What Fueled The Previous Growth In The Artificial Intelligence AI in Hospital Management Market?
The artificial intelligence ai in hospital management market has seen considerable growth due to a variety of factors.
• The market size for artificial intelligence (AI) in hospital management has experienced a fast-paced expansion in the recent past. The market valuation is expected to rise from $3.32 billion in 2024 to $3.94 billion by 2025, demonstrating a compound annual growth rate (CAGR) of 18.8%.
The historical growth surge is linked to several factors such as reductions in hardware prices, escalation in the number of AI-oriented startups, enhancements in healthcare IT infrastructure, amplification of government initiatives, and the growth of telemedicine.
How Does the Forecast Look for the Artificial Intelligence AI in Hospital Management Market Size In The Coming Years?
The artificial intelligence ai in hospital management market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for artificial intelligence (AI) in hospital management is projected to experience substantial growth. It is anticipated to expand to a value of $7.77 billion by 2029, with a compound annual growth rate (CAGR) of 18.5%.
Key factors contributing to this growth during the forecast period include the increasing necessity to reduce healthcare expenses, enhance patient results, minimize medical mistakes, heightened recognition of fraudulent activities and billing discrepancies by AI, and the proficiency of AI to simplify clinical trial procedures. Noteworthy trends during the prediction period are the integration of AI with imaging devices, predictive analytics, deployment of AI-driven virtual assistants, execution of real-time analytics, and utilization of AI-empowered wearable devices.
What Are The Leading Drivers Of Growth In The Artificial Intelligence AI in Hospital Management Market?
The increasing utilization of remote patient monitoring systems is anticipated to fuel the expansion of the artificial intelligence (AI) in hospital management market in the future. A remote patient monitoring system is a technology-driven method that enables healthcare providers to persistently monitor and manage a patient's health records remotely. Such a system improves patient care with real-time data, prompt interventions, and heightened involvement. AI in hospital management furthers remote patient monitoring by offering advanced data analysis, predictive insights, and custom treatment suggestions that better patient results and operational productivity. For instance, according to a recent poll, Vivalink, a US-based healthcare technology company, stated that 81% of clinicians currently use RPM on patients (a surge from 20% in 2021), indicating a 305% growth. Additionally, 84% of all individuals who already use RPM intend to boost their usage in 2024. Therefore, the rising utilization of remote patient monitoring systems is propelling the artificial intelligence (AI) in the hospital management market.
How Are The Segments Defined Within The Global Artificial Intelligence AI in Hospital Management Market?
The artificial intelligence (AI) in hospital management market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Technology: Computer Vision, Context-Aware Computing, Machine Learning, Natural Language Processing
3) By Deployment: Cloud-Based, On-Premises
4) By Application: Patient Care Management, Administrative Processes, Diagnostic Imaging And Radiology, Drug Discovery, Other Applications
5) By End-User: Healthcare Payers, Hospital And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Other End-Users
Subsegments:
1) By Software: AI-Based Clinical Decision Support Systems (CDSS), Patient Management Software, Medical Imaging Software, Natural Language Processing (NLP), Administrative Software, Population Health Management Software, AI-Driven Cybersecurity Tools
2) By Hardware: AI Servers, Wearables and IoT Devices, Medical Imaging Devices, Robotics Systems, AI Chips and Processors, Healthcare Robotics Hardware
3) By Services: AI Consulting Services, AI System Integration Services, AI Maintenance and Support Services, AI Training and Education Services, Managed AI Services, Analytics as a Service (AaaS)
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How Are New Trends Expected To Influence The Growth Of The Artificial Intelligence AI in Hospital Management Market?
Primarily, organizations engaged in the hospital management market employing artificial intelligence (AI) are designing AI-facilitated platforms to boost precision and efficacy in patient care, administrative tasks, and hospital functions. AI-facilitated platforms employ AI to examine data and automate procedures, aiding hospital administration in augmenting patient care, operational effectiveness, and decision-making. For example, ZS Associates, a management consulting services firm from the US, introduced ZAIDYN Connected Health in October 2023. This AI-driven platform elevates patient engagement and ameliorates health outcomes through personalized interventions and insight from data. The solution offers three main components: health insights, patient engagement, and connected research, which collectively aim to meet unmet needs and optimize care.
Who Are the Key Players In The Artificial Intelligence AI in Hospital Management Market?
Major companies operating in the artificial intelligence (AI) in hospital management market are:
• Google LLC
• McKesson Corporation
• Microsoft Corporation
• Amazon Web Service
• Johnson & Johnson Services Inc.
• Intel Corporation
• Accenture plc
• International Business Machines Corporation
• Oracle Corporation
• Medtronic plc
• SAP SE
• Micron Technology Inc.
• Nvidia Corporation
• Capgemini SE
• Siemens Healthineers AG
• Cognizant Technology Solutions Corporation
• Koninklijke Philips N.V.
• GE HealthCare Technologies Inc.
• Zebra Medical Vision
• Infor Inc.
• Change Healthcare
• Epic Systems Corporation
• Nuance Communications Inc.
• Veradigm Inc.
• Corti ApS
What Is The Most Dominant Region In The Artificial Intelligence AI in Hospital Management Market?
North America was the largest region in the artificial intelligence (AI) in hospital management market in 2024. The regions covered in the artificial intelligence (AI) in hospital management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
