Artificial Intelligence (AI) in Healthcare Market: Growth, Size, Share, and Trends

Report Code HIT 9226
Published in Dec, 2024, By MarketsandMarkets™
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Artificial Intelligence (AI) in Healthcare Market by Offering (Integrated), Function (Diagnosis, Genomic, Precision Medicine, Radiation, Immunotherapy, Pharmacy, Supply Chain), Application (Clinical), End User (Hospitals), Region- Global Forecast to 2030

Overview

The global artificial intelligence (AI) in healthcare market is expected to reach USD 164.16 billion by 2030 from USD 14.92 billion in 2024, at a CAGR of 49.1% during the forecast period. The rising incidence of chronic diseases, coupled with an increasing geriatric population, puts significant financial pressure on healthcare providers. Consequently, there is a growing need for the early detection of conditions such as dementia and cardiovascular disorders. This can be achieved by analyzing imaging data to identify patterns, which helps create personalized treatment plans.

Additionally, there is a rising demand for enhanced health services that incorporate artificial intelligence (AI), machine learning (ML), and data analytics. Moreover, growing government support through funding and investments across various regions has contributed to a heightened awareness of diagnostic imaging among individuals. Together, these factors are driving the increasing adoption of AI tools in the healthcare industry.

Artificial Intelligence (AI) in Healthcare Market

Attractive Opportunities in the Artificial Intelligence (AI) in Healthcare Market

Asia Pacific

Market growth in the Asia Pacific can be attributed to the presence of a large and growing patient population; a gradual shift towards adopting technologies like automation, data analytics, and cloud computing; and increasing spending on HCIT infrastructure.

The rapid proliferation of AI in the healthcare sector, the rising need for early disease detection, and the growing support from government and private organizations are key factors driving market growth.

Strategic partnerships and collaborations among healthcare companies and AI technology providers are expected to provide lucrative opportunities for market players.

Growth in the North American market can be attributed to the high per capita healthcare expenditure, ongoing technological developments, and large number of diagnostic procedures carried out.

Concerns regarding data privacy and the lack of interoperability between AI solutions offered by different vendors are expected to challenge the growth of this market.

Global Artificial Intelligence (AI) in Healthcare Market Dynamics

DRIVER: Significant cost pressure on healthcare service providers with increasing prevalence of chronic diseases

The surging demand for services, expensive prescription drugs, technological advancements, and rising incidence of chronic illnesses pose significant cost challenges across the global healthcare industry. Healthcare providers need to optimize their operations strategically by reallocating their resources, including staffing, medical devices, and operational dimensions, by adopting AI. According to the Centre for Economic Policy Research, the widespread adoption of Al technology in healthcare could result in annual savings ranging from USD 200 to USD 360 billion over the next five years, constituting 5% to 10% of healthcare spending. This presents a huge financial opportunity while providing increased quality of patient care, highlighting the significant role of AI in reducing healthcare costs and elevating the overall value of healthcare.

Al-based tools can significantly reduce healthcare spending by minimizing manual labor and addressing inefficiencies in care delivery, overtreatment, and improper care. They streamline operations and improve precision in resource allocation, thus contributing to a more efficient and cost-effective healthcare ecosystem.

RESTRAINT: Lack of standardized frameworks for AI and ML technologies

The dynamic nature of Al algorithms introduces significant regulatory challenges, particularly concerning data privacy, algorithmic bias, and accountability, with the frameworks & guidelines often being ambiguous & unclear. This lack of clarity in regulations creates hesitancy and discourages stakeholders from thoroughly exploring and adopting AI-based solutions that could otherwise offer significant benefits to the healthcare industry. Regulatory agencies such as the FDA in the US have issued guidance documents to identify when software or mobile apps are classified as medical devices. However, regulating medical software is still controversial, shaped by evolving standards and subjective interpretations. Similarly, in the European Union, software with a medical purpose may be classified as a medical device; however, the evaluation process is complex because it is not immediately apparent how these criteria apply to AI-based software.

These unclear regulatory guidelines create significant barriers to innovation among market players, hindering and resulting in higher development costs, extended timelines, and a slower pace of progress in the Al healthcare market. Therefore, it is critical to address these challenges to unlock Al's immense potential for revolutionizing healthcare and realize its benefits for all stakeholders.

