Global Artificial Intelligence in Healthcare Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Increased reliance on clinical data to support improved healthcare services as well as rapid improvements in specialized AI chips for speedier analysis of health-related analytics and information are driving industry growth.
Global Artificial Intelligence in Healthcare Market is valued at USD 11.29 Billion in 2021 and expected to reach USD 103.28 Billion by 2028 with a CAGR of 37.2% over the forecast period.
Artificial intelligence (AI) is the development of distinct technologies using algorithms and technology that can accomplish certain jobs requiring human interaction or instruction. Deep learning, natural language processing thinking, and vision are examples of artificial intelligence technology. In healthcare, AI is utilized to approximate cognition and analyze complicated medicinal and diagnostics imaging information. In healthcare, AI systems are largely employed to study the link between treatment strategies and patient results. AI programs are being used in medical procedures such as diagnostics, medication research, customized treatment, and patient surveillance. For example, AI might help in healthcare operations by assessing vital signs, answering inquiries, and prescribing medications to clients. Throughout medical operations, AI systems may also be utilized for warnings and reminders, picture analysis, data retrieval, and therapeutic scheduling. Deep learning software, the most frequently used kind of AI technology, is utilized for image identification, signal detection, and data gathering.
During the study period, the influence of COVID-19 is predicted to result in a very high development of Artificial Intelligence (AI) in the medical sector. This is owing to the considerable increase in demand for AI-based technologies and services due to their capacity to identify COVID-19 by tracking the virus' transmission. Also contributing to market development was a rise in demand for Digital Health Record systems, which are employed as an aid for studies of pandemic hazard profiles throughout the population in addition to obtaining real-time data.
The global artificial intelligence in healthcare market is segmented based on the offering, technology, application, end-use, and region & country level. Based on technology, the global market is segmented into natural language processing, machine learning, context-aware computing, and computer vision. By offering, the market is segmented into hardware, software, services. By application, the global artificial intelligence in healthcare market is segmented into inpatient care & hospital management, patient data & risk analysis, mental health, medical imaging & diagnostics, virtual assistants, drug discovery, healthcare assistant robots, research, lifestyle management & monitoring, precision medicine, wearables, emergency room & surgery, cyber security. By end-user, the global market is segmented into patients, hospital and healthcare providers, healthcare players, pharmaceuticals & biotechnology companies, others
The regions covered in the global artificial intelligence in healthcare market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the global artificial intelligence in healthcare market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some key companies for the global artificial intelligence in healthcare market report cover prominent players like -
Investing in Artificial Intelligence (AI) in medicine by pharmaceuticals and MedTech businesses to develop their company is expected to drive industry growth. Artificial Intelligence (AI), as per PwC, is effective, and rapid, and executes operational operations at a considerably reduced cost. Furthermore, AI aids medical personnel in the early identification and identification of any illness. As a result, the bulk of healthcare suppliers in the business has increased their investments. Microsoft Corporation purchased Nuance Communications, Inc. in April 2021. This purchase aided the firm in implementing Nuance Communications' superior cloud and AI capabilities, as well as their experience in the healthcare market.
One of the primary reasons driving market expansion is the rising use of robots in surgical and rehabilitative treatments in the healthcare sector. Robots can perform minimally invasive (MI) surgery on neurologic, orthopedic, and surgical patients. Additionally, the industry is benefiting from the increasing trend of digitization in the healthcare industry. AI is being integrated into a variety of medical equipment and platforms to facilitate and safeguard data handling. This also contributes to the generation of patient-specific knowledge, which is used to provide individualized diagnostics and pharmacological treatments.
The global artificial intelligence in healthcare market has been hampered by a lack of educated personnel with AI competency, as well as worries about data privacy and confidentiality. AI for complicated issue-solving requires skills in mathematics, analytics, and computing, as well as a good grasp of cloud platforms. Furthermore, expanding the use of hybrid approaches to answer complicated problem statements necessitates expertise and competence.
North America is distinguished by a growing preference for innovative and cutting-edge digital technology. North America's robust and established medicine, IT, and broadband networks have aided the expansion of artificial intelligence in the medicare business. Additionally, favorable government regulations support the implementation of digital and innovative technologies such as artificial intelligence in the medical industry. North America boasts a large patient population. It is projected that more than 50% of the US populace has one or more serious diseases. As a consequence, the number of hospitalized patients is increasing. According to federal laws, these patients' medical data must be kept and handled digitally. This is a significant aspect driving the need for artificial intelligence in the medical industry.
Due to the rising adoption of AI and health companies throughout countries such as China, Japan, India, and South Korea, Asia Pacific is expected to own the highest share of the industry throughout the forecast period. Several businesses are focusing on technological advancements and expanding their marketplace presence by acquiring investment from government agencies, investors, and venture capital firms. For example, Ubie (Japan) raised $ 26.2 million in its initial Series C investment transaction in August 2022. This money will assist Ubie (Japan) in accelerating cooperation with pharmaceutical companies. Likewise, AI Medical Service (Japan), a developer of AI-based endoscopic instruments, received $70 million in a Phase C investment transaction in April 2022. The startup will utilize this financing to build its cloud platform for AI-powered endoscopic tools. Similar activities and financing will drive the expansion of the AI industry in healthcare technology vendors throughout the Asia Pacific area.
On November 28, 2022; Scientists from the University of Southern California (USC) Information Sciences Institute (ISI) declared the establishment of the Center on Artificial Intelligence Research for Health (AI4Health), a cooperation targeted at enhancing healthcare and clinical results by facilitating advancements in moral AI use, combating untruths, and analyzing big data.
On November 25, 2022; The Russian Ministry of Health has established a medical AI system. The platform's major goal is to "create a digital ecosystem for communication between researchers of AI-based technologies and the healthcare community,” The network will gather together AI engineers and clinicians to build and prioritize clinical activities that are critical and most beneficial for the medical system.
On September 5th, 2022; GE Healthcare, a healthcare innovation, imaging, and digital engineering firm, has unveiled the 'Made in India', 'AI-powered' Cath lab-Optima IGS 320 to revolutionize cardiovascular care in India. It is manufactured at Wipro GE Healthcare's newest Bengaluru facility and employs GE's patented AutoRight system. AutoRight, according to the business, is the initial interventional picture loop based on a neural system. It incorporates artificial intelligence to optimize imaging and dosage parameters in real-time, allowing physicians to concentrate on patients.
|2015 - 2020
|2021 - 2028
|Market Size in 2021:
|USD 11.29 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 103.28 Billion
|Tables, Charts & Figures:
|Oilfield Communications Companies
|Koninklijke Philips, Intel, IBM, Medtronic, Microsoft, Siemens Healthineers, Google, Nvidia, Johnson & Johnson, General Electric Company, Micron Technology, Oncora Medical, Amazon Web Services, General Vision, CloudmedX, Enlitic, Lunit and others.
|By Technology, By Offering, By Application, By End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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