Global Artificial Intelligence (AI) In Healthcare Market Size, Growth And Forecast To 2031

(MENAFN- Straits Research) Introduction

Artificial intelligence researches the correlation between patient outcomes and treatment strategies in the healthcare industry. AI has multiple applications in medication management, treatment methods, and drug discovery. It is used in diagnostic procedures, personalized medication, drug development, and patient monitoring care. Artificial intelligence (AI) in healthcare refers to applying advanced algorithms and software that mimic human perception to analyze, grasp, and comprehend complex medical and healthcare data.

Market Dynamics Big Data and Information Explosion in Healthcare Sector Drives the Global Market

Unstructured data can be processed using cognitive computing systems to get significant insights. Several U.S. government agencies utilize big data analytics to enhance operational efficiency and obtain fresh insights. Acquiring, storing, and analyzing healthcare data to improve healthcare delivery is essential, as the volume of information generated daily is enormous. Big data analytics can evaluate illness trends, population demographics, and region-specific healthcare challenges. However, the system's processing speed is insufficient to address complicated medical problems; hence, the adoption of cognitive computing employing supercomputers is anticipated to increase significantly over the next few years, thereby driving the market's expansion.

Security and privacy of the acquired data are of the utmost importance. The increasing frequency of data theft and security issues is one of the primary causes driving the development of AI technology in healthcare to address data security issues. In 2013, there were roughly 199 Protected Health Information (PHI) breaches involving over 7 million patient records in the United States, according to the HHS Office for Civil Rights. IBM Security and Enterprise Immune System are two examples of organizations having robust AI solution portfolios for the healthcare market. In addition, using AI technologies in cyber healthcare security is anticipated to reduce the risk of cybercrime and safeguard against healthcare data breaches. The presence of designed information security, privacy, and data protection authority is one aspect that creates growth opportunities for artificial intelligence in the healthcare business.

Regional Analysis

North America is the most significant global artificial intelligence (AI) in healthcare market shareholder and is anticipated to exhibit a CAGR of 40.6% during the forecast period. Significant variables contributing to the expansion of the North American region include the local presence of major market players, the increasing geriatric population, the rising incidence of health-related disorders, the increasing number of government initiatives, and the rising awareness of using artificial intelligence in healthcare. For instance, in March 2019, the U.S. government created AI, a website offering ideas regarding the development, regulation, and deployment of AI in the United States. The website was deployed after U.S. President Donald Trump signed a formal order establishing AI policy. The United States and Canada compose the North American region. In the North American healthcare AI market, the United States is the leader. This dominance is attributable to a surge in demand for artificial intelligence to revolutionize the world of medicine and assist healthcare professionals in redefining the diagnosis and treatment of cancer.

Asia-Pacific is projected to exhibit a CAGR of 44.8% over the forecast period. Increasing patient numbers and acceptance of cloud computing are the primary drivers driving market expansion. A boost in AI-related government activities in this region is also anticipated to contribute to economic expansion. For instance, in South Korea, the Ministry of Science and ICT stated in March 2019 that it would begin a trial service for an AI-based precision medical service called Dr. Answer in December 2019. In addition, some biopharmaceutical companies are using AI to modernize the drug discovery process, and AI is also utilized in diagnostics. In 2017, China's Tencent launched AI Medical Innovation System, an AI-powered diagnostic medical imaging system (AIMIS). This method made the first esophageal and lung cancer diagnoses with 90% and 95% accuracy, respectively. However, the absence of established reimbursement standards in healthcare centers and the need for more qualified IT workers and researchers are expected to limit the growth of the Asia-Pacific market.

Key Highlights

• The global artificial intelligence (AI) in healthcare market was valued at USD 13.41 billion in 2022. It is estimated to reach USD 306.68 billion by 2031, growing at a CAGR of 41.6% during the forecast period (2023–2031).
• Based on components, the global artificial intelligence (AI) in the healthcare market is divided into software solutions, AI platforms, and services.
  The software solutions segment is responsible for the largest market share and is anticipated to grow at a CAGR of 40.8% over the forecast period.
• Based on application, the global artificial intelligence (AI) in healthcare market is segmented into robot-assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, and dosage error reduction.
  The clinical trials segment owns the highest market share and is expected to exhibit a CAGR of 41.5% during the forecast period.
• North America is the most significant global artificial intelligence (AI) in healthcare market shareholder and is anticipated to exhibit a CAGR of 40.6% during the forecast period.