 

OPPORTUNITY: Strategic partnerships and collaborations among healthcare companies and AI technology providers

The increasing number of partnerships and collaborations across diverse sectors within the healthcare industry emerge as a significant driver for the AI in healthcare market. This collaborative paradigm involves technology firms, healthcare providers, research institutions, and pharmaceutical companies, fostering synergistic efforts to address the multifaceted challenges in healthcare. By combining technological expertise with clinical insights, these collaborations ensure the seamless integration of Al technologies into diagnostics, treatment planning, patient care, and administrative processes. The collective approach enhances algorithmic precision through extensive datasets and navigates regulatory complexities, propelling the AI in healthcare market toward transformative growth and improved healthcare outcomes. The rising recognition of the advantages provided by Al techniques, coupled with their extensive applications, has boosted adoption in the healthcare market. Key players in healthcare are strategically forging partnerships and collaborations with leading Al technology providers to pioneer innovative Al-based solutions tailored for healthcare applications. For instance, in December 2023, OU Health (US) and Siemens Healthineers (US) successfully established a 10-year value partnership to enhance healthcare in Oklahoma. The partnership included advanced imaging and laboratory equipment, such as the 7-t Tesla MRI scanner and photon-counting CT system, improving diagnostic capabilities. The partnership extended to using Siemens Healthineers' mobile technology for preventive screenings and diagnostics, mainly benefiting rural and underserved communities.

CHALLENGES: Concerns regarding data privacy

Data privacy concerns have limited the adoption of artificial intelligence (AI) in the healthcare industry. Patient health data is protected by federal laws in many countries, and any breach or failure to maintain data integrity can result in legal and financial penalties. AI-based tools require access to multiple health datasets, which must comply with all data security protocols implemented by governments and regulatory authorities. However, the consolidation of patient data in vendor data centers has created a challenge, as such data centers are vulnerable to cyber-attacks and breaches. If left unaddressed, these concerns can erode patient trust, pose regulatory obstacles, and inflict reputational damage on healthcare providers and AI vendors. The HIPAA Journal compiled healthcare data breach statistics when the Department of Health and Human Services’ Office for Civil Rights started publishing summaries of healthcare data breaches on its website. The figure below shows the records of healthcare breaches, further underscoring the need for robust data governance and privacy-enhancing technologies when utilizing AI-based tools in the healthcare industry.

Global Artificial Intelligence (AI) in Healthcare Market Ecosystem Analysis

The ecosystem of the artificial intelligence (AI) in healthcare market comprises network connectivity and hardware providers, AI software and service providers, cloud service providers, government and regulatory bodies, non-profit organizations, start-ups, and end users such as hospitals, diagnostic and imaging centers, and payers, among others.

Artificial Intelligence (AI) in Healthcare Market
 

The machine learning segment accounted for a substantial share of the artificial intelligence (AI) in healthcare market, by tool, in 2023.

Based on tools, the AI in healthcare market is segmented into machine learning, natural language processing, generative AI, computer vision, image analysis, and other tools. In 2023, the machine learning segment accounted for the largest share of the market. The large share of this segment can be attributed to the enormous availability of data, also called big data, and the increasing adoption of ML by hospitals, research centers, and other healthcare institutions to improve patient health. ML is being implemented in healthcare to deal with large volumes of data, streamline hospital administrative processes, map and treat infectious diseases, and personalize medical treatments. These advantages are poised to increase the adoption of ML in the healthcare industry.

The diagnosis & early detection accounted to hold the largest share in the Artificial Intelligence (AI) in healthcare market, by function.

Diagnosis & early detection, treatment planning & personalization, patient engagement & remote monitoring, post-treatment surveillance & survivorship care, pharmacy management, data management & analytics, and administrative function make up the Artificial Intelligence (AI) in healthcare market, by function. The diagnosis & early detection accounted for the largest share of the Artificial Intelligence (AI) in healthcare market in 2023. Significant share of this segment is attributed to its ability to analyze vast datasets with high accuracy, enabling early identification of diseases such as cancer, cardiovascular conditions, and neurological disorders. AI-powered tools like medical imaging analysis, natural language processing for clinical notes, and predictive analytics enhance the precision and speed of diagnoses, reducing diagnostic errors and improving patient outcomes. Additionally, the increasing prevalence of chronic diseases and advancements in AI technologies, such as deep learning algorithms, further propel the demand for AI-driven diagnostic solutions.

North America dominated the AI in healthcare market in 2023.

