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Report Scope & Overview:

The Artificial Intelligence in Healthcare Market Size was valued at USD 14.09 billion in 2022 and is expected to reach USD 187.57 billion by 2030 and grow at a CAGR of 38.2% over the forecast period 2023-2030.

A common definition of artificial intelligence (AI) is the branch of science and engineering used to design intelligent machines, especially intelligent computer programs. Artificial intelligence is defined as an intelligent system that utilizes many functions based on human ingenuity in fields including biology, computer science, mathematics, languages, intelligence, and engineering. These activities include thinking, reading, and problem-solving skills. In the healthcare industry, artificial intelligence is used to investigate the relationship between treatment modalities and patient outcomes.

Artificial Intelligence in Healthcare Market Revenue Analysis

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In the areas of medication management, therapeutic strategies, and drug development, AI has several uses. It is employed in medical procedures such diagnostic procedures, individualised medication, drug development, and patient monitoring care. In order to analyses, understand, and comprehend complicated medical and healthcare data, artificial intelligence (AI) in healthcare refers to the employment of sophisticated algorithms and software that mimic human perception.

Artificial intelligence (AI) is an intelligent system that connects numerous human intelligence-based activities, including such learning, reasoning, and problem-solving services, to diverse fields, including mathematics, biology, engineering, computer science, languages, and psychology. Additionally, drug research and development are more creative, efficient in terms of time and money, and innovative thanks to the integration of artificial intelligence (AI) and machine learning methods in the healthcare sector.

MARKET DYNAMICS

DRIVERS

  • Large-scale and intricate healthcare dataset influx

  • More urgent need to lower healthcare expenses

  • Decreasing hardware costs and increasing computer power

  • Increasing number of alliances and collaborations between various industries in the healthcare industry

  • Growing need for improvised healthcare services as a result of the patient-to-staff ratio being out of balance

RESTRAINTS

  • Medical professionals' reluctance to utilised AI-based technology

  • AI talent shortage and unclear regulatory requirements for medical software

OPPORTUNITIES

  • AI-based tools for caring for the elderly have increasing potential.

  • The focus on creating AI systems that are aware of people is growing.

  • A growing role for AI in genomes, drug discovery, and imaging and diagnostics

CHALLENGES

  • Lack of carefully collected healthcare data

  • worries about the privacy of data

  • Between AI systems provided by various suppliers, there is a lack of compatibility.

IMPACT OF COVID-19

The market has benefitted from Covid-19. Artificial intelligence and machine learning technologies have become more widely used as a result of COVID-19. The epidemic demonstrated the strength and sophistication artificial intelligence can bring to the medical field and totally transform the sector. The increase in hospital patients has resulted in the acceptance and use of robotic surgery assistants, virtual assistants powered by artificial intelligence, inpatient care bots, and many other technologies.

By Offering type

The healthcare provider, pharmaceutical and biotechnology company, patient units, and payers are divided. Artificial Intelligence In Healthcare Market is expected to develop into the largest CAGR during the forecast period, with the leading Healthcare Provider category. The growth of this phase is driven by the benefits of AI programs offered by healthcare providers in diagnostic and treatment management.

By Technology

The healthcare technology marketplace is divided into categories such as machine learning, natural language processing, contextual recognition computer, and computer vision. In-depth reading, supervised reading, enhanced reading, supervised reading, and other categories are categorized into within the machine learning field.

By Application

The market for AI in healthcare is segmented into robot-assisted surgery, virtual nursing assistants, administrative workflow support, fraud detection, dosage error reduction, clinical trial participant identifiers, preliminary diagnoses, and others. Due to a rise in demand for minimally invasive operations, where AI-assisted technologies are frequently used, the robot-assisted surgery category accounted for the largest proportion. The segment with the highest CAGR is anticipated to be dose error reduction.

