AI in Healthcare Market exhibiting CAGR of 36% from 2023 to 2032, owing to growing importance of big data in healthcare | insightSLICE
The size of the global market for AI in Healthcare was estimated at US$ 9.3 billion in 2021 and is projected to increase at a CAGR of 36% from 2023 to 2032.
AI in healthcare is revolutionizing how diagnoses and treatments are carried out. Artificial intelligence-based software solutions are being developed by market participants to evaluate data or images. AI is used to diagnose illnesses such as cancer, heart attack, and organs afflicted by the coronavirus.
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The key players of the Global AI in Healthcare Market are:
Key players present in the global Healthcare AI market include Intel Corporation, DeepMind Technologies Limited, IBM Corporation, NVIDIA Corporation, Nuance Communications, Inc., and Microsoft Corporation.
Driving factors for the growth of Global AI in Healthcare Market
The healthcare market’s adoption of AI is being driven by an increase in demand for medical data management. New business prospects are being created by the rising frequency of patient data processing using the database to predict treatment.
The market for AI in healthcare is being driven by an increase in big data in healthcare as a result of the rise in chronic patients globally. Various technologies are being developed by industry players to analyze CT scans, MRIs, and X-rays to aid clinicians in making decisions about diagnosis and therapy.
The industry’s top companies are concentrating on business expansion through strategic alliances in the form of acquisitions and mergers. which would be expected to hasten market competition.
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Global AI in Healthcare Market Key Segments:
By Component:
- Hardware
- Software
- Services
By Application:
- Virtual Assistants
- Robot Assisted Surgery
- Connected Machines
- Diagnosis
- Clinical Trials
- Others
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global AI in Healthcare Market
The rising use of AI for surgical assistance is projected to dominate AI in healthcare during the projected timeline:
In regards to revenue, the software component of AI in healthcare made up about 55% of the overall market in 2019 and is expected to continue to hold a dominant position over the course of the forecast period. Additionally, the growing use of virtual assistants is anticipated to improve healthcare in emerging nations, which will further the development of AI globally in the healthcare sector.
Robotic surgeries are expected to grow at faster pace:
Robot-assisted surgery is predicted to increase at a CAGR of 40.5% and 39.7% in terms of revenue and volume, respectively, over the forecast period, making it the fastest-growing use of AI in healthcare.
The market for connected machines in healthcare generated US$ 1.3 billion in revenue in 2019 and is projected to increase significantly over the next five years.
The demand for hardware and systems with AI capabilities is increasing as the healthcare infrastructure is transformed. which has increased the demand for AI in healthcare throughout the world.
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North and South America lead the use of AI in healthcare:
In terms of revenue and volume, North America accounted for the largest portion of the global AI in the healthcare market in 2019. In 2019, North America made up US$ 2.3 billion of the global market for AI in healthcare, thanks to significant demand from leading Asian nations for the solutions.
Growing chronic sickness rates and a growing geriatric population in North America are encouraging the use of AI-integrated products and solutions. In terms of revenue, South America contributed 8.6% to the worldwide AI in the healthcare market in 2019.
In the upcoming years, it is projected that rising investments in telecom and healthcare infrastructure will propel the expansion of South American AI in the healthcare market.
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