The AI in healthcare market is studied for the five major regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The North American region dominated the market due to the high per capita healthcare expenditure, ongoing technological developments, particularly in machine learning & deep learning, the rising demand for precision medicine, and the favorable reimbursement scenario. The surging number of patients with chronic disorders and significant investments by government & private entities toward healthcare information technology further propel the growth. Moreover, the competitive scenario in North America motivates key market players to develop innovative tools, driving continuous growth in service offerings.

HIGHEST CAGR MARKET IN 2023
US FASTEST GROWING MARKET IN THE REGION
Artificial Intelligence (AI) in Healthcare Market

Recent Developments of Artificial Intelligence (AI) in Healthcare Market

  • In July 2024, Microsoft collaborated with Mass General Brigham and the University of Wisconsin–Madison to advance AI models for medical imaging related to more than 23,000 conditions to enhance radiologist efficiency and improve patient outcomes.
  • In January 2024, Siemens and Amazon Web Services (AWS) collaborated to democratize generative AI in software development, integrating Amazon Bedrock into Siemens' Mendix low-code platform. This collaboration aimed to empower domain experts across industries to create and enhance applications easily using advanced generative AI.
  • In November 2023, Koninklijke Philips N.V. collaborated with Vestre Viken Health Trust in Norway to deploy its AI Manager platform to enhance radiology workflows. The AI-enabled bone fracture application streamlined diagnoses, allowing radiologists to focus on complex cases. This initiative, spanning 30 hospitals and serving around 3.8 million people, marked Philips' most extensive AI deployment in Europe, contributing to improved patient care and accelerated diagnostic processes.
  • In November 2023, Koninklijke Philips N.V. received a second round of funding totaling USD 60 million from the Bill & Melinda Gates Foundation to expedite the innovation and accelerate the global adoption of AI algorithms on its Lumify Handheld Ultrasound.

Key Market Players

KEY PLAYERS IN THE ARTIFICIAL INTELLIGENCE (AI) IN HEALTHCARE MARKET INCLUDE

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Scope of the Report

Report Metric Details
Market size available for years 2022-2029
Base Year Considered 2023
Forecast period 2024-2029
Forecast units Million/Billion (USD)
Segments covered Offering, Function, Application, Deployment, Tools, End User
Geographies covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

 

Key Questions Addressed by the Report

Which are the top industry players in the global AI in healthcare market?
The top market players include Koninklijke Philips N.V. (Netherlands), Microsoft (US), Siemens Healthineers AG (Germany), NVIDIA Corporation (US), Epic Systems Corporation (US), GE Healthcare (US), Medtronic (US), Oracle (US), Veradigm LLC (US), Merative (IBM) (US), Google (US), Cognizant (US), Johnson & Johnson (US), Amazon Web Services, Inc. (US), SOPHiA GENETICS (US), Riverian Technologies (US), Terarecon (ConcertAI) (US), 3M (US), Tempus (US), and Viz.ai (US).
Which offerings have been included in the AI in healthcare market report?
The report includes the following components: Integrated solutions, Niche/point solutions, AI technology, and Services.
Which region dominates the global AI in healthcare market?
North America holds a substantial share of the global AI in healthcare market. The Asia Pacific region is expected to register the highest growth rate during the forecast period.
Which end users have been included in the AI in healthcare market report?
The report contains the following industry segments: Hospitals & Ambulatory Surgical Centers, Diagnostic & Imaging Centers, Academic & Research Centers, and Other End Users.
What is the total CAGR expected to be recorded for the AI in healthcare market during 2024–2030?
The market is expected to record a CAGR of 49.1% from 2024–2029.

 

