WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence in Healthcare Market is valued at USD 6.60 Billion in 2021 and is projected to reach a value of USD 95.65 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 46.1% over the forecast period 2022-2028.
Market Overview
Artificial intelligence (AI) is rapidly transforming the healthcare industry, with applications in everything from diagnosis and treatment to drug discovery and patient monitoring. The global AI in healthcare market is expected to reach $95.65 Billion by 2028, growing at a compound annual growth rate (CAGR) of 46.1% from 2021 to 2028.
The growth of the AI in healthcare market is being driven by a number of factors, including the increasing availability of patient data, the need to reduce healthcare costs, and the growing demand for personalized medicine. AI is being used in healthcare to improve the accuracy of diagnoses, develop new drugs and therapies, and provide more personalized care to patients.
One of the most promising applications of AI in healthcare is in the area of diagnosis. AI-powered systems can be used to analyze large amounts of medical data to identify patterns that may be missed by human doctors. For example, AI-powered systems have been shown to be more accurate than human doctors in diagnosing skin cancer, breast cancer, and heart disease.
AI is also being used to develop new drugs and therapies. AI-powered systems can be used to screen large libraries of compounds for potential drug candidates. They can also be used to design new drugs that are more likely to be effective and have fewer side effects.
In addition, AI is being used to provide more personalized care to patients. AI-powered systems can be used to monitor patients' health data and identify potential problems early on. They can also be used to provide patients with tailored recommendations for diet, exercise, and other lifestyle changes.
The use of AI in healthcare is still in its early stages, but it has the potential to revolutionize the way healthcare is delivered. AI can help to improve the quality of care, reduce costs, and make healthcare more accessible to everyone.
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Market Dynamics
- The increasing availability of patient data: The amount of patient data available to healthcare providers is growing rapidly, thanks to the increasing use of electronic health records (EHRs). This data can be used to train AI systems to improve their accuracy and effectiveness.
- The need to reduce healthcare costs: Healthcare costs are rising rapidly, and AI can help to reduce costs by improving efficiency and accuracy. For example, AI can be used to automate tasks such as medical coding and billing.
- The growing demand for personalized medicine: Patients are increasingly demanding personalized care that is tailored to their individual needs. AI can help to deliver personalized care by providing insights into each patient's unique medical profile.
- The need for data privacy and security: AI systems rely on large amounts of data, and this data must be protected from unauthorized access.
- The need for regulatory approval: AI systems used in healthcare must be approved by regulators to ensure that they are safe and effective.
- The need for human oversight: AI systems are not perfect, and they must be overseen by human experts to ensure that they are not making mistakes.
Top Players in the Global Artificial Intelligence in Healthcare Market
- Koninklijke Philips (Netherlands)
- Intel (US)
- Microsoft (US)
- Nvidia (US)
- IBM (US)
- Siemens Healthineers (Germany)
- Medtronic (US)
- Micron Technology (US)
- Google (US)
- General Electric Company (US)
- General Vision (US)
- Amazon Web Services (US)
- Johnson & Johnson (US)
- Enlitic (US)
- Lunit (South Korea)
- CloudmedX (US)
- Oncora Medical (US)
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Top Report Findings
- The global AI in healthcare market is expected to reach $95.65 Billion by 2028, growing at a compound annual growth rate (CAGR) of 46.1% from 2021 to 2028.
- The growth of the AI in healthcare market is being driven by a number of factors, including the increasing availability of patient data, the need to reduce healthcare costs, and the growing demand for personalized medicine.
- AI is being used in healthcare to improve the accuracy of diagnoses, develop new drugs and therapies, and provide more personalized care to patients.
- One of the most promising applications of AI in healthcare is in the area of diagnosis. AI-powered systems can be used to analyze large amounts of medical data to identify patterns that may be missed by human doctors. For example, AI-powered systems have been shown to be more accurate than human doctors in diagnosing skin cancer, breast cancer, and heart disease.
- AI is also being used to develop new drugs and therapies. AI-powered systems can be used to screen large libraries of compounds for potential drug candidates. They can also be used to design new drugs that are more likely to be effective and have fewer side effects.
- In addition, AI is being used to provide more personalized care to patients. AI-powered systems can be used to monitor patients' health data and identify potential problems early on. They can also be used to provide patients with tailored recommendations for diet, exercise, and other lifestyle changes.
- The use of AI in healthcare is still in its early stages, but it has the potential to revolutionize the way healthcare is delivered. AI can help to improve the quality of care, reduce costs, and make healthcare more accessible to everyone.
The AI in Healthcare Market is being driven by a number of factors, including:
- The increasing availability of patient data: The amount of patient data available to healthcare providers is growing rapidly, thanks to the increasing use of electronic health records (EHRs). This data can be used to train AI systems to improve their accuracy and effectiveness.
