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Artificial Intelligence (AI) In Healthcare Market Size Expected To Reach USD 613.81 Bn By 2034
| Report Attribute | Key Statistics |
| AI in Healthcare Market Size in 2024 | USD 26.69 Billion |
| AI in Healthcare Market Size by 2034 | USD 613.81 Billion |
| AI in Healthcare Market Growth Rate 2024- 2034 | CAGR of 36.83% |
| North America AI in Healthcare Market Size in 2023 | USD 8.67 billion |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Component, Application, Technology, End User, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
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Artificial Intelligence in Healthcare Market Segmental Analysis
Analysis by Component
The software segment dominated has generated the highest market share of 40.5% in 2023. Artificial intelligence (AI) is transforming business by speeding decision-making and strategy development. AI bespoke healthcare software development provides applications such as virtual assistants, tailored solutions, and therapy to help enhance care and manage patient portals. AI improves patient care and enables healthcare practitioners to spot signs earlier.
Healthcare firms that use AI medical software solutions may improve system accuracy, increase patient involvement, and develop innovative features. This modernizes obsolete procedures and enables healthcare providers to give effective treatment for fatal symptoms, resulting in enhanced hospital management practices and clinical decision support systems.
Analysis by Application
The clinical trials segment accounted for the largest market share of 24.6% in 2023. AI can assist in managing enormous volumes of data in decentralized clinical trials, hence minimizing patient compliance concerns and informative mistakes. It can analyze patient data, make decisions, and assess data quality prior to approval. Data mining can help find potential volunteers and study venues, whilst AI systems can generate eligibility requirements. Biosimulation is a computer-based approach for conducting human experiments and measuring reactivity to pharmaceutical substances.
Bio-simulation models employ AI algorithms for pattern identification and analysis, allowing researchers to investigate optimal dosage, medicine interactions, and population effectiveness. For instance, in June 2024, Medidata, a major clinical trial solution supplier, introduced Medidata Clinical Data Studio, a tool that improves data quality management and allows faster, safer trials for patients under the Dassault Systèmes brand.
Artificial Intelligence (AI) in Healthcare Market Dynamics
Driver:
AI is rapidly being utilized in healthcare to give more precise diagnoses by effectively sorting both unstructured and structured data. Structured learning approaches include Machine Learning (ML), Neural Network Systems, and Modern Deep Learning . Unstructured data is sorted using Natural Language Processing (NLP). ML uses analytical algorithms to extract unique patient characteristics such as physical exam findings, drugs, symptoms, and disease-specific information. This information is then utilized to assess patient outcomes.
In research, Neural Networking was utilized to sort 6,567 genes and texture information from mammograms, resulting in more specific tumor indication outcomes. The most prevalent sort of machine learning in clinical contexts is supervised learning, which makes use of physical characteristics and an information database.
Browse More Insights:
- Digital Health Market: The global digital health market size was valued at USD 309.93 billion in 2023 and it is anticipated to surpass around USD 1,019.89 billion by 2033 with a CAGR of 12.19% from 2024 to 2033.
U.S. Digital Health Market: The U.S. digital health market size was exhibited at USD 67.38 billion in 2023 and is projected to be worth around USD 230.31 billion by 2033, poised to grow at a CAGR of 12.61% from 2024 to 2033.
Personalized Medicine Market : The global personalized medicine market size was valued at USD 578.21 billion in 2023 and is expected to reach over USD 1,233.23 billion by 2033, poised to grow at a notable CAGR of 8.10% from 2024 to 2033.
Telehealth Market : The global telehealth market size was accounted for USD 127.73 billion in 2023 and it is expected to increase to USD 1,044.92 billion by 2033 and poised to grow at a CAGR of 23.31% from 2024 to 2033.
Telemedicine Market: The global telemedicine market size was valued at USD 60.8 billion in 2022 and it is expected to reach USD 225 billion by 2030, growing with a compound annual growth rate (CAGR) of 17.16% during the forecast period.
Drug Discovery Market : The global drug discovery market size was valued at US$ 55.46 billion in 2022 and is expected to be worth around US$ 133.11 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
Generative AI In Healthcare Market : The global generative AI in healthcare market size was reached at USD 1.07 billion in 2022 and it is projected to surpass around USD 21.74 billion by 2032, growing at a CAGR of 35.14% over the forecast period.