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
1
RESEARCH METHODOLOGY
45
EXECUTIVE SUMMARY
78
PREMIUM INSIGHTS
94
MARKET OVERVIEW
116
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    RESTRAINTS
    OPPORTUNITIES
    CHALLENGES
  • 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESS
  • 5.4 INDUSTRY TRENDS
  • 5.5 ECOSYSTEM ANALYSIS
  • 5.6 SUPPLY CHAIN ANALYSIS
  • 5.7 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - MACHINE LEARNING & DEEP LEARNING
    - PREDICTIVE ANALYTICS
    COMPLEMENTARY TECHNOLOGIES
    - CLOUD COMPUTING
    - DATA ANALYTICS
    - ROBOTIC PROCESS AUTOMATION (RPA)
    ADJACENT TECHNOLOGIES
    - BLOCKCHAIN TECHNOLOGY
    - INTERNET OF THINGS (IOT)
  • 5.8 REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    REGULATORY FRAMEWORK
    - NORTH AMERICA
    - EUROPE
    - ASIA PACIFIC
    - LATIN AMERICA
    - MIDDLE EAST & AFRICA
  • 5.9 PRICING ANALYSIS
    INDICATIVE PRICE, BY FUNCTIONS (2023)
    AVERAGE SELLING PRICE OF AI IN HEALTHCARE, BY REGION (QUALITATIVE)
  • 5.10 PORTER’S FIVE FORCES ANALYSIS
  • 5.11 PATENT ANALYSIS
    PATENT PUBLICATION TRENDS FOR THE AI IN HEALTHCARE MARKET
    INSIGHTS: JURISDICTION AND TOP APPLICANT ANALYSIS
  • 5.12 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
  • 5.13 END-USER ANALYSIS
    UNMET NEEDS
    END-USER EXPECTATIONS
  • 5.14 KEY CONFERENCES & EVENTS IN 2024-2025
  • 5.15 CASE STUDY ANALYSIS
  • 5.16 AI IN HEALTHCARE MARKET: INVESTMENT AND FUNDING SCENARIO
  • 5.17 AI IN HEALTHCARE MARKET: BUSINESS MODELS
  • 5.18 IMPACT OF AI/GEN AI IN THE AI IN HEALTHCARE MARKET
AI IN HEALTHCARE MARKET, BY OFFERING, 2022–2029 (USD MILLION)
135
  • 6.1 INTRODUCTION
  • 6.2 INTEGRATED SOLUTIONS
  • 6.3 NICHE/POINT SOLUTIONS
  • 6.4 AI TECHNOLOGY
  • 6.5 SERVICES
AI IN HEALTHCARE MARKET, BY FUNCTION, 2022–2029 (USD MILLION)
187
  • 7.1 INTRODUCTION
  • 7.2 DIAGNOSIS & EARLY DETECTION
    PRESCREENING
    IVD
    - BY TECHNOLOGY
    - BY APPLICATION
    DIAGNOSTICS IMAGING
    - BY APPLICATION
    - BY MODALITY
    RISK ASSESSMENT & PATIENT STRATIFICATION
    DRUG ALLERGY ALERTING
    OTHERS
  • 7.3 TREATMENT PLANNING & PERSONALIZATION
    - PRECISION MEDICINE & GENOMIC ANALYSIS
    - PREDICTIVE MODELS FOR TREATMENT RESPONSE
    - TREATMENT RECOMMENDATION SYSTEMS
    PHARMACOLOGICAL THERAPY
    - PREDICTING DRUG RESPONSES
    - DOSING & ADMINISTRATION
    - OTHERS
    SURGICAL THERAPY
    - PREOPERATIVE IMAGING AND 3D MODELING
    - INTRAOPERATIVE GUIDANCE AND ROBOTICS
    - POSTOPERATIVE ANALYSIS & RECOVERY
    RADIATION THERAPY
    - MOTION SYNCHRONIZATION & AUTO CONTOURING
