North America Artificial Intelligence (Ai) In Healthcare Market 2024-2032
Market Outlook
Triton’s research states that the North America artificial intelligence (AI) in healthcare market is projected to progress with a CAGR of 36.48% during the projected years 2024-2032. Canada and the United States are evaluated in this region.
Significant investments in R&D to improve and implement artificial intelligence are driving the growth of the market in Canada. As per a Canadian government report, the establishment of the Vector Institute in Ontario is specifically aimed at advancing AI in healthcare. With a combined investment from government and private entities, the Vector Institute is playing a crucial role in fostering AI’s expansion in healthcare. In 2024, Merck Canada announced a partnership with the Vector Institute to further enhance its AI capabilities and spur innovation in healthcare. Hence, these developments fuel the AI in healthcare market’s growth to a large extent.
In late October 2023, the US Food and Drug Administration (FDA) unveiled its inaugural action plan focused on AI and machine learning, aiming to enhance its oversight of sophisticated medical software. This initiative coincided with a broad executive order from the Biden Administration, tasking various federal agencies with assessing the potential ramifications of Artificial 0Intelligence (AI) and crafting strategies to foster innovation while addressing any adverse effects, particularly within the healthcare domain.
Competitive Outlook
The major companies in the AI in healthcare market include Google LLC, Medtronic Plc, Microsoft Corporation, Oncora Medical, Stryker Corporation, and Intel Corporation.
1. North America Artificial Intelligence (Ai) In Healthcare Market - Summary
2. Industry Outlook
2.1. Porter’s Five Forces Analysis
2.1.1. Buyers Power
2.1.2. Suppliers Power
2.1.3. Substitution
2.1.4. New Entrants
2.1.5. Industry Rivalry
2.2. Market Maturity Analysis
2.3. Value Chain Analysis
2.3.1. Data Warehouse
2.3.2. Artificial Intelligence (Ai) Analysis
2.3.3. Software Development
2.4. Key Buying Criteria
2.4.1. Application
2.4.2. Technology
2.4.3. Integration With Existing Infrastructure
2.5. Regulatory Framework
2.6. Key Market Strategies
2.6.1. Acquisitions
2.6.2. Product Launches
2.6.3. Collaborations
2.7. Market Drivers
2.7.1. Adoption Of Ai Being Supported By Large Volumes Of Healthcare Data
2.7.2. Personalized Medicine In Tests For Clinical Decision-making
2.7.3. Growing Proactive Government Support And Investments In Ai R&D
2.7.4. Increasing Start-ups In Ai And Machine Learning
2.8. Market Challenges
2.8.1. Cost Constraints And A Low Return On Investment (Roi)
2.8.2. Challenges In Sustaining Data Security
2.8.3. Slow Adoption Of Ai-based Technologies
2.9. Market Opportunities
2.9.1. Expanding Applications Of Ai In The Healthcare Industry
2.9.2. Rising Demand For Ai In Drug Discovery
2.9.3. Strong Focus On The Development Of Precision Medicine And Personalized Drugs
2.9.4. Ai Used To Establish A Real-time Monitoring System
2.10. Analyst Perspective
3. North America Artificial Intelligence (Ai) In Healthcare Market - By Solution
3.1. Software
3.2. Services
3.3. Hardware
4. North America Artificial Intelligence (Ai) In Healthcare Market - By Technology
4.1. Natural Language Processing
4.2. Querying Method
4.3. Context Aware Processing
4.4. Deep Learning
5. North America Artificial Intelligence (Ai) In Healthcare Market - By Type
5.1. Robot-assisted Surgery
5.2. Virtual Nursing Assistant
5.3. Administrative Workflow Assistance
5.4. Fraud Detection
5.5. Dosage Error Reduction
5.6. Clinical Trial Participant Identifier
5.7. Preliminary Diagnosis
5.8. Other Applications
6. North America Artificial Intelligence (Ai) In Healthcare Market - By Industry Vertical
6.1. Healthcare Providers
6.2. Pharmaceutical And Biotechnology Companies
6.3. Payers
6.4. Acos And Mcos
6.5. Patients
7. North America Artificial Intelligence (Ai) In Healthcare Market – By Country Outlook
7.1. United States
7.1.1. United States Artificial Intelligence (Ai) In Healthcare Market Forecast & Prospects