Artificial Intelligence in Healthcare Market: Global Industry Analysis and Forecast (2024-2030)

The Artificial Intelligence in Healthcare Market size was valued at USD 19680 Million in 2023 and the total Artificial Intelligence in Healthcare revenue is expected to grow at a CAGR of 37.57% from 2024 to 2030, reaching nearly USD 183561.26 Million by 2030.
Artificial Intelligence in Healthcare Market Overview:
Artificial intelligence (AI), or intelligence demonstrated by machines, is heavily influencing many industries. AI applications in healthcare can change patients’ lives, improving diagnostics and treatment and helping patients and the healthcare provider make informed medical decisions quickly. AI in the global healthcare market (the total value of products and services sold) was valued at $2.4 billion in 2019 and is projected to reach $31.02 billion in 2025. Artificial intelligence (AI) has now made its way to the healthcare sector, and as per recent research, 86% of healthcare players including healthcare providers, life science companies, and tech vendors are using AI tech.

In the context of the Internet of Medical Things and its connection with AI in consumer health, people are placed at the center of the system, where they can actively manage their health. These advanced technologies encourage and foster healthier lifestyles and personal health choices by empowering consumers in their healthcare decisions, which drives Artificial Intelligence in the healthcare market. Meanwhile, healthcare professionals provided valuable insights into utilizing AI to understand the daily behaviors and requirements of patients and offer corresponding feedback and consultation. This capability improves the provision of health care helping in the promotion of a healthy community.

Increasing demand for Artificial Intelligence in Healthcare Market due to AI’s efficiency and effects that are prominently observed in the analysis of diseases and illnesses. For example, in breast cancer screening, an AI system can reduce the number of false positives in mammograms, which is a major issue pointed out by the American Cancer Society which states that about 50% of women who come with normal breast findings might be told they have cancer. Using deep learning and convolutional neural networks, an AI solution was developed to accurately evaluate and intercede mammograms for diagnosis 30 times faster than humans with an accuracy of 99% which reduces the number of unnecessary biopsies and thus the anxiety associated with the conditions, which drive the Artificial Intelligence in Healthcare Market demand during the forecast period.Moreover, the general accessibility of consumer wearables and medical devices supporting artificial intelligence enables early-stage heart disease management. They allow the early identification and treatment of such conditions by healthcare givers hence leading to enhanced patients’ well-being. Artificial Intelligence in Healthcare Market report covered the detailed analysis for Artificial Intelligence in Healthcare Market trend, driving factors that affects the market growth, Artificial Intelligence in Healthcare Market challenges and opportunity and Artificial Intelligence in Healthcare Market competition.To know about the Research Methodology :- Request Free Sample Report
Artificial Intelligence in Healthcare Market Trends:
AI's Long-Term Economic Impact Set to Transform the Industry

The use of AI in healthcare is a disruptive innovation that is one of the most promising artificial intelligences in healthcare market drivers, considerably changing the analytical, operational, and treatment approaches to potentially save millions and improve the patients’ quality of life. A particularly relevant example can be seen in metastatic colorectal carcinoma aided by AI and high specificity panels identified reductions of $400 million or twelve. This means that the overall cost was 9% less than for next-generation sequencing alone. Such savings illustrate the cost-saving measures that AI might employ to enhance the efficiency of treatment protocols, thus indicating the future of AI breakthroughs in the healthcare sector.

Also, the economic advantages of AI in healthcare are promising with forecasts that show potential annual cost savings ranging from $200 billion to $360 billion. This financial benefit arises from the capacity of AI to improve efficiency, diagnosis, and early disease prevention services, which increases the demand for artificial intelligence in the healthcare market. Besides reducing costs, this proactive approach improves the patient’s, QOL; they have shorter hospital stays by 25%, and nursing facility discharges decreased by 91% this is the key factor of artificial intelligence in healthcare market, which positively impact the market growth.Artificial intelligence in the healthcare market is driven by huge investment in AI-driven drug discovery is robust, surpassing $5.2 billion by the end of 2021, highlighting the sector’s burgeoning potential. AI’s ability to access new biological insights, enhance chemical research, and improve success rates, combined with its cost-efficiency, positions it as a crucial driver of innovation and economic efficiency in healthcare. As AI technologies continue to advance, their integration into healthcare promises not only to revolutionize patient care but also to deliver enduring economic benefits across the entire healthcare ecosystem.

