Artificial Intelligence (AI) in Healthcare Market Size Expected to Reach USD 613.81 Bn by 2034

The global artificial intelligence (AI) in healthcare market size is calculated at USD 26.69 billion in 2024 and is expected to reach around USD 613.81 billion by 2034, registering a double digit CAGR of 36.83% between 2024 and 2034.

/EIN News/ -- Ottawa, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) in healthcare market size is predicted to increase from USD 19.27 billion in 2023 to approximately USD 613.81 billion by 2034, According to Precedence Research. North America AI in healthcare market size was valued at USD 8.67 billion in 2023. The artificial intelligence in healthcare market is driven by technological advancement, government initiatives and research projects.

Artificial intelligence in healthcare market refers to the segment of the healthcare industry that focuses on the development, deployment, and use of AI technologies to enhance medical services, treatment outcomes, and administrative processes. AI in healthcare employs machine learning, natural language processing, and deep learning to improve the experiences of healthcare personnel and patients. It improves resource management, allowing for faster diagnostics and more targeted treatments.

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AI can also accelerate medication development, design pharmaceuticals, anticipate adverse effects, and choose clinical trial participants. It improves the patient's experience by enabling digital communications, increasing visit speed and accuracy, and streamlining data administration. Robotic surgery, which involves doctors controlling a robot's mechanical limbs, has resulted in fewer problems, less discomfort, and faster recovery periods.

Artificial Intelligence in Healthcare Market Highlights:

• North America dominated artificial intelligence in healthcare market with the largest market share of 45% in 2023.
• By component, the software segment contributed the biggest market share of 40.5% in 2023.
• By application, the clinical trials segment has generated the biggest market share of 24.6% in 2023.
  

Regional Analysis

U.S. Artificial Intelligence (AI) in Healthcare Market Size and Forecast 2024 to 2034

The U.S. artificial intelligence (AI) in healthcare market size surpassed USD 6.07 billion in 2023 and is expected to reach around USD 195.01 billion by 2034, expanding at a CAGR of 37% from 2024 to 2034.

North America led the artificial intelligence in healthcare market with the highest market share of 45% in 2023.

Artificial intelligence (AI) is reshaping the healthcare business in the United States, providing innovative solutions across several industries. AI is particularly useful in diagnostic imaging, where algorithms evaluate medical pictures with high accuracy and speed, allowing for early diagnosis of illnesses such as cancer.

AI is also utilized in personalized medicine, where treatment regimens are tailored to individual characteristics, improving treatment efficacy and patient satisfaction. AI-powered healthcare management solutions are also gaining popularity since they simplify administrative work, optimize hospital operations, and improve patient scheduling and resource allocation. For instance, SK Telecom has partnered with Nuon Imaging and Nikki Health Solutions to offer 'X Caliber,' an AI-based veterinarian diagnostic support service, in North America. The service will be offered in more than 100 Canadian veterinary facilities, with enhanced imaging provided by Nuon Nikki's Skyline PACS software.

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Asia Pacific is expected to expand at a solid CAGR during the forecast period.

The Asia-Pacific area, which includes over 40 countries and is home to 53% of the world's population, has various health systems, resulting in a wide variety of health outcomes among its citizens. Japan is one of the region's best performers, with health spending accounting for a sizable part of each country's GDP. However, the region's robust economic growth brings both benefits and problems to the healthcare business.

Despite the growing number of hospitals, access and affordability difficulties remain in both rural and urban regions. As individuals live longer lives, there is a greater need for enhanced healthcare, which leads to better health outcomes. According to a recent IDC survey, 49.6% of healthcare providers want to invest in GenAI use cases, showing an increasing trend across Asian/Pacific healthcare firms. The paper emphasizes the potential influence of GenAI technologies in improving clinician efficiency and redefining patient experiences, with a focus on important use cases in the healthcare industry.

