care plans and cognitive assistance, integrating companion robots and virtual assistants to foster social interaction and support resource allocation.

The pursuit of cost efficiency drives the adoption of predictive analytics and data-driven approaches, bolstered by collaboration with organizations like the World Health Organization (WHO) and adherence to regulatory considerations and data standardization. Technological advancements in clinical decision support and electronic health record systems streamline workflows, harnessing the power of machine learning, neural networks, and deep learning for precision medicine and supervised learning.

Moreover, natural language processing, speech recognition, and text analysis facilitate translation and rule-based expert systems for clinical decision support. Physical robots, surgical robots, and robotic process automation (RPA) augment medical practitioners in medication management and fall detection algorithms, ensuring precision in disease outbreaks and genetic profiles analysis.

In this dynamic landscape, the synergy between AI and healthcare redefines diagnostic tools and personalized medicine, embracing a future where AI is not just a tool but a trusted partner in improving life expectancy and enhancing healthcare delivery through efficiency, accuracy, and compassionate care.

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Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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