    - REAL-TIME ADAPTIVE TREATMENT DELIVERY
    - RESPONSE ASSESSMENT & QUALITY ASSURANCE
    - OTHERS
    BEHAVIORAL & PSCYCHOTHERAPY THERAPY
    - VIRTUAL COUNSELLING & CHATBOTS
    - PROGRESS MONITORING & FEEDBACK
    - FOLLOW-UP & LONG-TERM SUPPORT
    IMMUNOTHERAPY
    - REAL-TIME PATIENT DATA MONITORING (IMAGING SCANS, BLOOD BIOMARKERS, VITALS)
    - RESPONSE & SIDE EFFECT PREDICTION
    - RELAPSE PREDICTION AND LONG-TERM MANAGEMENT
    OTHERS
  • 7.4 PATIENT ENGAGEMENT & REMOTE MONITORING
    SYMPTOM MANAGEMENT & VIRTUAL ASSISTANCE
    TELEHEALTH & REMOTE PATIENT MONITORING
    HEALTHCARE ASSISTANCE ROBOTS
    MEDICATION REMINDERS
    PATIENT EDUCATION & EMPOWERMENT
    OTHERS (IF ANY)
  • 7.5 POST TREATMENT SURVEILLANCE & SURVIVORSHIP CARE
  • 7.6 PHARMACY MANAGEMENT
  • 7.7 DATA MANAGEMENT & ANALYTICS
  • 7.8 ADMINISTRATIVE
    PATIENT REGISTRATION & SCHEDULING
    PATIENT ELIGIBILITY & AUTHORIZATION
    BILLING & CLAIMS MANAGEMENT
    WORKFORCE MANAGEMENT
    SUPPLY CHAIN & INVENTORY MANAGEMENT
    COMPLIANCE & DOCUMENTATION
    HEALTHCARE WORKFLOW MANAGEMENT
    ASSET MANAGEMENT
    CUSTOMER RELATIONSHIP MANAGEMENT
    FRAUD DETECTION & RISK MANAGEMENT
    CYBERSECURITY
    OTHERS
AI IN HEALTHCARE MARKET, BY APPLICATION, 2022–2029 (USD MILLION)
203
  • 8.1 INTRODUCTION
  • 8.2 CLINICAL APPLICATIONS
  • 8.3 NON-CLINICAL APPLICATIONS
AI IN HEALTHCARE MARKET, BY DEPLOYMENT, 2022–2029 (USD MILLION)
245
  • 9.1 INTRODUCTION
  • 9.2 ON-PREMISES MODEL
  • 9.3 CLOUD-BASED MODEL
  • 9.4 HYBRID MODEL
AI IN HEALTHCARE MARKET, BY TOOLS, 2022–2029 (USD MILLION)
258
  • 10.1 INTRODUCTION
  • 10.2 MACHINE LEARNING
    DEEP LEARNING
    - CONVOLUTIONAL NEURAL NETWORKS (CNN)
    - RECURRENT NEURAL NETWORKS (RNN)
    - GENERATIVE ADVERSARIAL NETWORKS (GAN)
    - GRAPH NEURAL NETWORKS (GNN)
    - OTHERS
    SUPERVISED LEARNING (SUPPORT VECTOR MACHINE, CLASSIFICATION & REGRESSION ALGORITHMS)
    REINFORCEMENT LEARNING (Q-LEARNING, DEEP Q-NETWORKS)
    UNSUPERVISED LEARNING (K-MEANS, DIMENSIONALITY REDUCTION)
    OTHER MACHINE LEARNING TECHNOLOGIES (SEMI-SUPERVISED LEARNING AND OTHERS)
  • 10.3 NATURAL LANGUAGE PROCESSING
    SENTIMENT ANALYSIS
    PATTERN & IMAGE RECOGNITION
    AUTO CODING
    CLASSIFICATION & CATEGORIZATION
    TEXT ANALYTICS
    SPEECH RECOGNITION
  • 10.4 CONTEXT-AWARE COMPUTING
    DEVICE CONTEXT
    USER CONTEXT
    PHYSICAL CONTEXT
  • 10.5 GENERATIVE AI
  • 10.6 COMPUTER VISION
  • 10.7 IMAGE ANALYSIS (INCLUDING OPTICAL CHARACTER RECOGNITION)
AI IN HEALTHCARE MARKET, BY END-USER, 2022–2029 (USD MILLION)
287
  • 11.1 INTRODUCTION
  • 11.2 HEALTHCARE PROVIDERS
    HOSPITALS & CLINICS