Artificial Intelligence in Healthcare Market Report Coverage

Report Attribute	Key Statistics
AI in Healthcare Market Size in 2024	USD 26.69 Billion
AI in Healthcare Market Size by 2034	USD 613.81 Billion
AI in Healthcare Market Growth Rate 2024- 2034	CAGR of 36.83%
North America AI in Healthcare Market Size in 2023	USD 8.67 billion
Base Year	2023
Historical Year	2021-2022
Forecast Period	2024 to 2034
Segments Covered	Component, Application, Technology, End User, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

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Artificial Intelligence in Healthcare Market Segmental Analysis

Analysis by Component

The software segment dominated has generated the highest market share of 40.5% in 2023. Artificial intelligence (AI) is transforming business by speeding decision-making and strategy development. AI bespoke healthcare software development provides applications such as virtual assistants, tailored solutions, and therapy to help enhance care and manage patient portals. AI improves patient care and enables healthcare practitioners to spot signs earlier.

Healthcare firms that use AI medical software solutions may improve system accuracy, increase patient involvement, and develop innovative features. This modernizes obsolete procedures and enables healthcare providers to give effective treatment for fatal symptoms, resulting in enhanced hospital management practices and clinical decision support systems.

Analysis by Application

The clinical trials segment accounted for the largest market share of 24.6% in 2023. AI can assist in managing enormous volumes of data in decentralized clinical trials, hence minimizing patient compliance concerns and informative mistakes. It can analyze patient data, make decisions, and assess data quality prior to approval. Data mining can help find potential volunteers and study venues, whilst AI systems can generate eligibility requirements. Biosimulation is a computer-based approach for conducting human experiments and measuring reactivity to pharmaceutical substances.

Bio-simulation models employ AI algorithms for pattern identification and analysis, allowing researchers to investigate optimal dosage, medicine interactions, and population effectiveness. For instance, in June 2024, Medidata, a major clinical trial solution supplier, introduced Medidata Clinical Data Studio, a tool that improves data quality management and allows faster, safer trials for patients under the Dassault Systèmes brand.

Artificial Intelligence (AI) in Healthcare Market Dynamics

Driver:

AI is rapidly being utilized in healthcare to give more precise diagnoses by effectively sorting both unstructured and structured data. Structured learning approaches include Machine Learning (ML), Neural Network Systems, and Modern Deep Learning. Unstructured data is sorted using Natural Language Processing (NLP). ML uses analytical algorithms to extract unique patient characteristics such as physical exam findings, drugs, symptoms, and disease-specific information. This information is then utilized to assess patient outcomes.

In research, Neural Networking was utilized to sort 6,567 genes and texture information from mammograms, resulting in more specific tumor indication outcomes. The most prevalent sort of machine learning in clinical contexts is supervised learning, which makes use of physical characteristics and an information database.

Browse More Insights:

• Digital Health Market: The global digital health market size was valued at USD 309.93 billion in 2023 and it is anticipated to surpass around USD 1,019.89 billion by 2033 with a CAGR of 12.19% from 2024 to 2033.
  
• U.S. Digital Health Market: The U.S. digital health market size was exhibited at USD 67.38 billion in 2023 and is projected to be worth around USD 230.31 billion by 2033, poised to grow at a CAGR of 12.61% from 2024 to 2033.
  
• Personalized Medicine Market: The global personalized medicine market size was valued at USD 578.21 billion in 2023 and is expected to reach over USD 1,233.23 billion by 2033, poised to grow at a notable CAGR of 8.10% from 2024 to 2033.
  
• Telehealth Market: The global telehealth market size was accounted for USD 127.73 billion in 2023 and it is expected to increase to USD 1,044.92 billion by 2033 and poised to grow at a CAGR of 23.31% from 2024 to 2033.
  
• Telemedicine Market: The global telemedicine market size was valued at USD 60.8 billion in 2022 and it is expected to reach USD 225 billion by 2030, growing with a compound annual growth rate (CAGR) of 17.16% during the forecast period.
  
• Drug Discovery Market: The global drug discovery market size was valued at US$ 55.46 billion in 2022 and is expected to be worth around US$ 133.11 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
  
• Generative AI In Healthcare Market: The global generative AI in healthcare market size was reached at USD 1.07 billion in 2022 and it is projected to surpass around USD 21.74 billion by 2032, growing at a CAGR of 35.14% over the forecast period.
  