Generative AI In Pharmaceutical Market: The global generative AI in pharmaceutical market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period. Generative AI in Drug Discovery Market : The global generative AI in drug discovery market size reached USD 126.07 million in 2022 and is projected to hit around USD 1,417.83 million by 2032, growing at a CAGR of 27.38% during the forecast period.
Generative AI In Medicine Market : The global generative AI in medicine market size was valued at USD 501.06 million in 2022 and it is expected to hit around USD 21,586.75 million by 2032, expanding at a CAGR of 45.69% over the forecast period.
Restraint:
Artificial intelligence (AI) has sparked ethical problems since its debut, notably in medicine. The primary concern is accountability, especially when terrible judgments are made. The "black box" problem makes it difficult to understand how algorithms reach results. The absence of standardized criteria for the ethical application of AI and ML in healthcare has exacerbated the dilemma.
The Food and Drug Administration (FDA) and the NHS are working to develop standards for evaluating the security and efficacy of AI systems, but their efforts make it harder for courts and regulatory authorities to accept AI-based acts. A public discussion about these ethical quandaries is critical to developing a universal ethical standard that helps patients.
- For instance, in January 2024, WHO publishes advice on the ethics and governance of large multi-modal models (LMMs), making 40 suggestions to governments, technology firms, and healthcare practitioners to guarantee their acceptable use for population health promotion.
Opportunity: Pain management and personalized care
AI and machine learning can examine individual patient reactions to medicines and recommend changes to treatment strategies. Harvard Pilgrim has joined with Kaia Health to provide patients with back pain treatment. Kaia's AI platform measures and monitors pain sites, resulting in a 35% decrease in pain and a 59% improvement in sleep quality.
Patients may also access an AI "motion coach" on their cellphones, which functions as a digital personal trainer suited to their individual movement requirements. These technologies can help patients improve their quality of life, as musculoskeletal disorders are the leading cause of disability claims.
Artificial Intelligence in Healthcare Market Top 17 Companies
- Intel Micron Technology Koninklijke Philips Microsoft General Electric Company IBM Nvidia Google Medtronic Amazon Web Services Siemens Healthineers Lunit Oncora Medical Johnson & Johnson General Vision CloudmedX Enlitic
Recent Developments of Artificial Intelligence (AI) in Healthcare Market:
- In July 2024, GE HealthCare and Amazon Web Services are partnering to create artificial intelligence models for interpreting complicated medical data, which is a major difficulty in the healthcare business.
In August 2024, t he healthcare business is experiencing transition as a result of substantial investments and collaborations in artificial intelligence, such as Spring Health's $3.3 billion valuation, CytoReason's $80 million fundraising round, and the AWS-GE HealthCare cooperation.
In August 2024, ISB and AIG Hospitals are collaborating to develop the 'Artificial Intelligence in Healthcare Programme', which aims to improve AI skills and understanding in clinical procedures, eventually improving patient outcomes in diagnoses and treatment.
In August 2024, VNS Health created generative AI algorithms to help physicians analyze and forecast patients' palliative care requirements. The open-source methodology, which transformed diagnostic and billing numbers into narrative language, was utilized to determine patients' requirements. The results were presented at the International Nurse Informatics Conference.
In August 2024, The Mayo Clinic is collaborating with 3D imaging company JelloX Biotech to create AI-powered image analysis technologies for precision cancer diagnosis. JelloX has created 3D pathology imaging for spatial analysis, and the Mayo Clinic plans to develop and evaluate the technique further.
Market Segmentation
By Component
- Software Hardware Services
By Application
- Virtual Assistants Diagnosis Robot-Assisted Surgery Clinical Trials Wearables Administrative Workflow Assistants Cybersecurity Dosage Error Reduction Fraud Detection Connected Machines
By Technology
- Machine Learning Natural Language Processing Context-aware Computing Computer Vision
By End User
- Hospital & Healthcare Providers Patients Pharmaceuticals & Biotechnology Companies Healthcare Payers
By Region
- North America
- U.S. Canada
- Germany UK France Italy Spain Sweden Denmark Norway
- China Japan India South Korea Thailand
- Brazil Mexico Argentina
- South Africa UAE Saudi Arabia Kuwait
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