The Business Research Company’s report on the Artificial Intelligence in Healthcare Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the artificial intelligence in healthcare market in recent years?
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. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, an increase in the adoption of precision medicine is driving the artificial intelligence in the healthcare market.
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What is the projected market size of the artificial intelligence in healthcare industry, and how is it expected to grow?
The artificial intelligence in healthcare market size has grown exponentially in recent years. It will grow from $18.16 billion in 2024 to $24.18 billion in 2025 at a compound annual growth rate (CAGR) of 33.2%. 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, the growing adoption of artificial intelligence for cost-efficient drug discovery, and 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 $72.85 billion in 2029 at a compound annual growth rate (CAGR) of 31.7%. The growth in the forecast period can be attributed to an increase in the geriatric population, the growing adoption of digital transformation in healthcare, and increasing government initiatives for supporting artificial intelligence in healthcare. Major trends in the forecast period include the 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, the emerging role of CROs in AI ecosystems, the introduction of new artificial intelligence (AI) tools, the introduction of AI innovation labs.
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Who are the key players driving competition in the artificial intelligence in healthcare market?
Major companies operating in the artificial intelligence in healthcare market include IBM Watson Health, Nuance Communications, Inc, Alphabet Inc, Concreto HealthAI, Nvidia Corporation, PathAI, XtalPi, Benevolent AI, Exscientia, OWKIN, LiveHealth, ChironX, Consure Medical, Predible Health, Lybrate, Artelus, OncoStem Qure AI | AI assistance for Accelerated Healthcare, Jiaxing Taimei Medical Technology, Ping An Health Medical Technology, YITU, iCarbonX, Insilico, Skin Analytics, Babylon Health, Cambridge Cognition, Renalytix AI, Iktos, Novartis, Gero, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, Atomwise Inc, Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Deep Genomics, Cyclica, IQVIA, Roche, Pfizer, PRA Healthscience, Gesto, Intensicare, Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, MedPass, Pixeon, Hi Technologies, Conexa Saude, Wuru, Yerbo, BioScience, Caecus, Epitrack, GE Healthcare, Oncora Medical, Recursion Pharmaceuticals Inc, Nucleai, Pepticom, AstraZeneca, Rology, HearX Group, DilenyTech, iNNOHEALTH Technology Solutions
What key trends are expected to drive the artificial intelligence (ai) in drug discovery market during the forecast period?
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 – Radiology Automation Simplified, to develop and roll out an AI-powered health data platform in India.
Which key geographies are driving the growth of the artificial intelligence in healthcare market?
North America was the largest region in the Artificial Intelligence in the Healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the artificial intelligence in healthcare market?
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
Subsegments:
1) By Hardware: AI-Powered Imaging Devices, Wearable Health Monitoring Devices, Robotics And Surgical Devices
2) By Software: Diagnostic Software, Predictive Analytics Software, Natural Language Processing (NLP) Software
3) By Services: Consulting Services, Implementation Services, Maintenance And Support Services
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Artificial Intelligence in Healthcare Market Report 2025
What defines the structure and scope of the artificial intelligence in healthcare market?
AI in healthcare refers to the use of machine learning and cognitive algorithms for treatment techniques and patient outcomes. AI is applied in various healthcare practices, such as medical diagnostics, drug discovery, clinical trials, pain management, and improving patient outcomes.
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