• Generative AI In Pharmaceutical Market: The global generative AI in pharmaceutical market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period.
• Generative AI in Drug Discovery Market: The global generative AI in drug discovery market size reached USD 126.07 million in 2022 and is projected to hit around USD 1,417.83 million by 2032, growing at a CAGR of 27.38% during the forecast period.
  
• Generative AI In Medicine Market: The global generative AI in medicine market size was valued at USD 501.06 million in 2022 and it is expected to hit around USD 21,586.75 million by 2032, expanding at a CAGR of 45.69% over the forecast period.

Restraint:

Artificial intelligence (AI) has sparked ethical problems since its debut, notably in medicine. The primary concern is accountability, especially when terrible judgments are made. The "black box" problem makes it difficult to understand how algorithms reach results. The absence of standardized criteria for the ethical application of AI and ML in healthcare has exacerbated the dilemma.

The Food and Drug Administration (FDA) and the NHS are working to develop standards for evaluating the security and efficacy of AI systems, but their efforts make it harder for courts and regulatory authorities to accept AI-based acts. A public discussion about these ethical quandaries is critical to developing a universal ethical standard that helps patients.

• For instance, in January 2024, WHO publishes advice on the ethics and governance of large multi-modal models (LMMs), making 40 suggestions to governments, technology firms, and healthcare practitioners to guarantee their acceptable use for population health promotion.
  

Opportunity: Pain management and personalized care

AI and machine learning can examine individual patient reactions to medicines and recommend changes to treatment strategies. Harvard Pilgrim has joined with Kaia Health to provide patients with back pain treatment. Kaia's AI platform measures and monitors pain sites, resulting in a 35% decrease in pain and a 59% improvement in sleep quality.

Patients may also access an AI "motion coach" on their cellphones, which functions as a digital personal trainer suited to their individual movement requirements. These technologies can help patients improve their quality of life, as musculoskeletal disorders are the leading cause of disability claims.

Artificial Intelligence in Healthcare Market Top 17 Companies

• Intel
• Micron Technology
• Koninklijke Philips
• Microsoft
• General Electric Company
• IBM
• Nvidia
• Google
• Medtronic
• Amazon Web Services
• Siemens Healthineers
• Lunit
• Oncora Medical
• Johnson & Johnson
• General Vision
• CloudmedX
• Enlitic
  

Recent Developments of Artificial Intelligence (AI) in Healthcare Market:

• In July 2024, GE HealthCare and Amazon Web Services are partnering to create artificial intelligence models for interpreting complicated medical data, which is a major difficulty in the healthcare business.
  
• In August 2024, the healthcare business is experiencing transition as a result of substantial investments and collaborations in artificial intelligence, such as Spring Health's $3.3 billion valuation, CytoReason's $80 million fundraising round, and the AWS-GE HealthCare cooperation.
  
• In August 2024, ISB and AIG Hospitals are collaborating to develop the 'Artificial Intelligence in Healthcare Programme', which aims to improve AI skills and understanding in clinical procedures, eventually improving patient outcomes in diagnoses and treatment.
  
• In August 2024, VNS Health created generative AI algorithms to help physicians analyze and forecast patients' palliative care requirements. The open-source methodology, which transformed diagnostic and billing numbers into narrative language, was utilized to determine patients' requirements. The results were presented at the International Nurse Informatics Conference.
  
• In August 2024, The Mayo Clinic is collaborating with 3D imaging company JelloX Biotech to create AI-powered image analysis technologies for precision cancer diagnosis. JelloX has created 3D pathology imaging for spatial analysis, and the Mayo Clinic plans to develop and evaluate the technique further.
  

Market Segmentation

By Component

• Software
• Hardware
• Services
  

By Application

• Virtual Assistants
• Diagnosis
• Robot-Assisted Surgery
• Clinical Trials
• Wearables
• Administrative Workflow Assistants
• Cybersecurity
• Dosage Error Reduction
• Fraud Detection
• Connected Machines
  

By Technology

• Machine Learning
• Natural Language Processing
• Context-aware Computing
• Computer Vision
  

By End User

• Hospital & Healthcare Providers
• Patients
• Pharmaceuticals & Biotechnology Companies
• Healthcare Payers

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait
    

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