WESTFORD, Mass., June 24, 2024 /PRNewswire/ -- As
per SkyQuest, the Global Artificial Intelligence in
Healthcare Market size was valued at USD
14.09 billion in 2022 and is poised to grow from
USD 19.47 billion in 2023 to
USD 259.11 billion by 2031, growing
at a CAGR of 38.2% during the forecast period (2024-2031).
Rapid digitization of the healthcare industry and advancements
in artificial intelligence technology are primarily driving
artificial intelligence (AI) in healthcare market growth. AI
solutions are fulfilling the lack of skilled medical professionals
by automating several tasks and optimizing different clinical
workflows. The global artificial intelligence (AI) in healthcare
market is segmented into component, algorithm, end user, and
region.
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Artificial Intelligence (AI) in Healthcare Market
Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 19.47 billion
|
Estimated Value by
2031
|
$ 259.11 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 38.2%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Component, Technology,
Application, End-User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Use of AI-driven drug
discovery and development platforms
|
Key Market
Drivers
|
Rising demand for
predictive analytics and precision medicine
|
Segments covered in Artificial intelligence (AI) in
healthcare Market are as follows:
- Component
-
- Hardware, Services, and Software
- Technology
-
- Machine Learning (Deep Learning, Supervised, Unsupervised,
Reinforcement Learning, Others), Natural Language Processing (IVR,
OCR, Pattern and Image Recognition, Auto Coding, Classification and
Categorization, Text Analytics, Speech Analytics), Context-aware
Computing (Device Context, User Context, Physical Context),
Computer Vision
- Application
-
- Patient Data & Risk Analysis, Medical Imaging &
Diagnostics, Precision Medicine, Drug discovery, Lifestyle
Management & Remote Patient Monitoring, Virtual Assistants,
Wearables, In-Patient Care & Hospital Management, Research,
Emergency Room & Surgery, Mental Health, Healthcare Assistance
Robots, Cybersecurity, Others
- End-User
-
- Hospitals & healthcare providers, Healthcare Payers,
Pharmaceutical & Biotechnology Companies, Patients, Others
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Software to Remain Quintessential in Artificial intelligence
(AI) in healthcare Market
AI software solutions are being quickly adopted in the
healthcare industry to improve patient outcomes and reduce the
increasing workload on medical professionals. Artificial
intelligence (AI) in healthcare providers can invest in the
development of novel AI software models that facilitate disease
prediction, medical imaging, and personalized treatment
recommendations based on patient data. Easy integration of AI
software with existing hardware and healthcare infrastructure also
allows this segment to hold a high market share.
Investing in the development of specialized hardware for AI
solutions used in the healthcare industry will also help artificial
intelligence (AI) in healthcare market players boost their revenue.
High demand for better hardware with improved processing
capabilities to handle advanced AI algorithms will also help
artificial intelligence (AI) in healthcare market growth in the
future. Increasing use of AI in healthcare will also create high
demand for specialized services such as integration, maintenance,
customization, etc. This is why AI in healthcare providers should
also focus on the services sub-segment going forward.
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Deep Learning to Train AI Models for Healthcare
Applications
Deep learning algorithms play a crucial role in training AI
models for the ways of healthcare applications. Rising volume of
patient and healthcare data is pushing the demand for advanced
pattern analysis through deep learning algorithms and thereby
creating opportunities for artificial intelligence (AI) in
healthcare companies. Improved diagnostic accuracy and better
treatment planning are some key benefits that the use of deep
learning algorithms will provide. Better clinical decision-making
is also supported by the deep learning sub-segment.
Context-aware processing can provide personalized treatment
suggestions to patients based on patient data. Adoption of a more
patient-centric care approach in the healthcare industry will also
favor the demand for context-aware processing algorithms in the
long run. Meanwhile, natural language processing (NLP) algorithms
are slated to help streamline medical processes and also possibly
ease automation potential as well. An increasing volume of
unstructured healthcare data can also be sorted out using advanced
algorithms to develop meaningful insights thereby creating a new
business scope for artificial intelligence (AI) in healthcare
companies.
Healthcare Providers to Take the Wheel in Terms of AI
Adoption in Healthcare Space
The growing incidence of chronic diseases and the rising burden
on healthcare institutions around the world have pushed healthcare
providers to opt for advanced technologies. AI plays a crucial role
in managing the workload of healthcare institutions by promoting
proper resource utilization. Adoption of a patient-centric care
approach will also help promote the use of AI in healthcare
providers' sub-segment generating significant revenue.
To conclude, artificial intelligence (AI) in healthcare
companies should definitely focus on the development of novel AI
software for healthcare providers to maximize their revenue
generation potential in the long run. New companies can focus on
development of new AI solutions targeted towards patients and
payers to penetrate the market.
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