By End User

The healthcare provider, pharmaceutical and biotechnology company, patient units, and payers are divided. Artificial Intelligence in Healthcare Market is expected to develop into the largest CAGR during the forecast period, with the leading Healthcare Provider category. The growth of this phase is driven by the benefits of AI programs offered by healthcare providers in diagnostic and treatment management.

KEY MARKET SEGMENTATION:

By Offering type

  • Hardware

  • Software

  • Services

By Technology

  • Machine Learning

  • Natural Language Processing

  • Context-aware Computing

  • Computer Vision

By Application

  • Patient Data & Risk Analysis

  • Inpatient Care & Hospital Management

  • Medical Imaging & Diagnostics

  • Lifestyle Management & Monitoring

  • Virtual Assistants

  • Drug Discovery

  • Research

  • Healthcare Assistant Robots

  • Precision Medicine

  • Emergency Room & Surgery

  • Wearables

  • Mental Health

  • Cybersecurity

By End User

  • Hospital & Healthcare Providers

  • Patients

  • Pharmaceuticals & Biotechnology Companies

  • Healthcare Payers

Artificial Intelligence in Healthcare Market Segmentation Analysis

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REGIONAL ANALYSIS

North America holds the highest level of expertise in the healthcare market. These are major factors contributing to the growth of the industry. However, Asia-Pacific is predicted to have a much higher CAGR at the time of forecasting due to increased regional adoption of IT healthcare solutions, increased funding for AI skills development, and greater player collaboration with educational institutions and research institutes. to create high-quality AI algorithms that can be used in the healthcare sector. As an example, Microsoft Corporation and the University of Pittsburgh Medical Center have worked together to provide a visual AI assistant.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

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.

Artificial Intelligence in Healthcare Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 14.09 Billion
Market Size by 2030 US$ 187.57 Billion
CAGR CAGR of 38.2% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Offering type (Hardware, Software, Services)
• By Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision)
• By Application (Patient Data & Risk Analysis, Inpatient Care & Hospital Management, Medical Imaging & Diagnostics, Lifestyle Management & Monitoring, Virtual Assistants, Drug Discovery, Research, Healthcare Assistant Robots, Precision Medicine, Emergency Room & Surgery, Wearables, Mental Health, Cybersecurity)
• By End User (Hospital & Healthcare Providers, Patients, Pharmaceuticals & Biotechnology Companies, Healthcare Payers)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, 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

Frequently Asked Questions

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. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Artificial Intelligence in Healthcare Market Segmentation, By Offering type

8.1 Hardware

8.2 Software

8.3 Services

 

9. Artificial Intelligence in Healthcare Market Segmentation, By Technology

9.1 Machine Learning

9.2 Natural Language Processing

9.3 Context-aware Computing

9.4 Computer Vision

 

10. Artificial Intelligence in Healthcare Market Segmentation, By Application

10.1 Patient Data & Risk Analysis

10.2 Inpatient Care & Hospital Management

10.3 Medical Imaging & Diagnostics

10.4 Lifestyle Management & Monitoring

10.5 Virtual Assistants

10.6 Drug Discovery

10.7 Research

10.8 Healthcare Assistant Robots

10.9 Precision Medicine

10.10 Emergency Room & Surgery

10.11 Wearables

10.12 Mental Health

10.13 Cybersecurity

 

11. Artificial Intelligence in Healthcare Market Segmentation, By End User

11.1 Hospital & Healthcare Providers

11.2 Patients

11.3 Pharmaceuticals & Biotechnology Companies

11.4 Healthcare Payers

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13. Company Profiles

13.1 Enlitic, Inc.

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 General Vision, Inc.

13.3 IBM Corporation

13.4 Google Inc.

13.5 Intel Corporation

13.6 Microsoft Corporation

13.7 Next IT Corporation

13.8 iCarbonX

13.9 Welltok, Inc.

13.10 Nvidia Corporation.

 

14. Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share Analysis

14.3 Recent Developments

 

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

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This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

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