- The need to reduce healthcare costs: Healthcare costs are rising rapidly, and AI can help to reduce costs by improving efficiency and accuracy. For example, AI can be used to automate tasks such as medical coding and billing.
- The growing demand for personalized medicine: Patients are increasingly demanding personalized care that is tailored to their individual needs. AI can help to deliver personalized care by providing insights into each patient's unique medical profile.
The AI in Healthcare Market is also being Challenged by a number of factors, including:
- The need for data privacy and security: AI systems rely on large amounts of data, and this data must be protected from unauthorized access.
- The need for regulatory approval: AI systems used in healthcare must be approved by regulators to ensure that they are safe and effective.
- The need for human oversight: AI systems are not perfect, and they must be overseen by human experts to ensure that they are not making mistakes.
Top Trends in Global Artificial Intelligence in Healthcare Market
- Increased adoption of AI-powered diagnostics and treatment solutions: AI is being used to develop new diagnostics and treatment solutions that are more accurate and effective than traditional methods. For example, AI-powered systems are being used to detect cancer at an early stage, when it is more treatable. AI is also being used to develop new drugs and therapies.
- Growing use of AI in drug discovery and development: AI is being used to identify new drug targets and develop new drugs. For example, AI-powered systems are being used to screen large libraries of compounds for potential drug candidates. AI is also being used to design new drugs that are more likely to be effective and have fewer side effects.
- Increased use of AI in patient monitoring and management: AI is being used to monitor patients' health data and identify potential problems early on. For example, AI-powered systems are being used to monitor patients' heart rates and blood pressure. AI is also being used to provide patients with tailored recommendations for diet, exercise, and other lifestyle changes.
- Growing use of AI in administrative tasks: AI is being used to automate administrative tasks such as medical coding and billing. This can help to reduce costs and improve efficiency.
- Increased use of AI in clinical decision support: AI is being used to provide clinicians with real-time insights into patient data. This can help clinicians to make better decisions about patient care.
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Regional Analysis
- North America is expected to hold the largest share of the market during the forecast period. This is due to the early adoption of AI in healthcare in the region. The United States is the largest market for AI in healthcare in North America. This is due to the presence of a large number of healthcare providers and the high level of investment in healthcare research and development in the country.
- Europe is expected to be the second-largest market for AI in healthcare during the forecast period. This is due to the increasing prevalence of chronic diseases in the region and the rising demand for personalized medicine. Germany, France, and the United Kingdom are the major markets for AI in healthcare in Europe.
- Asia Pacific is expected to be the fastest-growing market for AI in healthcare during the forecast period. This is due to the rising disposable income of people in the region and the increasing focus on preventive healthcare. China, India, and Japan are the major markets for AI in healthcare in Asia Pacific.
- The Rest of the World is expected to be a relatively small market for AI in healthcare during the forecast period. However, the market is expected to grow at a significant rate during the forecast period. This is due to the increasing adoption of AI in healthcare in emerging economies such as Brazil, Mexico, and South Africa.
Browse market data Tables and Figures spread through 187 Pages and in-depth TOC on Artificial Intelligence in Healthcare Market Forecast Report (2023-2028).
Global Artificial Intelligence in Healthcare Market Segmentation
Offering
- Hardware
- Software
- Services
Technology
- Machine Learning
- NLP
- Context-aware Computing
- Computer Vision
Application
- Robot-Assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Dosage Error Reduction
- Others
End User
- Healthcare Providers
- Pharmaceutical & Biotechnology Companies
- Patients
- Payer
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 6.60 Billion |
| Revenue Forecast by 2028 | USD 95.65 Billion |
| CAGR | 46.1% from 2023 to 2028 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2028 |
| Key Players | Koninklijke Philips (Netherlands), Intel (US), Microsoft (US), Nvidia (US), IBM (US), Siemens Healthineers (Germany), Medtronic (US), Micron Technology (US), Google (US), General Electric Company (US), General Vision (US), Amazon Web Services (US), Johnson & Johnson (US), Enlitic (US), Lunit (South Korea), CloudmedX (US), and Oncora Medical (US) are some of the key players in the global Artificial Intelligence in Healthcare market. |
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Key Questions Answered in the Artificial Intelligence in Healthcare Market Report are:
- What is the current market size of the AI in healthcare market?
- What are the major drivers and restraints of the AI in healthcare market?
- What are the key trends in the AI in healthcare market?
- What are the key opportunities in the AI in healthcare market?
- What are the key challenges in the AI in healthcare market?
- What are the key players in the AI in healthcare market?
- What are the key strategies adopted by the key players in the AI in healthcare market?
- What are the key partnerships, collaborations, and acquisitions in the AI in healthcare market?
- What are the key regulatory developments in the AI in healthcare market?
- What are the key regional trends in the AI in healthcare market?
- What are the key growth opportunities in the AI in healthcare market?
- What are the key challenges in the AI in healthcare market?
- What are the key investment opportunities in the AI in healthcare market?
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