The Artificial Intelligence in Healthcare Market Size was valued at USD 22.5 Billion 2023 and is expected to reach USD 271.1 billion by 2031, and grow at a CAGR of 36.5%over the forecast period 2024-2031.
The increasing data on patient health related digital information, growing demand for personalised medicine and rising need to reduce healthcare costs drive the market growth of this market. The demand for diagnosis and better understanding of diseases in their early stages is being driven by the growing global elderly population, changing lifestyles as well as a rising incidence of disease. Artificial Intelligence (AI) and machine learning (ML) algorithms are being widely used and integrated into healthcare systems to accurately predict diseases in their early stages, based on historical medical data. In addition, healthcare professionals can diagnose patients' underlying health problems at an earlier stage through deep learning technologies, predictive analytics, content analysis and natural language processing techniques. Demand for artificial intelligence technologies has been positively affected by the COVID 19 pandemic and its potential is being realized.
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DRIVERS
A growing demand for remote patient monitoring systems
The development of large and complex medical data sets
The key driver of AI in the healthcare market is to generate vast and complex medical data sets. Integrated technologies, from medical records to genetic data, allow for the accumulation of a wide range of information about patients. The abundance of data facilitates the identification of patterns and insights which are essential for diagnosis, personalised medicine and treatment planning by making it easier to develop AI applications.
RESTRAINTS
Slower uptake in the underdeveloped areas
The reluctance of healthcare professionals in adopting AI technologies.
This reluctance impedes market growth due to concerns about job displacement, doubts as to the reliability of artificial intelligence systems and fears that they are incompatible with current practices. To address this challenge, significant investment in training contributes to a learning curve that makes it difficult for healthcare professionals. To overcome this obstacle, targeted initiatives need to be developed that emphasize education and promote the collaboration of technology developers with healthcare institutions. These efforts must be made in order to foster understanding and acceptance, enabling the realisation of AI's potential for healthcare, such as more diagnostics, better treatment plans that will lead to higher patient outcomes.
OPPORTUNITIES
The growing role of AI in genomes, drug discovery and imaging and diagnostic
The growing potential of AI based assistive devices in the elderly care
The rising potential of artificial intelligence in elder care is due to factors like life expectancy increases, changing demographics and the challenges associated with traditional caring. Artificial intelligence has the potential to improve care for older people, ensuring effective and cost-efficient solutions. AI facilitates early detection of health problems through continuous health monitoring, while fall detection algorithms improve safety. Adherence to treatment plans and personalised care plans optimise interventions based on individual health data are ensured by AI driven medication management.
CHALLENGES
The challenges in the adoption of artificial intelligence systems
There is a lack of Curated Medical Data
There is a significant impediment to the tremendous potential of AI in health care, namely its lack of curated medical data. This bottleneck is limiting AI's ability to make accurate predictions, which could lead to undesirable effects on patients. The challenge is exacerbated by data fragmentation, privacy concerns, high costs and expertise gaps. For example, the World Health Organization, WHO, issued guidelines on the essential regulatory considerations for the use of AI in healthcare in November 2023. The document stresses the importance of safety, efficiency and collaboration, and calls for robust legal and regulatory frameworks to ensure privacy and security, with a focus on risks related to the use of health data by artificial intelligence.
The crisis in Russia and Ukraine has had a profound impact on the artificial intelligence market for health care. First of all, the crisis has led to a growing use of artificial intelligence in healthcare due to the need for advanced solutions when conflict and instability occur. For example, in order to improve healthcare delivery outcomes and efficiencies, artificial intelligence has been more widely used for robot assisted surgery, virtual nurses assistants or basic diagnostics. This is reflected in the growth of artificial intelligence on the healthcare market, which has seen major advances and new technologies being developed.
The use of AI in the Russia Ukraine War has been important, with both state and nonstate actors using it to gain strategically advantageous advantages. It is also including the use of AI powered drones for more accurate targeting, reduction in casualties and minimising risk to operators. Artificial intelligence has been used to create fake news and disinformation campaigns in the information domain, which is making psychological operations more effective. These tactics, in the context of the Russia Ukraine crisis, have highlighted the evolving nature of warfare and AI's increasing relevance to health care as well as defense applications.
The market for artificial intelligence in healthcare is expected to grow significantly, despite possible financial difficulties. economic downturns could affect the affordability and accessibility of AI solutions for healthcare providers. Budget constraints may limit healthcare organizations' ability to invest in expensive AI technologies, such as machine learning algorithms, robotics, and automation systems, which could potentially improve efficiency and patient outcomes. Furthermore, reduced financial resources may impede the adoption of AI-powered diagnostic tools and predictive analytics platforms, which could have significant implications for patient care and population health management.
By Component
Software Solutions
Hardware
Services
The software solutions segment accounted for the largest revenue share of 40.6% in 2023, due to the increased adoption of software solutions powered by artificial intelligence in healthcare units and among healthcare professionals, patients and payers, which has led to a rapid growth of this segment. Also, the growth of the software segment is driven by increasing investments in the adoption of artificial intelligence-based software technologies in the healthcare sector. To design and build AI Based Software that will be used in the healthcare sector, leading medical companies are working with software developers to do so.
