Artificial Intelligence in Healthcare Market Report Scope & Overview:

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.

Artificial Intelligence in Healthcare Market Revenue Analysis

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  • 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.


  • 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.


  • 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.


  • 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.

Impact of Russia-Ukraine War

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.

Impact of Economic Slowdown

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.

Market segmentation

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

  • Fraud Detection

  • 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


  • 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.

Google Inc-Company Financial Analysis

Company Landscape Analysis

Recent Developments:

  • 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.

Artificial Intelligence in Healthcare Market Report Scope:
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

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.


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 Poland Romania Hungary Turkey Rest of Eastern Europe

11.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria 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 UAE Egypt Saudi Arabia Qatar Rest of the Middle East

11.5.2 Africa Nigeria South Africa 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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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

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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

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Data Bank Validation

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