Artificial Intelligence in Healthcare Market Analysis | 2023-2028

Market Insights

The artificial intelligence in healthcare market was estimated at USD 10.43 billion in 2022 and is likely to grow at a CAGR of 44.99% during 2023-2028 to reach USD 98 billion in 2028.

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Market Dynamics

Introduction

Artificial Intelligence (AI) in healthcare is revolutionizing the industry by enhancing diagnostic accuracy, streamlining operations, and improving patient outcomes. Leveraging advanced algorithms, machine learning, and natural language processing, AI assists in early disease detection, personalized treatment plans, and efficient drug development. From AI-powered diagnostic imaging to robotic surgeries and virtual health assistants, its applications span a wide range of medical fields. AI also enhances administrative processes, such as medical record management and workflow optimization. By reducing human error and increasing efficiency, AI is driving the transition towards a more precise, cost-effective, and patient-centered healthcare system, reshaping the future of medicine.

COVID-19 Impact 

The COVID-19 outbreak positively impacted the growth of artificial intelligence in the healthcare market as there was a shortage of skilled workers in some healthcare organizations. It helped provide virtual assistance to patients and healthcare professionals in surgeries.

Market Drivers 

Rising venture capital investments to promote the development of AI-based tool is likely to drive market growth.

• The growth of global artificial intelligence in the healthcare market is primarily driven by the increasing usage of big data analytics in healthcare.
• Increasing collaborations by the market players with hospitals are also expected to add to the market growth significantly.
• Furthermore, the growing adoption of AI in hospitals to provide improved healthcare services is projected to create significant growth opportunities for the players operating in the global artificial intelligence in the healthcare market over the forecast period.

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Market Opportunities

Artificial Intelligence methods based on deep learning have shown potential in medical diagnostics, boosting confidence in the medical community, and providing responses to research needs. The growing demand for personalized medicine, reduced care costs, and personalized care are driving market development. The global geriatric population, changing lifestyles, and chronic disease prevalence also contribute to increased demand for early-stage disease diagnosis.

Technological advancements in AI for the healthcare industry

Technological advancements in healthcare are paving the way for market growth. Cloud computing, combined with AI systems, offers scalable and cost-effective storage and processing for AI applications. IoT devices, like wearable health trackers, can be integrated with AI to analyze continuous data, detect anomalies, predict health issues, and improve patient outcomes.

Challenges: Insufficient curated healthcare data

The performance of artificial intelligence in healthcare market algorithms relies heavily on the quality and availability of data. Limited access to data in healthcare creates barriers for AI in the market. Medical professionals often prefer incomplete data collection due to interruptions in workflow. Electronic healthcare record (EHR) systems are often incompatible with government-certified providers, leading to localized data collection instead of integrating patients' medical histories across providers.

Key Players

The following are the key players in the artificial intelligence in healthcare market:

• Microsoft Corporation (The U.S),
• Nuance Communications, Inc. (The U.S),
• IBM Corporation (The U.S),
• NVIDIA Corporation (The U.S),
• Intel Corporation (The U.S),
• DeepMind Technologies Limited (UK),
• General Electric Company (The U.S),
• Google LLC (The U.S),
• Siemens Healthineers AG (Germany),
• Micron Technology, Inc. (US),
• Koninklijke Philips N.V. (Netherlands), and
• General Vision, Inc. (US).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

"The clinical trials segment share >20% in 2022".

The market has been segmented into robot-assisted surgery, virtual assistants, connected machines, diagnosis, clinical trials, and others. The clinical trials segment share >20% in 2022. The segment growth can be attributed to the increasing integration of artificial intelligence in clinical trial processes to save time and effort.

Regional Analysis

"North America accounted for the largest market share of >55% in 2022".

Geographically, the market in North America accounted for the largest market share of >55% in 2022 and is expected to continue its dominance over the forecast period owing to the increasing adoption of technologically advanced healthcare solutions and increasing investment in R&D activities in the healthcare sector.

The market in the Asia-Pacific region is projected to register the fastest growth during the review period on account of increasing investment in the development of advanced healthcare infrastructure and government support to promote the usage of AL-based tools in the healthcare sector.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s artificial intelligence in healthcare market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The artificial intelligence in healthcare market is segmented into the following categories:

By Component Type

• Hardware
• Software
• Service

By Technology Type

• Machine Learning
• Natural Language Processing
• Computer Vision
• Context-Aware Processing

By Application Type

• Robot-Assisted Surgery
• Virtual Assistants
• Connected machines
• Diagnosis
• Clinical trials
• Others

By End-User Type

• Healthcare Providers
• Pharmaceutical & Biotechnology Companies
• Patients
• Healthcare Payers

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.