Westford, USA, May 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the artificial intelligence (AI) in healthcare market will attain a value of USD 286.77 billion by 2031, with a CAGR of 38.1% over the forecast period (2024-2031). High proliferation of digital technologies in the healthcare industry and rising acceptance of AI healthcare solutions are driving artificial intelligence (AI) in healthcare market growth. Growing demand for precision medicine and predictive analytics are also estimated to boost artificial intelligence (AI) in healthcare demand going forward.
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Artificial Intelligence (AI) in Healthcare Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 21.68 billion |
| Estimated Value by 2031 | $ 286.77 billion |
| Growth Rate | Poised to grow at a CAGR of 38.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Algorithm, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Use of AI-driven drug discovery and development platforms |
| Key Market Drivers | Rising demand for predictive analytics and precision medicine |
Innovative Use of AI in Medical Applications Allows Software Segment to Dominate the Market
AI-powered software solutions are gaining massive traction in the healthcare industry such as AI-powered medical imaging software. Easy integration of artificial intelligence algorithms in medical software solutions and high scalability and flexibility of the same allow this segment to hold sway over the global artificial intelligence (AI) in healthcare market.
Improved Diagnostic Accuracy by the Deployment of Deep Learning Algorithms Makes it the Fastest-growing Segment
Deep learning is a subset of machine learning and utilization of these algorithms facilitates better decision-making, improved diagnostic accuracy, and better treatment planning. Growing emphasis on improving patient outcomes by utilizing healthcare data and running it through deep learning algorithms will also bolster market growth in the future.
Adoption of Value-based Care Models Allowing North America to Hold a Dominant Stance
North America is estimated to hold a high share of the global artificial intelligence (AI) in healthcare market across the forecast period. High healthcare expenditure, developed healthcare infrastructure, and rising acceptance of advanced technologies such as AL and ML in the healthcare industry are helping this region maintain its dominance. The rising popularity of home healthcare and the rapidly expanding senescent population in the United States makes it the foremost market in North America.
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Artificial Intelligence (AI) in Healthcare Market Insights:
Drivers
- Growing demand for precision medicine and predictive analytics.
- Advancements in artificial intelligence technologies.
- Supportive government and regulatory initiatives to promote AI adoption in healthcare.
Restraints
- Patient data privacy and security concerns.
- Ethical concerns regarding use of AI in healthcare applications.
Prominent Players in Artificial Intelligence (AI) in Healthcare Market
- IBM Corporation
- Intel Corporation
- NVIDIA Corporation
- Microsoft Corporation
- General Electric (GE) Company
- Siemens Healthineers AG
- Johnson & Johnson Services, Inc.
- Medtronic PLC
- Koninklijke Philips N.V.
- Google LLC
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Key Questions Answered in Artificial Intelligence (AI) in Healthcare Market Report
- What drives the global artificial intelligence (AI) in healthcare market growth?
- Who are the leading artificial intelligence (AI) in healthcare providers in the world?
- Which region leads the demand for artificial intelligence (AI) in healthcare in the world?
This report provides the following insights:
- Analysis of key drivers (growing demand for precision medicine, advancements in AI technologies, supportive initiatives from governments and regulatory bodies), restraints (ethical concerns regarding the use of AI in healthcare, patient data security and privacy concerns), and opportunities (use of AI-driven drug discovery and drug development platforms, emphasis on improved diagnostic accuracy), influencing the growth of Artificial Intelligence (AI) in Healthcare market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Artificial Intelligence (AI) in Healthcare market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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