The global artificial intelligence in healthcare market was valued at around US$ 7.0 Billion at the end of 2021. The market is projected to register a 38.5% CAGR and top a valuation of US$ 181.8 Billion by 2032.
The market for artificial intelligence in healthcare is likely to thrive as a result of the need to reduce rising healthcare costs and the growing shortage of care providers.
Artificial intelligence (AI) is used in healthcare to interpret and analyze data in order to perform clinical diagnoses and propose suitable treatment strategies for a condition. It analyses disease patterns and symptoms using a variety of technologies and advanced algorithms while also giving healthcare professionals improved direction, criticism, and support. In addition, AI-powered systems can analyze healthcare data through wearable smart devices, offer patients digital and virtual consultations, and provide drug formulation and management services.
| Attributes | Details |
|---|---|
| Artificial Intelligence in Healthcare Market Value in 2021 | US$ 7.0 Billion |
| Artificial Intelligence in Healthcare Market Value in 2032 | US$ 181.8 Billion |
| Artificial Intelligence in Healthcare Market CAGR (2022 to 2032) | 38.5% |
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One of the key factors driving the market's advancement is the growing use of robots in surgical and rehabilitation treatments in the healthcare sector. Neurological, orthopedic, and laparoscopic minimally invasive (MI) surgery can be successfully carried out by robots. Additionally, the market is benefiting from the growing trend of digitization and automation in the healthcare sector. AI is being used in a variety of medical systems and gadgets to facilitate and secure data handling. Additionally, this helps to produce patient-specific data that is used to provide specialized pharmaceutical and diagnostic services.
The aging population and their increased dependency on healthcare services are other factors driving the market. Most elderly care products now use AI, including smart devices for aged care, fall detection, and virtual companions. While industrial robots are utilized in healthcare facilities to carry out numerous everyday activities, these empathetic robots may also care for patients who are physically and mentally challenged.
Due to improvements in healthcare IT infrastructure, rising healthcare expenses, and broad adoption of AI/ML technologies, North America dominated the AI in healthcare market and accounted for the major revenue share.
The market is expanding in Europe due to rising awareness of the use of AI-based technologies and increasing demand for value-based services.
Over the projection period, the Asia Pacific region is expected to have profitable growth. This growth rate is due to the fast technological advancements and development as well as ventures concentrating on AI-based healthcare technology.
Principal Consultant
Amazon Web Services Inc., Cloudmedx Inc., DeepMind, Enlitic Inc., General Vision Inc., Google Inc., International Business Machines, iCarbonX, Intel Corporation, Medtronic, Micron Technology Inc., Microsoft Corporation, Nuance Communications Inc., Nvidia Corporation, Seimens Healthcare, and Welltok Inc.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 38.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2012 to 2021 |
| Forecast Period | 2022 to 2032 |
| Qualitative Units | Revenue in USD Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends |
| Segment Covered | Offering, Technology, Application, End User, Region |
| Region Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Players | Amazon Web Services Inc.; Cloudmedx Inc.; DeepMind; Enlitic Inc.; General Vision Inc.; Google Inc.; International Business Machines; iCarbonX; Intel Corporation; Medtronic; Micron Technology Inc.; Microsoft Corporation; Nuance Communications Inc.; Nvidia Corporation; Siemens Healthcare and Welltok Inc. |
| Customization | Available Upon Request |
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The global artificial intelligence in healthcare market is anticipated to register a CAGR of 38.5% during the forecast period.
The top players in the global artificial intelligence in healthcare market are Amazon Web Services Inc., Cloudmedx Inc., DeepMind, Enlitic Inc., General Vision Inc., Google Inc., International Business Machines, iCarbonX, Intel Corporation, Medtronic, Micron Technology Inc., Microsoft Corporation, Nuance Communications Inc., Nvidia Corporation, Seimens Healthcare, and Welltok Inc.
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