Global Artificial Intelligence in Healthcare Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
16 Mar, 2023
The global artificial intelligence in healthcare market size grew from $10.13 billion in 2022 to $12.53 billion in 2023 at a compound annual growth rate (CAGR) of 23.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The artificial intelligence in healthcare market size is expected to grow to $70.99 billion in 2027 at a CAGR of 54.3%.
Global Artificial Intelligence in Healthcare Market Key Driver
The increase in the adoption of precision medicine is one of the driving factors of artificial intelligence in the healthcare market. Precision medicine uses information about an individual's genes, environmental and lifestyle changes to design and improve the diagnosis and therapeutics of the patient. It is widely used for oncology cases, and due to the rising prevalence of cancer and the number of people affected by it, the demand for AI in precision medicine will increase going forward. According to research published in the Lancet Oncology, the global cancer burden is set to increase by 75% by 2030.
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Global Artificial Intelligence in Healthcare Market Segments
The global artificial intelligence in healthcare market is segmented:
• By Offering: Hardware, Software
• By Algorithms: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
• By Application: Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis
• By End User: Hospitals and Diagnostic Centers, Pharmaceutical and Biopharmaceutical Companies, Healthcare Payers, Patients
• By Geography: The regions covered in the artificial intelligence in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global artificial intelligence in healthcare market.
Major Artificial Intelligence in Healthcare Industry Players
Intel Corporation, Nvidia Corporation, IBM Corporation, Microsoft Corporation, Google Inc., Welltok Inc., General Vision Inc., General Electric Company
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Artificial Intelligence in Healthcare Market Overview
AI in healthcare refers to the use of machine learning and cognitive algorithms for treatment techniques and patient outcomes. AI is applied in various healthcare practices, such as medical diagnostics, drug discovery, clinical trials, pain management, and improving patient outcomes.
Artificial Intelligence in Healthcare Global Market Report 2023 provides data on the global artificial intelligence in healthcare market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial intelligence in healthcare market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.