AI in Healthcare Market Report (2023 to 2031) - IBM Corporation, Intel Corporation, Medtronic plc, Google Inc., and Microsoft Corporation

Newark, New Castle, USA, May 30, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global AI in the healthcare market was conducted by Growth Plus Reports in 2022 and is valued at US$ 10.08 billion. The market is expected to hit a revenue CAGR of 41% to reach US$ 222.2 billion by 2031.

As the application of artificial intelligence (AI), technologies continue to transform medical procedures and improve patient outcomes, the worldwide market for this technology is expanding significantly. The need for AI in healthcare is being driven by the enormous potential that AI-powered solutions provide to enhance diagnostic accuracy, streamline processes, and personalize patient care.

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                                                AI in Healthcare Market Scope

Report AttributeDetails
Market Size Value in 2022US$ 10.08 billion
Revenue Forecast in 2031US$ 222.2 billion
Base Year for Estimation2022
Forecast period2023 to 2031
Historical Year2021
Segments CoveredOffering, Technology, Application, End User, and Region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Innovative applications in healthcare have been made possible by significant developments in AI technologies, including machine learning, natural language processing, and computer vision. The growing demand for accurate and efficient medical solutions to tackle the complex issues faced by healthcare professionals is what is driving the usage of AI in the field. Algorithms and technologies driven by AI can handle enormous volumes of data, enabling healthcare workers to make better decisions and enhance patient outcomes. 

Massive volumes of healthcare data, including genetic data, medical imaging, and electronic health records, are now accessible, opening possibilities for AI-driven analysis and insights. AI technologies can improve resource use, cut costs, and expedite healthcare processes. Healthcare businesses may allocate resources more effectively and operate more efficiently by using automated procedures, intelligent scheduling, and predictive maintenance, which can save a lot of money and time.

Recent Development in the AI in Healthcare Market: 

  • In March 2023, Genomic Vision, a biotechnology company with a Euronext listing that develops products and services for the monitoring and management of genome changes, recently unveiled FiberSmart, a cutting-edge AI-based solution. FiberSmart automates the identification and measurement of fluorescent signals on combed DNA molecules. With FiberSmart's straightforward and user-friendly interface, DNA replication signals can be quickly analyzed to derive crucial replication kinetics parameters.

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Competitive Landscape

The list of top market players operating in the global market for AI in healthcare includes: 

  • IBM Corporation
  • Microsoft Corporation
  • Google Inc.
  • Siemens Healthcare Private Limited
  • Koninklijke Philips N.V
  • Medtronic plc

Market Segmentation: 

AI in the healthcare market is analyzed from five perspectives: offering, technology, application, end-user, and region. 

Hardware, software, and services make up the hardware, software, and services segments of the worldwide AI in the healthcare market. In 2022, the market was dominated by the software category in terms of revenue.

The worldwide market for artificial intelligence in healthcare is segmented based on technology into machine learning, context-aware computing, natural language processing, and others. Due to the increasing technology demand in fields including medical imaging, illness diagnostics, and drug discovery, the machine learning sector had a significant market share. 

Robot-assisted surgery, virtual nursing assistants, administrative workflow support, dosage error reduction, early diagnosis, automated image diagnosis, and others are applications making up the worldwide AI in the healthcare market. Robotic surgery systems provide doctors with a magnified, high-definition, 3D image of the surgical site using a mix of computer-controlled tools and cameras. 

The worldwide AI in the healthcare market is segmented into hospitals, pharmaceutical and biotechnology firms, patients, and others based on the end users. With the greatest revenue share in 2022, the hospitals sector will be a major participant in the market for AI in healthcare. 

With the greatest revenue share in the worldwide AI in healthcare market in 2022, North America led the way due to its developed healthcare infrastructure, growing demand for digital health systems, improvements in technology, and the presence of major competitors.

Table of Content

    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources 
      1. Secondary Sources 
      2. Primary Sources  
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022) 
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities


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