Artificial Intelligence in Healthcare Market is Estimated to Witness High Growth Owing to Rising Investments in R&D

 
Artificial Intelligence in Healthcare Market

Artificial intelligence (AI) in healthcare involves the simulation of human intelligence processes by machines, especially computer systems, to analyze complex medical and health data and provide clinical support. AI is revolutionizing many areas of healthcare including drug discovery, precision medicine, disease diagnosis, disease prediction, reducing healthcare costs and clinical research. It has applications in medical imaging for diagnostic assistance, detecting cancer, drug discovery, clinical trials, precision medicine, therapy planning and genomic analysis. AI is helping radiologists in medical imaging with advantages like analyzing large volumes of data, detecting subtle changes, improving accuracy and reducing errors.

Global artificial intelligence in healthcare market is estimated to be valued at USD 20.81 Bn in 2024 and is expected to reach USD 205.12 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 38.7% from 2024 to 2031.

Key Takeaways
Key players operating in the artificial intelligence in healthcare market are IBM Corporation, Google LLC, Medtronic Plc, Koninklijke Philips N.V., Nvidia Corporation, Microsoft Corporation, iCarbonX, CloudMedx Inc., Atomwise Inc., and Next IT Corporation. These players are focusing on developing advanced AI solutions and collaborating with hospitals, research centers, pharmaceutical companies and start-ups to strengthen their presence in the market.

The key opportunities in the Artificial Intelligence In Healthcare Market Size include scope for AI in personalized medicine, drug discovery and precision therapy. AI can help develop personalized treatment plans based on individual patient's medical records, genetics and lifestyle. It also has potential to accelerate drug discovery by analyzing huge amounts of chemical and biological data to identify potential drug candidates. AI assisted surgery is also gaining traction with advantages like improved accuracy and minimal invasive procedures.

Globally, North America dominates the artificial intelligence in healthcare market due to large presence of key players, increasing investments and favorable government initiatives for startups. However, Asia Pacific region is expected witness highest growth owing to rising healthcare expenditure, growing geriatric population, increasing adoption of advanced medical technologies and government focus on developing healthcare infrastructure and facilities.

Market drivers
The major driver for artificial intelligence in healthcare market is rising investments in R&D of AI based medical technologies by companies, hospitals and research institutes. Government funding and initiatives like AI assistant projects are also fueling the adoption of AI. Growing volume and complexity of medical image data along with need for improved outcomes and reduced healthcare costs further propel the demand for AI algorithms and solutions. Integration of AI with wearable devices, smartphones and IoT provides opportunities to monitor patients remotely and deliver cost-effective care.


PEST Analysis
Political: Government initiatives and funding for AI research are driving growth. Regulations around data privacy and security will affect adoption.
Economic: Growing healthcare costs are increasing interest in AI solutions that can improve outcomes and lower costs. COVID-19 has increased focus on healthcare.
Social: Consumers are more open to new technologies in healthcare due to COVID-19. Privacy concerns exist around use of personal data. Adoption depends on trust in AI benefits.
Technological: Advancements in machine learning, data analytics, and computing power enable new applications of AI in medical imaging, diagnostics, drug discovery, and care delivery. Interoperability of technologies impacts market.

The United States represents the largest value share region for the artificial intelligence in healthcare market owing to presence of major players and higher technology adoption compared to other regions. North America has consistently invested in development of advanced AI technologies along with supporting infrastructure and workforce.

Asia Pacific is projected to record the fastest growth during the forecast period. Presence of developing economies like China and India, focus on digitization of healthcare, growing medical tourism, and increasing disposable incomes are factors driving the AI in healthcare market in Asia Pacific. Investments from technology companies to develop customized AI solutions for regional needs will boost market growth.

Some major geographical regions where artificial intelligence in healthcare market is concentrated in terms of value are United States, Western Europe countries like Germany, France, and United Kingdom. The fastest growing regional market for artificial intelligence in healthcare is expected to be Asia Pacific countries like China and India.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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