Artificial Intelligence in Healthcare Market

Analysts at GMI Research estimates that the AI in Healthcare Market was worth USD 10.4 billion in 2022, and forecast to touch USD 189.9 billion in 2030, growing at a CAGR of 43.7% from 2023-2030.

Artificial Intelligence in Healthcare Market Overview

AI in healthcare is the combination of complex algorithms and software to mimic human cognition in the analysis of complex medical data. It simplifies the lives of patients, doctors, and hospital administrators by performing tasks that are usually done by humans, in less time and at a fraction of the cost. AI provides various advantages over traditional analytics, and clinical decision-making techniques as AI enables us to retrieve information, process it, and give a well-defined output to the end-user.

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Major Artificial Intelligence in Healthcare Market Drivers

The major factors that are driving the growth of the Artificial Intelligence Healthcare are rising demand for lowering healthcare cost, increasingly large and complex data set available in the form of big data in healthcare, growing adoption of precision medicine, enhancing computing power and declining hardware cost. Moreover, there has been an increased focus on enhancing the quality of patient care by using AI in various aspects of healthcare services. Growing application of AI-based tools for taking care of older people and increasing focus on improving human-aware AI systems are further boosting the growth of AI in healthcare during the forecast period. However, data privacy and security concerns, shortage of curated healthcare data, and lack of interoperability between AI solutions offered by various vendors are hampering the growth of the market.

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Based on the offering, the software segment is expected to account for the larger market share during the forecast period in Artificial Intelligence (AI) in the Healthcare market owing to the rising adoption of AI solutions and platforms among healthcare providers and payers. Healthcare software are developing using AI technologies such as machine learning, deep learning, natural language processing among others. The hardware segment is projected to grow at a higher rate during the forecast period owing to the increasing demand for the hardware platform which can operate various AI-enabled software efficiently.

Based on the technology, the machine learning segment is projected to grow at a higher CAGR over the forecast period due to the rising adoption of machine learning technology, especially deep learning for various healthcare applications. Machine learning has the potential to deliver data-driven clinical decision support (CDS) to physicians, and hospital staff is further boosting the growth of the market. The machine learning comprises several technologies such as deep learning, supervised learning, reinforcement learning, unsupervised learning, among others.

Based on the end-use application, the in-patient care and hospital management segment is expected to grow at a significant rate during the forecast period as AI helps to enhance administrative workflow assistance by AI planning and scheduling method that provide considerable support to the hospital management and patient care. AI-enabled bots are an AI application that patients can communicate with using a chat box on a website or over a telephone. These bots help in scheduling appointments, gathering the most recent information about patient medications, the care team, and new procedures, checking insurance coverage related details, among others. These applications fuel the growth of the market.

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Regional – Segment Analysis

Based on the region, North America is projected to grow in the Artificial Intelligence (AI) in the Healthcare market over the forecast period owing to growing rapid adoption of AI technologies across the continuum of care, majorly in U.S., presence of developed and technologically advanced countries along with higher GDP share spent on healthcare. Moreover, strong presence of major AI hardware and software providers, such as NVIDIA, Intel, Microsoft, Amazon Web Service, Google, IBM among others are also contributing in the growth of the market.

Top Market Players

Various notable players in the Artificial Intelligence in Healthcare Market include Nvidia Corporation, Intel Corporation, IBM Corporation, Google LLC, Microsoft Corporation, General Electric (GE) Company, Siemens Healthineers, Medtronic plc, Micron Technology, Inc., Amazon Web Services (AWS) and among others.

Key Developments:

• • In Aug 2019, Microsoft entered into a partnership with Apollo hospitals to set up a National Clinical Coordination Committee (NCCC) for the AI-powered Cardiovascular Disease Risk Score API (application program interface).
  • In Feb 2019, IBM corporation entered into a partnership with Brigham and Women’s Hospital (BWH) and Vanderbilt University Medical Center (VUMC) and will invest around USD 50 million in artificial intelligence (AI) research to improve EHR usability, support precision medicine, bolster patient safety, and foster health equity across communities.