    AMBULATORY CARE CENTERS
    HOME HEALTHCARE AGENCIES & ASSISTED LIVING FACILITIES
    DIAGNOSTIC & IMAGING CENTERS (INCLUDING REFERENCE LABORATORIES)
    PHARMACIES
    OTHERS (LONG-TERM CARE CENTERS, REHABILITATION CENTERS)
  • 11.3 HEALTHCARE PAYERS
    PUBLIC PAYERS
    PRIVATE PAYERS
  • 11.4 PATIENTS
  • 11.5 OTHERS (ACADEMIC & RESEARCH CENTERS, PUBLIC HEALTH AGENCIES)
AI IN HEALTHCARE MARKET, BY REGION, 2022–2029 (USD MILLION)
298
  • 12.1 INTRODUCTION
  • 12.2 NORTH AMERICA
    MACROECONOMIC OUTLOOK FOR NORTH AMERICA
    US
    CANADA
  • 12.3 EUROPE
    MACROECONOMIC OUTLOOK FOR EUROPE
    GERMANY
    FRANCE
    UK
    ITALY
    SPAIN
    REST OF EUROPE
  • 12.4 ASIA PACIFIC
    MACROECONOMIC OUTLOOK FOR ASIA PACIFIC
    JAPAN
    CHINA
    INDIA
    REST OF ASIA PACIFIC
  • 12.5 LATIN AMERICA
    MACROECONOMIC OUTLOOK FOR LATIN AMERICA
    BRAZIL
    MEXICO
    REST OF LATIN AMERICA
  • 12.6 MIDDLE EAST & AFRICA
    MACROECONOMIC OUTLOOK FOR MIDDLE EAST & AFRICA
    GCC COUNTRIES
    REST OF MIDDLE EAST & AFRICA
COMPETITIVE LANDSCAPE
345
  • 13.1 OVERVIEW
  • 13.2 STRATEGIES ADOPTED BY KEY PLAYERS
  • 13.3 REVENUE SHARE ANALYSIS OF KEY MARKET PLAYERS. 2023
  • 13.4 MARKET SHARE ANALYSIS, 2023
  • 13.5 BRAND/PRODUCT COMPARATIVE ANALYSIS
  • 13.6 VALUATION AND FINANCIAL METRICS OF KEY AI IN HEALTHCARE VENDORS
  • 13.7 COMPANY EVALUATION MATRIX: KEY PLAYERS 2023
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT, KEY PLAYERS, 2023
    - COMPANY FOOTPRINT
    - REGION FOOTPRINT
    - OFFERING FOOTPRINT
    - FUNCTIONS FOOTPRINT
    - APPLICATIONS FOOTPRINT
    - DEPLOYMENT FOOTPRINT
    - TOOLS FOOTPRINT
    - END USER FOOTPRINT
  • 13.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
    - DETAILED LIST OF STARTUPS/SMES
    - COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
  • 13.9 COMPETITIVE SCENARIO AND TRENDS
    PRODUCT LAUNCHES
    DEALS
    OTHERS
COMPANY PROFILES
357
  • 14.1 KEY PLAYERS
    KONINKLIJKE PHILIPS N.V.
    MICROSOFT
    SIEMENS HEALTHINEERS AG
    NVIDIA
    EPIC SYSTEMS CORPORATION
    GE HEALTHCARE
    MEDTRONIC
    ORACLE
    VERADIGM, LLC
    MERATIVE
    GOOGLE
    RIVERIAN TECHNOLOGIES
    JOHNSON & JOHNSON
    AMAZON WEB SERVICES
    SOPHIA GENETICS
    TERARECON (CONCERTAI)
    COGNIZANT
    TEMPUS
    3M
    VIZ.AI
  • 14.2 OTHER PLAYERS
    RECURSION
    QURE.AI
    ATOMWISE, INC
    ENLITIC, INC.
    VIRGIN PULSE
APPENDIX
378
  • 15.1 INSIGHTS OF INDUSTRY EXPERTS
  • 15.2 DISCUSSION GUIDE
  • 15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 15.4 CUSTOMIZATION OPTIONS
  • 15.5 RELATED REPORTS
  • 15.6 AUTHOR DETAILS