AI makes a direct input in drug development by expediting the search for viable drug leads and shortening the duration of drug development. That is why the firm known as Atomise utilizes artificial intelligence for the objective of evaluating molecular success against disease in potential drugs which can reduce the development time of drugs and costs might also be lowered. The economy realized in that the first, the biotechnology industry has a lot more AI first than the moment, in the drug discovery pipelines, small molecule medicine in the discovery of more than 150, utilizing the clinical trial AI technology per year demand rapidly after 40%.AI based drug discovery and development has seen a sustained investment of more than $5. According to data as of the end of December 2021, this sector demonstrates a continuously growing popularity and will reach 2 billion. AI as a chemistry solution promises to afford access to emerging biological knowledge, optimize chemical discovery, and boost success rates while cutting costs; thereby making it a strategic factor to efficiency in healthcare and innovation. Therefore, rolling out the various AI technologies into the healthcare sector will not only redefine patient treatment but also will be the harbinger of sustainable economic returns throughout the entire healthcare triangle.
Artificial Intelligence in Healthcare Market Dynamics:
The AI Impact on Market Growth Outlook Transformative Technologies, Key Players, and Future AI in healthcare industry

Using AI and ML is on the rise in the healthcare industry, as 94% of healthcare organizations notice the potential and try to implement AI and ML in their activity. This increase is reflected on the fact that the industry is willing to invest more money in this technology with the expected average AI/ML budget to increase from 6.8% in 2023 to 10.5% in 2024. This growth has been attributed to the industry realizing the magic of using artificial intelligence that has revolutionized the health field in delivering its services.

The current leaders in the AI revolution are some of the biggest giants in the IT industry like IBM, Google, Microsoft, Amazon, and NVIDIA. For instance, IBM Corporation used the Watson Health Smart to integrate and apply artificial intelligence to help clinicians come up with better decisions, thus helping in increasing the outcome results of patients. Google through its DeepMind Health, maintains that with AI, diseases such as cancer and heart diseases can be diagnosed and treated with enhanced solutions, offering immense growth in the medical field. Microsoft’s Healthcare Next agenda is about the utilization of artificial intelligence in the enhancement of the health sector with a renewed focus on optimizing the sector so that the cost can fit the package that is being offered, which shows the effort that the healthcare industry is putting in towards the use of new technologies to give added value to patients.

Also, Amazon’s uploaded platform called Comprehend Medical which leverages Natural language processing (NLP) to derive significant medical data from a text that has no specific structure enhances healthcare operations. It might come as a surprise, but NVIDIA’s Clara platform is focused on integrating AI in drug discovery and enhancing patient care, demonstrating how widely AI can be applied in the healthcare system.

Other dominant players in the healthcare industry include General Electric, Philips, Siemens Medical Solutions, and Medtronic which are developing medical intelligence devices, software, and analytical tools using AI. It means that these investments are targeted to improve patients’ outcomes, increase productivity of growing administrative demands cut expenses, and demonstrate the industry’s desire to incorporate artificial intelligence technologies.
The impact of AI in healthcare today and in the year to come seems to have a very bright future and there is indeed a great opportunity for growth within the years to come. Based on this, it is expected that the Artificial Intelligence in Healthcare Market will be valued at $99.63 by 2028.

AI has great abilities as well as applications for transforming the healthcare system globally. Nevertheless, artificial intelligence is set to disrupt or revolutionize nearly every facet of healthcare—from surgical robots to virtual nursing assistants to fraud detection, in a way that will improve both patients’ well-being and efficiency and economies of scale. With AI becoming a new development and advancements more and more noticeable, its application in the sphere of healthcare is going to change the world and bring new experiences to base for healthcare leaders.
Artificial Intelligence in Healthcare Market Regional Insights:

North America dominates artificial intelligence in the healthcare market during the forecast period with a CAGR of 36.40% and holds the 51.25% market share in 2023. The region is expected to dominate the global healthcare market based on AI because of the presence of advanced healthcare infrastructure, excessive adoption of AI generation, and growing demand for personalized remedies. The United States is one of the main international locations in the adoption of AI in the sector of healthcare with 91.13% in 2023.North America region specifically the United States and Canada will dominate the global healthcare market by implementing AI, because of highly developed healthcare systems, more investments in AI technologies, and increasing requirements for individual approaches to treatment. For instance, the United States has recorded the highest level of AI implementation in the health sector with a 91% level. 2023 social media adoption rate of 13%. This adoption is backed by robust healthcare facilities and significant government spending on AI solutions. The latest information for 2023 shows that the United States ranked highest in terms of healthcare AI patent applications with more than 2500.