Segments covered in the Report:

Global Artificial Intelligence (AI) in the Healthcare market has been segmented based on the offering, technology, end-use application, end-user, and key region. Based on the offering, the market is segmented into hardware, software, and service. Based on hardware, the market is further segmented into Processor, Memory, and Network. The processor market is further segmented into MPU, GPU, FPGA, and ASIC. Based on software, the market is further segmented into AI Solutions and AI Platform. AI Solution is further segmented into AI Platform, and Cloud. AI Solution is further segmented into Machine Learning Framework and API. Based on Service the market is segmented into Deployment & Integration, and Support & Maintenance. Based on technology, the market is segmented into Machine Learning, Context Aware Computing, Natural Language Processing, and Computer Vision. The machine learning market is further segmented into Supervised Learning, Reinforcement Learning, Deep Learning¸ Unsupervised Learning, and Others. Based on end-use application, the market is further segmented into Patient Data and Risk Analysis, Inpatient Care & Hospital Management¸ Medical Imaging & Diagnostics¸ Lifestyle Management & Monitoring¸ Virtual Assistant, Drug Discovery, Research, Healthcare Assistance Robots, Precision Medicine, Emergency Room & Surgery, Wearables, and Mental Health. Based on end-user, the market is segmented into Hospitals and Providers, Patients, Pharmaceutical and Biotechnology Companies, Healthcare Payers, and Others.

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Market Segmentation

Global Artificial Intelligence in Healthcare Market by Offering      

• • Hardware
    • Processor
      • MPU
      • GPU
      • FPGA
      • ASIC
    • Memory
    • Network
  • Software
    • AI Solutions
      • On-Premises
      • Cloud
    • AI Platform
      • Machine Learning Framework
      • Application Program Interface (API)
    • Services
      • Deployment & Integration
      • Support & Maintenance

Global Artificial Intelligence in Healthcare Market by Technology

• • Machine Learning
    • Deep Learning
    • Supervised Learning
    • Reinforcement Learning
    • Unsupervised Learning
    • Others
  • Natural Language Processing
  • Context-Aware Computing
  • Computer Vision

Global Artificial Intelligence in Healthcare Market by End-Use Application

• • Patient Data and Risk Analysis
  • Inpatient Care & Hospital Management
  • Medical Imaging & Diagnostics
  • Lifestyle Management & Monitoring
  • Virtual Assistant
  • Drug Discovery
  • Research
  • Healthcare Assistance Robots
  • Precision Medicine
  • Emergency Room & Surgery
  • Wearables
  • Mental Health

Global Artificial Intelligence in Healthcare Market by End-User

• • Hospitals and Providers
  • Patients
  • Pharmaceutical and Biotechnology Companies
  • Healthcare Payers
  • Others

Global Artificial Intelligence in Healthcare Market by Region

• • North America Artificial Intelligence (AI) in the Healthcare Market  (Option 1: As a part of the free 25% customization)

• • • By Offering
    • By Technology
    • By End-Use Application
    • By End-User
    • US Market All-Up
    • Canada Artificial Intelligence (AI) in the Healthcare Market All-Up

• • Europe Artificial Intelligence (AI) in the Healthcare Market (Option 2: As a part of the free 25% customization)

• • • By Offering
    • By Technology
    • By End-Use Application
    • By End-User
    • Spain Market All-Up
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Artificial Intelligence (AI) in the Healthcare Market (Option 3: As a part of the free 25% customization)

• • • By Offering
    • By Technology
    • By End-Use Application
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • ROW Artificial Intelligence in Healthcare Market (Option 4: As a part of the free 25% customization)

• • • By Offering
    • By Technology
    • By End-Use Application
    • By End-User
    • Brazil Market All-Up
    • South Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Artificial Intelligence in Healthcare Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nvidia Corporation
  • Intel Corporation
  • IBM Corporation
  • Google LLC
  • Microsoft Corporation
  • General Electric (GE) Company
  • Siemens Healthineers
  • Medtronic plc
  • Micron Technology, Inc.
  • Amazon Web Services (AWS)