Artificial Intelligence in Healthcare Market - By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), By Region & Global Forecast, 2023 - 2032

Artificial Intelligence in Healthcare Market - By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), By Region & Global Forecast, 2023 - 2032

Healthcare artificial intelligence market is set to experience steady growth through 2032 owing to the increasing adoption of precision medicine. Precision medicine is becoming more popular than intuitive medicine as it is more accessible, simple, and less expensive. This is resulting in increasing usage of AI technology, which will drive the market demand in the upcoming time.

Besides, there has been a favorable funding scenario in Southeast Asian countries like Singapore and China which are slated to drive the industry progression. As reported, the State Council of China aims to make the country the largest center of innovation in the world by 2030. To achieve that goal, the Chinese government has launched different initiatives in the field of AI. Besides, valuable contributions from the Singapore government will also expand the market.

Based on application, the healthcare artificial intelligence market is likely to be characterized by medical imaging & diagnosis. This segment was valued at more than $1.3 billion in 2022 and is projected to foresee appreciable growth in the ensuing years.

In addition, an increasing number of product launches by key participants is bound to positively affect the market growth. To cite an instance, in November 2021, an AI-based brand called Altivity was launched by Canon Medical. Altivity is expected to supply quality images and applications and can lessen the scanning time.

Besides, the hospital workflow segment is set to grow significantly during the estimated timeframe. The increasing cases of chronic and infectious diseases across the world, mainly due to the changing lifestyle of the general populace, is among the major factors, which has fostered the market growth.

In terms of region, the healthcare artificial intelligence market in the Asia Pacific is set to expand significantly owing to the increasing per capita health expenditure and development of the healthcare system. Besides, a growing awareness about human health is clearly visible among the general populace, which will also impact the market growth positively.

In addition, the MEA healthcare artificial intelligence market amassed more than $115 million in 2022, and the trend is likely to be continued over 2023-2032 as well. Some of the major factors which will contribute to the growth in the use of Artificial Intelligence in the healthcare market in the region include a substantial growth in technological innovation and an increase in the usage of big data.

Some of the key players in the healthcare artificial intelligence market include IBM Corporation, Sophia Genetics, AiCure, Atomwise Inc., Insilico Medicine Inc., APIXIO Inc., Cyrcadia Health Inc., NVIDIA Corporation, Butterfly Network Inc, Enlitic, Inc., iCarbonX., Modernizing Medicine, Sens.ly Inc, Virgin plus, Nanox, and more.