By Application
Robot-Assisted Surgery
Virtual Assistants
Administrative Workflow Assistants
Connected Machines
Diagnosis
Clinical Trials
Cybersecurity
Dosage Error Reduction
In 2023, the segment of robot-assisted surgery accounted for 24.5% of total revenue and is expected to grow at a faster rate between 2024 and 2031 than other segments. One of the most important factors to support AI penetration in robot assisted surgery is an increasing number of robots assisted surgeries, as well as a growing investment in developing new artificial intelligence platforms. For example, Medtronic's Hugo RAS system was approved in Europe in October 2021. The new system is authorised to perform urogynecology and gynecology procedures.
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Regional Analysis
In 2023, North America dominated the market and accounted for 57.8% of total revenue due to advances in healthcare IT infrastructure, growing care expenditure, widespread adoption of AIML technologies, favourable government initiatives, lucrative funding options as well as a number of prominent players on the market. In addition, the growth of the North American market is supported by the growing population, changing lifestyles, increasing prevalence of chronic diseases, growing demand for value-based care, and increasing awareness of the use of artificial intelligence technologies.
The fastest growth rate of 40.2% is expected for the Asia Pacific region over the forecast period. Rapid innovation and development in the IT infrastructure and entrepreneurial ventures specialising in artificial intelligence technologies is to be blamed for this growth rate. Also, the adoption rate is driven by increasing investments from private investors, venture capitalists and nongovernmental organisations to improve clinical outcomes, data analysis or data security at reduced costs. Some of the main factors that drive growth in Asia Pacific markets are favourable government initiatives supporting and promoting easy adoption of AI technologies by healthcare organizations and health care providers.
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Some of the major key players are Enlitic, Inc., General Vision, Inc., IBM Corporation, Google Inc., Intel Corporation, Microsoft Corporation, Next IT Corporation, iCarbonX, Welltok, Inc., Nvidia Corporation and other players.
In January 2023, A strategic cooperation agreement has been signed between Amazon Web Services and Slalom, LLC. The two companies would use this collaboration to plan and implement AI powered solutions for health care, life science, entertainment or finance sectors.
In March 2022, Microsoft announced the acquisition of Nuance Communications, a leader in ambient intelligence and conversational AI in a variety of areas. The partnership will contribute to improving the quality of products for patients by offering affordability, availability and efficient healthcare.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 22.5 Billion |
| Market Size by 2031 | US$ 271.1 Billion |
| CAGR | CAGR of 36.5% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Software Solutions, Hardware, Services) • By Application (Robot-Assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cybersecurity, Dosage Error Reduction) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Enlitic, Inc., General Vision, Inc., IBM Corporation, Google Inc., Intel Corporation, Microsoft Corporation, Next IT Corporation, iCarbonX, Welltok, Inc., Nvidia Corporation. |
| Key Drivers | • New AV Software Features, Like the Integration of Pacs & AV Tools • Data Interpretation Is Improved by Technological Advances in AV Technology • Increased Geriatric Population and Increasing Prevalence of Target Diseases |
| Restraints | • Large-scale and intricate healthcare dataset influx • More urgent need to lower healthcare expenses • Decreasing hardware costs and increasing computer power |
Ans: The Artificial Intelligence in Healthcare Market size was valued at US$ 14.09 Bn in 2022.
Ans: The Artificial Intelligence in Healthcare Market is to grow at a CAGR of 38.2% over the forecast period 2023-2030.
Artificial Intelligence in Healthcare Market is divided into four segments By Offering type, By Technology, By Application, and By End User
Medical professionals' reluctance to utilised AI-based technology, AI talent shortage and unclear regulatory requirements for medical software are the restraints of Artificial Intelligence in Healthcare Market.
The forecast period of Artificial Intelligence in Healthcare market is 2023 to 2030.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Artificial Intelligence in Healthcare Market, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Software Solutions
9.4 Hardware
9.5 Services
10. Artificial Intelligence in Healthcare Market, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 Robot-Assisted Surgery
10.4 Virtual Assistants
10.5 Administrative Workflow Assistants
10.6 Connected Machines
10.7 Diagnosis
10.8 Clinical Trials
10.9 Fraud Detection
10.10 Cybersecurity
10.11 Dosage Error Reduction
11. Regional Analysis
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Poland
11.3.1.2 Romania
11.3.1.3 Hungary
11.3.1.4 Turkey
11.3.1.5 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.1 Germany
11.3.2.2 France
11.3.2.3 UK
11.3.2.4 Italy
11.3.2.5 Spain
11.3.2.6 Netherlands
11.3.2.7 Switzerland
11.3.2.8 Austria
11.3.2.9 Rest of Western Europe
11.4 Asia-Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Vietnam
11.4.6 Singapore
11.4.7 Australia
11.4.8 Rest of Asia Pacific
11.5 The Middle East & Africa
11.5.1 Middle East
11.5.1.1 UAE
11.5.1.2 Egypt
11.5.1.3 Saudi Arabia
11.5.1.4 Qatar
11.5.1.5 Rest of the Middle East
11.5.2 Africa
11.5.2.1 Nigeria
11.5.2.2 South Africa
11.5.2.3 Rest of Africa
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Colombia
11.6.4 Rest of Latin America
12. Company Profiles
12.1 Enlitic, Inc.
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 General Vision, Inc.
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 IBM Corporation
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Google Inc.
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Intel Corporation
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Microsoft Corporation
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Next IT Corporation
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 iCarbonX
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Welltok, Inc.
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Nvidia Corporation
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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