Some significant factors leading to the growth of the AI healthcare market in North America are the rising amount of patient health data in digital form, the trend for more individualized medicine, and the necessity of healthcare cost reduction. The increase in the geriatric population across the globe, shift in lifestyle patterns, and increasing prevalence of chronic diseases have also driven the need for early disease detection and improved understanding of the same. To address these issues, there is a trend toward using artificial intelligence and machine learning to analyze patient data and predict diseases in their early stages.

Canada is one of the leading countries in the adaptation of AI in healthcare because of their strong structure of the healthcare system and strong analysis network. As per the research conducted by MMR Research, the Canadian market related to the application of Artificial Intelligence in healthcare is anticipated to grow at a compound annual growth rate or CAGR of 34%. There was an even greater average annual growth of 55% from 2023 to 2030. Overall, the health expenditure in Canada is expected to be at $344 billion in the year 2023, which is somewhat of a rise from the year 2022.

Automated report generation is also on the rise internationally, thanks to the progression in information technology iterates and the introduction of remote patient monitoring (RPM) solutions. RPM has also turned out to be a useful solution that can help enhance the accuracy of clinical evaluation and decision-making, as well as minimize the likelihood of hospitalization. Hence, RPM services will be in demand due to the current high incidence of cancer, diabetes, and cardiovascular diseases. Further, as the aging population in the world aims for an improved and healthier lifestyle, the use of RPM solutions is set to expand. Telemedicine needs to be mainstreamed for the benefit of patients with various ailments and this can only happen when governments and insurers work together to come up with sustainable reimbursement models.
Artificial Intelligence in Healthcare Market Scope: Inquiry Before Buying



Artificial Intelligence in Healthcare Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 19680 Mn.


Forecast Period 2024 to 2030 CAGR:
37.57%
Market Size in 2030:
US $ 183561.26 Mn.


 Segments Covered:
by Offering
Hardware
Software
Services


by Technology
Machine Learning
Natural Language Processing
Context-Aware Computing
Computer Vision


by Application
Robot-Assisted Surgery
Virtual Nursing Assistant
Administrative Workflow Assistance
Fraud Detection
Dosage Error Reduction
Medical Imaging & Diagnosis


by End-User
Hospitals & Healthcare Providers
Pharmaceutical & Biotechnology Company
Healthcare Payers
Patients
Others



Artificial Intelligence in Healthcare Market by Region:
North America - United States, Canada, and Mexico
Europe - United Kingdom, France, Germany, Italy, Spain, Sweden, Russia, and the Rest of Europe
Asia Pacific - China, South Korea, Japan, India, Australia, ASEAN, and the Rest of APAC
Middle East and Africa - South Africa, GCC, and the Rest of ME&A
South America - Brazil, Argentina Rest of South America
Leading Artificial Intelligence in Healthcare Market Key Players:
1. IBM Watson Health (USA)
2. Google Health (USA)
3. Microsoft Healthcare (USA)
4. Nvidia Corporation (USA)
5. General Electric (USA)
6. Siemens Healthineers (Germany)
7. Philips Healthcare (Netherlands)
8. Medtronic (USA)
9. Cerner Corporation (USA)
10. Amazon Web Services (USA)
11. Tempus Labs (USA)
12. Ada Health (Germany)
13. Butterfly Network (USA)
14. Babylon Health (UK)
15. Zebra Medical Vision (Israel)
16. GE Healthcare (USA)
17. Arterys (USA)
18. Viz.ai (USA)
19. Insilico Medicine (USA)
20. BenevolentAI (UK)
FAQs:
1. What are the growth drivers for the Artificial Intelligence in Healthcare market?
Ans. the increasing competition and rising back-office costs, embracing AI-powered revenue cycle automation to boost profitability and achieve operational excellence is more crucial than ever.

2. Which region is expected to lead the global Artificial Intelligence in Healthcare market during the forecast period?
Ans. North America is expected to lead the global Artificial Intelligence in Healthcare market during the forecast period.

3. What is the projected market size and growth rate of the Artificial Intelligence in Healthcare Market?
Ans. The Artificial Intelligence in Healthcare Market size was valued at USD 19680 Million in 2023 and the total Artificial Intelligence in Healthcare revenue is expected to grow at a CAGR of 37.57 % from 2024 to 2030, reaching nearly USD 183561.26 Million by 2030.

4. What segments are covered in the Artificial Intelligence in Healthcare Market report?
Ans. The segments covered in the Artificial Intelligence in Healthcare market report are offering, Technology, Application, End-User, and Region