AI in Healthcare Market Overview and Analysis :
The AI Healthcare Market is currently valued at USD 17.5 billion in the year 2022 and is expected to register a CAGR of 42.3% over the forecast period, 2023-2030.
The market growth is driven by several factors, including the increasing demand for personalized medicine, the rising demand for reducing care expenses, and the growing datasets of patient health-related digital information. The surge in demand for diagnosing and improved understanding of diseases in their initial stages is attributed to the growing global geriatric population, changing lifestyles, and rising prevalence of chronic diseases. Healthcare systems are widely adopting and integrating Artificial Intelligence (AI) and machine learning (ML) algorithms to accurately predict diseases in their early stage based on historical health datasets.
AI in healthcare utilizes software programs with complex algorithms to simulate human senses in the analysis, interpretation, and comprehension of medical data. It evaluates symptoms and patterns of diseases to offer better support, guidance, and feedback to healthcare providers. AI also aids in drug development, providing appropriate treatment plans for detected ailments, 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.
AI in Healthcare Market Latest Trends:
Deep learning technologies, predictive analytics, content analytics, and Natural Language Processing (NLP) tools are enabling care professionals to diagnose patients’ underlying health conditions at an earlier stage. The COVID-19 pandemic positively influenced the demand for AI technologies and unearthed the potential held by these advanced technologies. Healthcare systems widely adopted these technologies in the rapid diagnosis and detection of different virus strains and utilized personalized information in improving the management of the outbreak. AI/ML algorithms were utilized in the diagnosis sector wherein these technologically driven modules were trained with datasets of chest CT images, symptoms, pathological findings, and exposure history to diagnose COVID-19-positive patients rapidly and accurately.
The Artificial Intelligence in Healthcare Market Size, Share, And Trends Analysis Report
By Component :
- Software Solutions
By Application :
- Virtual Assistants
- Connected Machines
- North America
- Rest of the World
The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.
Drivers Enhanced Diagnostic Accuracy and Speed
The most compelling driver of AI in healthcare is its ability to significantly enhance diagnostic accuracy and speed, resulting in better patient outcomes. For instance, IBM's Watson for Oncology is a prime example. It assists oncologists by analyzing vast amounts of medical data to recommend personalized cancer treatment options, ultimately improving patient care. Moreover, AI is facilitating the development of personalized treatment plans by analyzing patient data, genetics, and medical history. Notably, Google's DeepMind Health employs AI algorithms to predict patient deterioration, enabling timely interventions and customized care plans.
Increased Deep Learning Technologies, Predictive Analytics, Content Analytics, And Natural Language Processing (NLP) Tools Are Enabling Care Professionals To Diagnose Patients
Deep learning technologies, predictive analytics, and NLP tools empower healthcare professionals with advanced data analysis capabilities. They can sift through vast amounts of patient data, including medical records, images, and clinical notes, to make more accurate diagnoses. These tools enable the early detection of diseases by identifying subtle patterns and anomalies in patient data. Predictive analytics can assess a patient's risk factors and suggest preventive measures or early intervention strategies. With these technologies, care professionals can create personalized treatment plans tailored to each patient's unique health profile. Predictive analytics can recommend the most effective therapies, while NLP tools ensure clear communication with patients about their treatment options. Thus, the market is expected to witness significant growth over the forecast period.
Restraints Data Privacy and Security Concerns and Regulatory Hurdles
The Concerns regarding data privacy and security, particularly when dealing with sensitive healthcare data, present substantial challenges. Furthermore, High-profile data breaches within healthcare organizations have heightened apprehensions about the security of patient information. Thus, this may slow down the growth over the forecast period.
COVID-19 Impact on AI in Healthcare Market
The COVID-19 pandemic served as a compelling testament to the significance of AI in healthcare, both in immediate crisis response and as a catalyst for enduring advancements within the industry. It underscored AI's potential to enhance patient care, diagnostic precision, and the overall resilience of healthcare systems when faced with unforeseen challenges. The pandemic's accelerated adoption of AI in healthcare showcased its potential to transform patient care, diagnostics, and drug discovery. This heightened awareness and recognition of AI's value are expected to have a lasting impact on the AI in Healthcare Market. In the current scenario, due to the large number of benefits offered by AI in the healthcare segment, the market is expected to witness significant growth over the forecast period.
Software Components are Expected to Witness Significant Growth Over the Forecast Period
The software components like HER tools are the digital tools that healthcare professionals rely on to provide quality care, improve patient outcomes, and streamline healthcare operations. As technology continues to advance, we can expect even more innovative software solutions to further enhance healthcare delivery. EHR systems as the digital filing cabinets of healthcare. They store and manage patients' medical records electronically, making it easy for healthcare providers to access crucial patient information like medical history, diagnoses, medications, and test results. Well-known EHR software includes Epic, Cerner, and Allscripts. Thus, the segment is expected to witness significant growth over the forecast period.
Connected Machines Segment is Expected to Witness Significant growth Over the Forecast Period
Connected machines in the healthcare domain represent a transformative advancement in the way healthcare is delivered, monitored, and managed. These interconnected devices and equipment, often referred to as the Internet of Medical Things (IoMT) or healthcare IoT, are revolutionizing patient care and healthcare infrastructure. Here's a look at the significance and impact of connected machines in healthcare. Connected machines are integral to telemedicine and telehealth services. Video conferencing equipment, remote consultation tools, and telehealth platforms enable virtual healthcare visits, consultations, and remote surgeries. These technologies improve access to care, particularly in remote or underserved areas. Thus, the segment is expected to witness significant growth over the forecast period.
North America Region is Expected to Witness Significant Growth Over the Forecast Period
The impact of AI in healthcare in North America is profound and continues to evolve. It holds the promise of improving patient care, increasing operational efficiencies, and addressing healthcare challenges. Furthermore, the recent developments are driving the growth of the studied market. For instance, in May 2020, MIT-IBM Watson AI Lab promoted the implementation of AI technologies in research projects studying 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 planners, and ICU capacity creation in its healthcare facilities. Thus, the region is expected to witness significant growth over the forecast period.
1) In September 2019, GE Healthcare partnered with five Chinese local software developers namely, 12Sigma Technologies, Biomind, Shukun Technology, Yizhun Medial AI, and YITU Technology to collaboratively work on developing the Edison AI platform and support the smooth digital transformation of the GE Healthcare.
2) 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.
Frequently Asked Questions (FAQ) :
Q1. How big is the AI in Healthcare Market ?
Q2. What are the latest developments in the AI in Healthcare Market ?
Q3. What are the Drivers of the AI in Healthcare Market ?
Q4. Which factor is Limiting the growth of AI in Healthcare Market ?
Study Assumptions and Market Definition
Scope of the Study
Personalized Medicine and Treatment Plans
Increased Deep learning Technologies, Predictive Analytics, Content Analytics, and Natural Language Processing (NLP) Tools
Data Privacy and Security Concerns and Regulatory Hurdles
Porter's Five Force Analysis
Threat of New Entrants
Bargaining Power of Buyers/Consumers
Bargaining Power of Suppliers
Threat of Substitute Products
Intensity of Competitive Rivalry
MARKET SEGMENTATION (Market Size by Value - USD million)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
Nuance Communications, Inc.
DeepMind Technologies Limited
MARKET OPPORTUNITIES AND FUTURE TRENDS
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organizationFIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.Secondary Research
Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.Market Size Estimation
Both, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.Forecast Model