AI In Healthcare Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Application (Virtual Assistants, Connected Machines), By Region, And Segment Forecasts, 2024 - 2030
AI In Healthcare Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Application (Virtual Assistants, Connected Machines), By Region, And Segment Forecasts, 2024 - 2030
AI In Healthcare Market Growth & Trends
The global AI in healthcare market size is expected to reach USD 208.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 36.4% from 2024 to 2030. Growing demand for personalized medicine, rising demand for value-based care, growing datasets of patient health-related digital information, advancements in healthcare IT infrastructure, penetration of smartphones, improved internet connectivity, and shortage of care providers are propelling market growth.
In addition, changing lifestyles, growing geriatric population, and rising prevalence of chronic diseases have contributed to the need for faster and more accurate disease detection and enhanced understanding of diseases in the early stage, thereby driving the adoption of technologies based on Artificial Intelligence (AI) in healthcare. COVID-19 positively impacted the adoption of AI-based technologies and unveiled the potential they hold. Healthcare systems began adopting AI-based technologies for faster and early diagnosis & detection of diseases and quicker & accurate clinical trials.
Furthermore, AI-based technologies were implemented in virtual assistants, robot-assisted surgeries, claims management, cybersecurity, and patient management. AI algorithms were trained with patient health datasets to optimize the diagnosis and detection of diseases at an early stage, to begin with an optimum treatment regime. Supportive government initiatives, growing number of investments from private investors and venture capitalists, and emergence of AI-specialized startups globally are driving the market growth. Software solutions dominated in 2023, owing to its rising adoption rates in healthcare systems and growing penetration of these technologies in various applications.
The clinical trials segment dominated in 2023, owing to the adoption of these technologies in clinical trial designing, study adherence, patient recruitment, and minimized patient dropout. The North America region dominated in 2023, owing to the availability of optimum IT infrastructure, technological literacy, presence of key players & local developers, and lucrative funding options. Key players are focusing on devising innovative product development strategies through mergers & acquisitions and collaborations to expand their product portfolio and cater to larger business geographies.
AI In Healthcare Market Report Highlights
The AI in healthcare market size is anticipated to be estimated at USD 208.2 billion by 2030, owing to growing datasets of patient health-related information, advancing healthcare IT infrastructure, and growing need for accurate and early disease diagnosis
In terms of component, the software solutions segment dominated the global market in 2023 with the largest revenue share of 40.5%. This large share is attributed to the widespread adoption of AI-based software solutions among care providers, payers, and patients
Based on application, the robot assisted surgery segment dominated the market in 2023 with the largest revenue share of 24.5% and it is anticipated to witness the fastest CAGR of 39.2% from 2024 to 2030. The increase in the number of robot-assisted surgeries and rise in investment for development of new AI platforms are among few key factors supporting the penetration of AI in robot-assisted surgeries
Based on region, the North America region dominated the market in 2023, owing to advancements in healthcare IT infrastructure, readiness to adopt advanced technologies, presence of several key players, growing geriatric population, and rising prevalence of chronic diseases
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Chapter 1 Research Methodology & Scope
1.1 Market Segmentation and Scope
1.2 Market Definition
1.3 Research Methodology
1.3.1 Information Procurement
1.3.1.1 Purchased database:
1.3.1.2 GVR’s internal database
1.3.2 Primary Research:
1.4 Research Scope and Assumptions
1.5 List of Data Sources
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Competitive Insights
2.4 Global Artificial Intelligence in Healthcare Snapshot
Chapter 3 Global Artificial Intelligence In Healthcare Market Variables, Trends, & Scope
3.1 Artificial Intelligence In Healthcare Market Lineage Outlook
3.1.1 Parent market outlook
3.1.2 Related/ancillary market outlook
3.2 Penetration and Growth Prospect Mapping
3.3 User Perspective Analysis
3.3.1 Consumer behavior analysis
3.3.2 Market influencer analysis
3.4 List of Key End-users
3.5 Technology Overview
3.6 Regulatory Framework
3.7 Market Dynamics
3.7.1 Market Driver Analysis
3.7.2 Market Restraint Analysis
3.7.3 Industry Challenges
3.8 Global Artificial Intelligence In Healthcare Market Analysis Tools
3.8.1 Industry Analysis - Porter’s
3.8.1.1 Bargaining power of the suppliers
3.8.1.2 Bargaining power of the buyers
3.8.1.3 Threats of substitution
3.8.1.4 Threats from new entrants
3.8.1.5 Competitive rivalry
3.8.2 PESTEL Analysis
3.8.2.1 Political landscape
3.8.2.2 Economic and Social landscape
3.8.2.3 Technology landscape
3.8.2.4 Legal landscape
3.8.2.5 Technology landscape
3.9 Major Deals & Strategic Alliances Analysis
3.9.1 Joint Ventures
3.9.2 Mergers & Acquisitions
3.9.3 Licensing & Partnership
3.9.4 Technology Collaborations
3.10 Impact of COVID-19 Pandemic on Artificial Intelligence In Healthcare Market