The Artificial Intelligence in Healthcare by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence in Healthcare, The artificial intelligence in healthcare market size has grown exponentially in recent years. It will grow from $13.48 billion in 2023 to $17.96 billion in 2024 at a compound annual growth rate (CAGR) of 33.3%. The growth in the historic period can be attributed to growing number of collaborations and partnerships, rising prevalence of chronic diseases, increasing implementation of ai in radiology, growing adoption of artificial intelligence for cost efficient drug discovery, rising funding in artificial intelligence in healthcare.
The artificial intelligence in healthcare market size is expected to see exponential growth in the next few years. It will grow to $52.2 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The growth in the forecast period can be attributed to increase in geriatric population, growing adoption of digital transformation in healthcare, increasing government initiatives for supporting artificial intelligence in healthcare. Major trends in the forecast period include use of ai for clinical trials, ai for rare diseases treatment, ai for drug adherence, ai in target selection, leveraging ai based models in pre-clinical studies, investments in ai driven biotech firms, rise in merger and acquisition activity, emerging role of cros in ai ecosystems, introduction of new artificial intelligence (ai) tools, introduction of ai innovation labs.
The increase in the adoption of precision medicine is one of the driving factors of artificial intelligence in the healthcare market. Precision medicine uses information about an individual’s genes, and environmental and lifestyle changes to design and improve the diagnosis and therapeutics of the patient. It is widely used for oncology cases, and due to the rising prevalence of cancer and the number of people affected by it, the demand for AI in precision medicine will increase going forward. According to research published in the Lancet Oncology, the global cancer burden is set to increase by 75% by 2030.
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The artificial intelligence in healthcare market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Algorithm: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
3) By Application: Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis
4) By End-User: Hospitals And Diagnostic Centers, Pharmaceutical And Biopharmaceutical Companies, Healthcare Payers, Patients
Entities operating in the artificial intelligence (AI) for the healthcare market are witnessing the introduction of new AI tools that are highly beneficial for pharma companies. Large companies are focusing on launching new AI-enabled tools in the drug discovery market. Scientific communities in major firms are working hard to introduce new novel tools that will support the global effort in the development of COVID-19 treatment. For instance, in July 2022, the Aster Innovation and Research Centre, the innovation hub of the Aster DM Healthcare Group, teamed up with the Intel Corporation and AI platform provider, CARPL.ai, to develop and roll out an AI-powered health data platform in India.
The artificial intelligence in healthcare market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence in Healthcare Market Characteristics
3. Artificial Intelligence in Healthcare Market Trends And Strategies
4. Artificial Intelligence in Healthcare Market – Macro Economic Scenario
5. Global Artificial Intelligence in Healthcare Market Size and Growth
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26. South America Artificial Intelligence in Healthcare Market
27. Brazil Artificial Intelligence in Healthcare Market
28. Middle East Artificial Intelligence in Healthcare Market
29. Africa Artificial Intelligence in Healthcare Market
30. Artificial Intelligence in Healthcare Market Competitive Landscape And Company Profiles
Top Major Players:
- IBM Watson Health
- Nuance Communications, Inc
- Alphabet Inc
- Concreto HealthAI
- Nvidia Corporation
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