 

The study involved significant activities to estimate the current size of the Artificial Intelligence (AI) in healthcare market. Exhaustive secondary research was done to collect information on the Artificial Intelligence (AI) in healthcare market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the Artificial Intelligence (AI) in healthcare market.

Secondary Research

This research study involved the wide use of secondary sources, directories, and databases such as Dun & Bradstreet, Bloomberg Businessweek, and Factiva; white papers, annual reports, and companies’ house documents; investor presentations; and the SEC filings of companies. The market for the companies offering Artificial Intelligence (AI) in healthcare solutions is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.

Various secondary sources were referred to in the secondary research process to identify and collect information related to the study. These sources included annual reports, press releases, investor presentations of Artificial Intelligence (AI) in healthcare vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry’s value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources are mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess prospects.

Primary research was conducted to identify segmentation types; industry trends; key players; and key market dynamics such as drivers, restraints, opportunities, challenges, industry trends, and strategies adopted by key players.

After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at.

In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.

Breakdown of the Primary Respondents:

Artificial Intelligence (AI) in Healthcare Market

*Others include sales managers, marketing managers, and product managers.

Note: Tiers are defined based on a company’s total revenue, as of 2023: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by offering, function, application, deployment, tools, end user, and region).

Artificial Intelligence (AI) in Healthcare Market

Data Triangulation

After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the Artificial Intelligence (AI) in healthcare market.

Market Definition

Artificial Intelligence (AI) in healthcare market encompasses the application of artificial intelligence technologies, such as machine learning, natural language processing, computer vision, and robotics, to improve healthcare delivery, enhance operational efficiencies, and provide personalized care. These solutions address a wide range of use cases, including diagnostic imaging, predictive analytics, drug discovery, patient engagement, remote monitoring, and administrative workflows, enabling healthcare providers, payers, and pharmaceutical companies to drive innovation and improve outcomes.

Stakeholders

  • Artificial Intelligence (AI) in healthcare software vendors
  • Artificial Intelligence (AI) in healthcare service providers
  • Independent software vendors (ISVs)
  • Platform providers
  • Technology providers
  • System integrators
  • Cloud service providers
  • Healthcare IT service providers
  • Hospitals and surgical centers
  • Diagnostic imaging centers
  • Academic institutes and research laboratories
  • Forums, alliances, and associations
  • Government organizations
  • Institutional investors and investment banks
  • Investors/Shareholders
  • Venture capitalists
  • Research and consulting firms

Report Objectives

  • To define, describe, and forecast the global Artificial Intelligence (AI) in healthcare market based on offering, function, application, deployment, tools, end user, and region
  • To provide detailed information regarding the factors influencing the growth of the market (such as the drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall Artificial Intelligence (AI) in healthcare market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of the Artificial Intelligence (AI) in healthcare market in five main regions (along with their respective key countries): North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
  • To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies in the market
  • To track and analyze competitive developments such as product & service launches; expansions; partnerships, agreements, and collaborations; and acquisitions in the Artificial Intelligence (AI) in healthcare market
  • To benchmark players within the Artificial Intelligence (AI) in healthcare market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering

Previous Versions of this Report

Artificial Intelligence (AI) in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Application (Medical Imaging & Diagnostics, Patient Data & Risk Analysis), End User & Region - Global Forecast to 2029

Report Code SE 5225
Published in Jan, 2024, By MarketsandMarkets™

Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Region - Global Forecast to 2028

Report Code SE 5225
Published in Jan, 2023, By MarketsandMarkets™

Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Geography - Global Forecast to 2027

Report Code SE 5225
Published in Oct, 2021, By MarketsandMarkets™

Artificial Intelligence in Healthcare Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User and Region - Global Forecast to 2026

Report Code SE 5225
Published in Jun, 2020, By MarketsandMarkets™

Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User, and Geography – Global Forecast to 2025

Report Code SE 5225
Published in Dec, 2018, By MarketsandMarkets™

Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User, and Geography – Global Forecast to 2025

Report Code SE 5225
Published in May, 2017, By MarketsandMarkets™

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Growth opportunities and latent adjacency in Artificial Intelligence (AI) in Healthcare Market

winsay

May, 2022

Interested about how AI will change the treatment process and its benefits. .

Payush

Nov, 2017

I was going through the ToC of AI in Healthcare market, I would like to understand, what are the requirements to perform in the fields of AI? .

Payush

Nov, 2017

I was going through the ToC of AI in Healthcare market, I would like to understand, what are the requirements to perform in the fields of AI? .

Riju

Dec, 2018

We have specific interests in global AI in healthcare market and the US AI in healthcare market. Any further details related to market size of AI for early disease detection (for global and USA) would be appreciated. .

Asghar

Feb, 2019

I am looking to purchase this report to see the implications of AI on the workforce in Norway..

Tanuj

May, 2019

I am interested in understanding the market size and related insights on computer-assisted physician documentation (CAPD), clinical documentation improvement (CDI), computer-assisted coding (CAC), ambient voice and voice assistants, NLP, and machine learning for clinical, operational, and financial healthcare scenarios in AI in healthcare..

Narayan

Dec, 2019

I am an automation enthusiast and would like to understand the impact of AI in healthcare. Could you provide me some brochure and sample to get into details..

Kevin

May, 2019

I am conducting a research project on AI in healthcare as a part of my MHA/MBA marketing course. Could you share some relevant information in the form of sample brochure and estimated cost of the report, post discount mentioned on the website?.

Vishal

Feb, 2019

We are redeveloping our chart for Artificial Intelligence in Healthcare Market. Does your report covers regional market insights..

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