Artificial Intelligence in Healthcare Market Forecasts to 2030 – Global Analysis By Offering (Hardware, Software, Services and Other Offerings), Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision and Other

Artificial Intelligence in Healthcare Market Forecasts to 2030 – Global Analysis By Offering (Hardware, Software, Services and Other Offerings), Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision and Other Technology), Application, End User and By Geography

According to Stratistics MRC, the Global Artificial Intelligence in Healthcare Market is accounted for $20.87 billion in 2023 and is expected to reach $175.00 billion by 2030 growing at a CAGR of 35.5% during the forecast period. Artificial intelligence (AI) is defined as the study of intelligent agents, i.e., any agent or tool that has the ability to comprehend and grasp its environment and, as a result, to determine the appropriate course of action to increase its chances of succeeding. AI also refers to situations in which machines can mimic the learning and problem-solving processes of the human brain.

According to the statistics published by the CI security, data breaches in the healthcare industry increased by around 36.0% in the second half of 2020. This revealed that around 21.3 million patient records were hampered.

Market Dynamics

Driver

Growing healthcare data

Electronic health records, medical equipment, wearable sensors, and genomics are just a few of the sources of the data explosion in the healthcare sector. This flood of data contains a wealth of insights that AI is just beginning to unlock. Moreover, AI algorithms can make predictions, find hidden patterns in this data, and assist healthcare professionals in making decisions that are supported by the best available evidence.

Restraint

Data security and privacy issues

Data security and privacy are of utmost importance in the healthcare industry because of the sensitive patient data that is handled there. Additionally, an increased risk of data breaches, which could potentially harm patients and have legal repercussions, exists as AI systems become more dependent on access to large volumes of patient data. It's difficult to balance providing AI with access to data while maintaining strict data security protocols.

Opportunity

Remote monitoring and telemedicine

AI facilitates the growth of telemedicine and remote patient monitoring, which have become more popular, particularly during the COVID-19 pandemic. Furthermore, AI-powered virtual healthcare platforms make it possible to manage chronic diseases, monitor symptoms, and conduct remote consultations, ensuring continuity and accessibility of care, especially for people living in rural or remote areas.

Threat

Threats to data privacy and security

Healthcare organizations are attractive targets for cyber attacks as they gather enormous amounts of private patient data. Patient confidentiality may be violated, patient records may be compromised, and identity theft may occur as a result of data breaches and security breaches. However, to lessen these risks, it is essential to maintain strong data security procedures, encryption, and regulatory compliance.

Covid-19 Impact

The COVID-19 pandemic has significantly altered healthcare priorities and accelerated the adoption of technology, including artificial intelligence. Increased investments in AI-driven solutions for telemedicine, vaccine development, drug discovery, and pandemic response followed the pandemic's emphasis on the value of effective healthcare delivery, remote monitoring, and quick diagnostics. Moreover, COVID-19 highlighted the potential of AI to improve healthcare resilience, data-driven decision-making, and the development of creative solutions for upcoming healthcare challenges, even though it puts a strain on healthcare resources and supply chains.

The Services segment is expected to be the largest during the forecast period

During the forecast period, it is anticipated that the services segment will hold the largest share. For the successful integration and operation of healthcare IT systems, such as electronic health records (EHRs), telemedicine platforms, and artificial intelligence applications, a wide range of services, including consulting, implementation, maintenance, and support services, are required. Additionally, services are essential for assisting healthcare providers to make the most of their technology investments, ensure regulatory compliance, and deliver high-quality patient care in an environment where healthcare is becoming more and more digitized.

The Precision Medicine segment is expected to have the highest CAGR during the forecast period

The artificial intelligence market in healthcare is seeing the highest CAGR in the precision medicine segment. Customizing medical care and interventions for each patient based on genetic make-up, way of life and unique health characteristics is known as precision medicine. The development of personalized treatment plans, advances in genomics, and the growing accessibility of patient-specific data have all contributed to the growing popularity of this strategy. Moreover, precision medicine is a focus for research, investment, and innovation in the healthcare sector because it holds the promise of more effective therapies, diminished side effects, and improved patient outcomes.

