Artificial Intelligence in Healthcare Market by Technology (Computer Vision, Context-Aware Computing, Machine Learning), Offering (Hardware, Services, Software), Application, End User - Global Forecast 2024-2030

Artificial Intelligence in Healthcare Market by Technology (Computer Vision, Context-Aware Computing, Machine Learning), Offering (Hardware, Services, Software), Application, End User - Global Forecast 2024-2030

The Artificial Intelligence in Healthcare Market size was estimated at USD 25.91 billion in 2023 and expected to reach USD 32.48 billion in 2024, at a CAGR 26.95% to reach USD 137.74 billion by 2030.

Artificial intelligence (AI) in healthcare represents a collection of multiple technologies enabling machines to sense, comprehend, act, and learn so that they can perform administrative and clinical healthcare functions. It includes algorithms and models that are capable of processing medical data, predicting outcomes, aiding in precision medicine, and personalizing patient care. Major factors driving the expansion of AI in healthcare are the massive growth of healthcare data, the need to reduce escalating healthcare costs, advancements in computing power, and the improvement in AI algorithms. These factors contribute to enhancing the efficiency of treatments, drug discovery, and patient care management. However, data security concerns, the risk of privacy breaches, and the requirement for substantial investment in AI infrastructure impede their wide deployment. To address these issues, robust cybersecurity measures, transparent governance of AI algorithms, ongoing staff training, and the ethical design of AI systems are essential. The market is expected to witness significant growth by leveraging AI for telemedicine advancements, predictive analytics, the development of personalized treatment plans, and the integration of AI with emerging technologies such as genomics and the Internet of Medical Things (IoMT).

Regional Insights

In the Americas, especially the United States, there is a booming market for AI in healthcare, driven by heavy investments in technology, a vibrant startup ecosystem, and policy initiatives encouraging digital health innovation. The U.S. is a pioneer in AI-driven diagnostics, remote monitoring, and personalized medicine, with tech giants and specialized AI healthcare companies pushing advancements. The APAC region, led by countries such as China and Japan, is rapidly embracing AI, with significant government backing for healthcare technology innovation. The focus on use tends toward large-scale population health initiatives and disease pattern analysis, given the vast population and the drive towards improving healthcare accessibility. Production is increasingly robust in APAC, with a surge in homegrown startups and expanded R&D centers from global companies. Europe leads in regulatory frameworks with GDPR impacting AI deployment, whereas the Middle East shows considerable growth potential with smart hospitals and AI-powered health tools. Africa is still in the early adoption stages, but it shows potential in mobile health AI applications that address infectious diseases and access to medical services. Companies in EMEA are focused on compliance and ethical AI development, with some leading enterprises offering advanced AI-based imaging and health analytics solutions.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Artificial Intelligence in Healthcare Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Rising emphasis on digitalization of health records
• Government initiatives encouraging use of AI in healthcare
• Increasing preference for personalized medicine

Market Restraints

• Technical complications of AI in healthcare

Market Opportunities

• Advancements in AI algorithms and technologies to improve healthcare
• Emerging startup ecosystem with attractive funding potential

Market Challenges

• Data privacy and security concerns

Market Segmentation Analysis

• Technology: Exponential adoption of machine learning patterns for drug discovery and personalized treatment recommendations
• End-User: Increasing utilization of AI for AI for drug discovery and research

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Artificial Intelligence in Healthcare Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Artificial Intelligence in Healthcare Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

GE HealthCare Launches AI-Powered Innovations to Shape the Future of Healthcare

GE HealthCare introduced 19 advanced innovations in AI-enhanced systems, including the Omni Legend PET/CT scanner for impeccable diagnostic accuracy and the patient-centric SIGNA Champion MRI, which are poised to redefine diagnostic processes and patient experiences. Additionally, clinic workflow efficiency is anticipated to soar with GE's Portrait VSM and the portable yet powerful Vscan Air SL for rapid cardiac and vascular assessments.

HEALWELL AI to Acquire Intrahealth to Create Next Generation AI-powered EHR

HEALWELL AI Inc. announced its acquisition of Intrahealth Systems Limited from WELL Health Technologies Corp. With Intrahealth's substantial professional network and its forecast to produce significant revenue and high gross margins in 2024, the acquisition promises to be a transformative combination for delivering advanced clinical decision support and shaping the trajectory of value-based care globally.

HEALWELL AI Completes Acquisition of ‘Pentavere,’ a Healthcare AI and Data Science Company

HEALWELL AI Inc. enriched its portfolio by acquiring a significant stake in Pentavere Research Group Inc., a Toronto-based pioneer in health-tech AI. Through this strategic move, HEALWELL incorporates Pentavere's technology for data abstraction and structuring, reinforcing its mission to enhance preventative care.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Artificial Intelligence in Healthcare Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Artificial Intelligence in Healthcare Market, highlighting leading vendors and their innovative profiles. These include Ada Health GmbH, AiCure, LLC, AllStripes Research Inc., Aspen Technology Inc. by Emerson Electric Co., Atomwise Inc., Augmedix, Inc., Babylon Healthcare Services Ltd., Behold.ai Technologies Limited, Binah.ai, BioSymetrics Inc., BPGbio Inc., Butterfly Network, Inc., Clarius Mobile Health Corp., Clinithink Limited, ClosedLoop.ai Inc., Corti ApS, Cyrcardia Asia Limited, Datature.io, Deep Genomics Incorporated, Diabeloop SA, Enlitic, Inc., GE Healthcare, General Vision Inc., Google, LLC by Alphabet, Inc., iCarbonX, Intel Corporation, International Business Machines Corporation, Koninklijke Philips N.V., Medasense Biometrics Ltd., Microsoft Corporation, Modernizing Medicine, Inc., Nanox Imaging Ltd., NetBase Quid, Inc., Novo Nordisk A/S, NVIDIA Corporation, Oncora Medical, Oracle Corporation, Owkin, Inc., Oxipit.ai, R1 RCM, Inc., Recursion Pharmaceuticals, Sanofi SA, Sensely, Inc., Shanghai Yitu Technology Co., Ltd., Siemens Healthineers AG, SkinvVision B.V., Subtle Medical, Inc., Tempus Labs, Inc., Turbine Ltd., and Woebot Health.

Market Segmentation & Coverage

This research report categorizes the Artificial Intelligence in Healthcare Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Technology
• Computer Vision
• Context-Aware Computing
• Machine Learning
• Natural Language Processing
• Querying Method
• Offering
• Hardware
• Memory
• Network
• Processor
• Application-Specific Integrated Circuit
• Field Programmable Gate Arrays
• Graphics Processing Unit
• Memory Protection Unit
• Services
• Deployment & Integration
• Support & Maintenance
• Software
• Application
• Clinical Trial Participant Identifier
• Cybersecurity
• Drug Discovery
• Emergency Room & Robot-Assisted Surgery
• Fraud Detection
• Healthcare Assistance Robots
• Inpatient Care & Hospital Management
• Lifestyle Management & Monitoring
• Medical Imaging & Diagnostics
• Patient Data & Risk Analysis
• Precision Medicine
• Research
• Virtual Assistant
• Wearables
• End User
• Healthcare Payers
• Hospitals & Providers
• Patients
• Pharmaceutical & Biotechnology Companies
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year