Artificial Intelligence in Healthcare Market, trends, share, industry size, growth, opportunities, and forecast by 2030

The Premium report describes current and future Artificial Intelligence in Healthcare Market trends and carries out an analysis of the impact of buyers, substitutes, new entrants, competitors, and suppliers on the market. This market research report has been created with a good combination of industry knowledge, smart and practical solutions, and latest technology to provide a better user experience. The report contains endless knowledge and information regarding market definitions, classifications, applications, and initiatives and also discusses market drivers and restraints obtained from the SWOT analysis. The International Artificial Intelligence in Healthcare Market report also provides better market insights that make it easier to steer your business in the right direction.

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Data Bridge Market Research analyses that the artificial intelligence in healthcare market, which is USD 9.64 billion in 2022, is expected to reach USD 272.91 billion by 2030, at a CAGR of 51.87% during the forecast period 2023 to 2030.

Market Overview

Artificial intelligence (AI) in healthcare employs a variety of software programmes with complex algorithms that can simulate human senses in the analysis, interpretation, and comprehension of medical data. AI aids in evaluating the symptoms and patterns of diseases to offer better support, guidance, and feedback to healthcare providers. Apart from clinical diagnosis, it also aids in drug development, providing appropriate treatment plans for the ailment detected, providing personalized medicine, and monitoring patients’ conditions. The use of AI in the healthcare industry has made drug discovery and development more cost-effective, time-efficient, and innovative.

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Artificial Intelligence in Healthcare Market Dynamics

Drivers

Rise in adoption of AI/ML technologies

The growing shortage of healthcare workers prompted the adoption of AI/ML technologies. As a result, AI algorithms can be trained to analyze patient health data, assisting healthcare providers in quickly diagnosing the condition and devising an effective treatment plan. Supportive government initiatives, increased mergers and acquisitions and technological collaborations, and the ongoing Covid-19 pandemic all played a significant role in driving market growth and accelerating AI adoption in healthcare. Following the initial implementation in the detection of Covid-19 positive patients using personalized patient information and data consolidation, AI/ML algorithms are now widely used in the rapid and accurate diagnosis of medical conditions. These are the certain factors which propel the market growth.

Innovative product development

Companies are using innovative product development strategies, partnership strategies, and mergers and acquisitions to expand their business footprint in order to meet the growing demand for early and accurate disease detection, reduce rising care costs, compensate for a growing shortage of care providers, and deliver value-based care. Furthermore, a growing number of start-ups specializing in AI-based healthcare technologies are receiving recognition in the form of investments from private investors and venture capitalists. For instance, in 2019, Partners Healthcare collaborated with FUJIFILM Sonosite to develop AI-based ultrasound technology, make it more accessible to the healthcare community, and improve diagnostic care quality.

Opportunities

Increasing penetration of AI technologies

key market participants have focused on product innovation and technological collaborations to expand their product portfolio and meet rising demand during the pandemic because of the increasing penetration of AI technologies in healthcare applications. For instance, in May 2020, the MIT-IBM Watson AI Lab promoted the use of AI technologies in research projects investigating the health and economic consequences of the pandemic. Similarly, Qventus introduced AI-based patient flow automation systems covering critical resource control, hospitalization duration optimization, Covid-19 scenario planner, and ICU capacity creation in its healthcare facilities.

Some of the major players operating in the artificial intelligence in healthcare market are:

NVIDIA Corporation (U.S.)
Intel Corporation (U.S.)
IBM (U.S.)
Google LLC (U.S.)
Microsoft (U.S.)
General Vision Inc. (U.S.)
Johnson & Johnson Services, Inc. (U.S.)
Siemens Healthcare GmbH (Germany)
Medtronic (Ireland)
CloudMedx Inc. (U.S.)
Agfa-Gevaert Group (Belgium)
Oncora Medical (U.S.)
Imagia Cybernetics Inc. (Canada)
Micron Technology, Inc. (U.S.)
DeepMind Technologies Limited (U.K.)
Welcome AI (U.S.)
Koninklijke Philips N.V. (Netherlands)
Precision Health AI (U.S.)
Cloud Pharmaceuticals, Inc. (U.S.)

Key questions answered in the Artificial Intelligence in Healthcare Market are:

What is Artificial Intelligence in Healthcare Market?
What was the Artificial Intelligence in Healthcare Market size in 2022?
What are the different segments of the Artificial Intelligence in Healthcare Market?
What growth strategies are the players considering to increase their presence in Artificial Intelligence in Healthcare Market?
What are the upcoming industry applications and trends for the Artificial Intelligence in Healthcare Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Artificial Intelligence in Healthcare Market?
What major challenges could the Artificial Intelligence in Healthcare Market face in the future?
What segments are covered in the Artificial Intelligence in Healthcare Market?
Who are the leading companies and what are their portfolios in Artificial Intelligence in Healthcare Market?
What segments are covered in the Artificial Intelligence in Healthcare Market?
Who are the key players in the Artificial Intelligence in Healthcare Market?