Region with largest share

The artificial intelligence market in healthcare is anticipated to hold the largest share in the North American region, particularly the United States. Large patient populations, a thriving pharmaceutical industry, significant investments in medical research and technology, and a well-developed healthcare infrastructure are just a few examples of the factors that contribute to this dominance. Additionally, the area has also led the way in implementing healthcare IT solutions, such as telemedicine and electronic health records (EHRs), which has helped it gain market share. The continued advancements and investments in healthcare technology and services will probably maintain this region's prominence.

Region with highest CAGR

In the global healthcare market, the Asia-Pacific region is anticipated to hold the highest CAGR. This rapid growth is caused by a number of variables, including rising healthcare costs, an aging population, an increase in the prevalence of chronic diseases, and increased access to healthcare services. Furthermore, the Asia-Pacific region is also heavily investing in healthcare infrastructure, medical technologies, and digital health solutions, making it a hub for market growth and healthcare innovation.

Key players in the market

Some of the key players in Artificial Intelligence in Healthcare market include Micron Technology Inc., Allscripts Healthcare Solutions, Inc., Medtronic, Enlitic Inc., Google Inc., General Vision, Inc., General Electric Company, Intel Corporation, Amazon Web Services Inc., Nuance Communications Inc., DeepMind Technologies Limited, Next IT Corporation, Koninklijke Philips N.V, Johnson & Johnson Services, Inc, Cloudmedx Inc., IBM Corporation, NVIDIA Corporation, Microsoft Corporation, Hewlett Packard Enterprise Company, Siemens Healthcare and Welltok, Inc.

Key Developments

In May 2023, Medtronic plc, a global leader in healthcare technology, today announced it has entered into a set of definitive agreements to acquire EOFlow Co. Ltd., manufacturer of the EOPatch® device — a tubeless, wearable and fully disposable insulin delivery device. The addition of EOFlow, together with Medtronic's Meal Detection Technology™ algorithm and next-generation continuous glucose monitor, is expected to expand the company's ability to address the needs of more individuals with diabetes, no matter where they are in their treatment journey or preference for how they want their insulin delivered.

In February 2023, General Electric has signed an agreement with Iraq to set up new power plants and expand capacity at existing units in the country. The deal, which was signed between the US conglomerate and Iraq’s Ministry of Electricity, also aims to maintain installed power generation and transmission infrastructure, establish new substations to relieve grid congestion and boost the connectivity between the Jordanian and Iraqi power grids, GE said on Thursday.

In January 2023, Amazon Web Services, Inc. announced its Strategic Collaboration Agreement (SCA) with Slalom, LLC to develop vertical solutions and accelerators on AWS for their customers in healthcare, life sciences, financial services, energy, and media and entertainment industries.

Offerings Covered
• Hardware
• Software
• Services
• Other Offerings

Technologies Covered
• Machine Learning
• Natural Language Processing
• Context-aware Computing
• Computer Vision
• Other Technologies

Applications Covered
• Patient Data & Risk Analysis
• Medical Imaging & Diagnostics
• Precision Medicine
• Drug Discovery
• Lifestyle Management & Monitoring
• Virtual Assistant
• Wearables
• In-patient Care & Hospital Management
• Research
• Emergency Room & Surgery
• Mental Health
• Administrative Workflow Assistants
• Connected Machines
• Diagnosis
• Clinical Trials
• Fraud Detection
• Dosage Error Reduction
• Healthcare Assistance Robots
• Cybersecurity
• Other Applications

End Users Covered
• Hospitals & Healthcare Providers
• Healthcare Payers
• Pharmaceuticals & Biotechnology Companies
• Patients
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements