Artificial Intelligence in Healthcare Market Size to Reach $187.95 Billion by 2030

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According to Precedence Research, the global artificial intelligence in healthcare market size is expected to reach approximately US$187.95 billion by 2030 and increase growth at a CAGR of 37% from 2022 to 2030.

Ottawa, April 11, 2022 (GLOBE NEWSWIRE) — The world artificial intelligence in the healthcare market was valued at US$11.06 billion in 2021. With the introduction of digital technologies in the healthcare sector, it has rapidly gained popularity across the globe. The outbreak of the COVID-19 pandemic has increased the healthcare industry’s reliance on virtual technologies. The emergence of new artificial intelligence and machine learning technology has paved the way for the healthcare industry. Growing volume of patient admissions owing to increasing prevalence of various chronic diseases and rapid growth of geriatric population across the globe is fueling the growth of AI in the healthcare market.

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Furthermore, the growing initiatives by governments to reduce healthcare costs and provide improved and timely care services to patients are driving the demand for artificial intelligence technology in the healthcare industry across the globe. In several countries like the United States, Australia, and the United Kingdom, the adoption of digital patient health records is mandatory. These health records help medical professionals in the early diagnosis of disease and offer prompt treatment services. Hence, cost effectiveness and time saving are major benefits of adopting AI in healthcare industry, which is significantly driving the growth of artificial intelligence in healthcare market across the globe .

Scope of the Artificial Intelligence in Healthcare Market

Report Attributes

Details

Market size in 2021

$11.06 billion

Growth rate from 2022 to 2030

37% CAGR

The biggest market

North America

Fastest growing region

Asia Pacific

Companies covered

Intel, Koninklijke Philips, Google, Microsoft, IBM, Siemens Healthineers, Nvidia, General Electric Company, Micron Technology, Amazon Web Services, Johnson & Johnson, Medtronic, General Vision, CloudmedX, Oncora Medical, Enlitic, Lunit

Report Highlights

  • Based on components, software is the leading and fastest growing segment in the global AI in healthcare market. Software is a major component of AI systems and its increased adoption by healthcare providers, payers and patients has led to the dominance of this segment.

  • By application, the virtual assistant segment is expected to exhibit the highest CAGR during the forecast period. Elimination of human errors, time saving, and accurate results are the key features of AI-based virtual assistants that are expected to drive the growth of this segment in the coming years.

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Regional overview

North America was the leading market for artificial intelligence in the healthcare market, which accounted for more than 58% of the market share in 2020. The adoption of innovative and digital technologies in the healthcare sector in North America is higher than any other region. High healthcare expenditures, increased number of hospital admissions, higher prevalence of chronic diseases and favorable government policies are the major growth drivers for the AI ​​in healthcare market in North America . The presence of developed healthcare infrastructure, coupled with growing investment in telecommunications and IT infrastructure, drives the adoption of artificial; intelligence technology. North America is home to several major market players such as Google, Intel, Microsoft, General Electric Company, Amazon Web Services, and IBM who are playing an outstanding role in the growth of the North America healthcare AI market health.

Asia-Pacific is expected to be the most lucrative and opportunistic market during the forecast period. The increase in government investment in the development of smart hospitals, the development of IT and telecommunications infrastructure, the growing number of multi-specialty hospitals, the increase in business investment in the digitization of the health sector and the increase in the patient pool. The increasing prevalence of chronic diseases and the increase in the elderly population in the region lead to a higher number of hospital admissions, which generates a huge volume of data. The adoption of AI in healthcare will help hospitals deliver improved and timely care services to patients, which will reduce the burden on hospitals.

RECENT DEVELOPMENTS

  • In August 2021, Philips launched its two HealthSuite solutions to facilitate the integration of IT into healthcare systems.

  • In April 2021, Nvidia released its A10 and A30 GPUs for application in enterprise servers. Morpheus is another system launched by Nvidia that allows cybersecurity developers to determine cyber breaches chasing AI technology.

Market dynamics

Driver

Lower material costs and improved calculation

GPU and CPU manufacturers such as Nvidia, Intel, Huawei, and Samsung have invested heavily in developing AI-enabled chipsets. In addition, they have also developed field-programmable gate arrays and application-specific integrated circuits compatible with artificial intelligence technology. These AI-enabled chipsets can easily integrate with AI and the computing functions can be improved. Technological advances in hardware manufacturing have led to lower costs. Hence, falling hardware costs and development of AI-enabled chipsets are expected to be the major drivers for AI in the healthcare market during the forecast period.

Detention

Reluctance to adopt AI technology

The misconception among healthcare professionals/doctors that AI will replace doctors in the future makes them reluctant to adopt AI-based tools in treating patients. The growing adoption of digital health technologies among consumers has forced medical professionals to embrace digital technologies, and misconceptions among physicians may be a drag.

Opportunity

Development of a human-aware artificial intelligence system

The main goal of AI development was to develop a model that could match human thinking. AI developers focus on developing human-aware artificial intelligence systems. Increase in investments in improving the interaction, presentation and interpretation of AI systems is expected to offer lucrative growth aspects for market players and facilitate more automated and improved services in the industry. health.

Challenge

Data Privacy and cyber security

Growing technological advancements have led to the emergence of various threats such as cybersecurity and data privacy. The increasing number of cyberattacks can lead to financial losses for care units and can also put the patient’s life at risk. Hence, data privacy and cyber security are the major issues or challenges faced by market players.

Market segmentation

By component

By request

By technology

Per end user

By geography

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