The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period. The generation of large and complex healthcare datasets, an increasing number of partnership and collaboration strategies are factors expected to boost the growth of the AI in Healthcare market in the next five years. However, medical practitioners reluctance to adopt AI-based technologies and high concern regarding data privacy are projected to be the key challenges and restraining factors for the industry players.
Key players operating in the market include Intel Corporation (US), Koninklijke Philips N.V., (Netherlands), Microsoft (US), Siemens Healthineers (Germany), and NVIDIA Corporation (US), among others. The AI in Healthcare market is highly competitive with several global market players. Product launches and developments, acquisitions, collaborations, and expansions were among the major strategies adopted by these players to compete in the market.
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Intel Corporation designs and manufactures key products and technologies that power the cloud and the smart, connected world. Intel’s technology innovations are enabling the healthcare sector with data-driven insights and artificial intelligence by introducing various tools and solutions to simplify AI deployment in healthcare. The company offers its AI related healthcare solutions for medical imaging, robotics in Healthcare, AI in telemedicine, predictive analytics, precision medicine and genomics, and digital pathology, among others. The companys key strategy is to invest in launching new processors and memory devices to cater to the needs of its healthcare clients, such as hospitals, clinics, and biotechnology and pharmaceutical companies. The company is continuously engaged in technology innovation with AI, robotics, and 5G to make healthcare and life science more connected and personalized. Regular updates of its software and hardware products that are already in the market help increase the performance of the AI infrastructure in various advanced medical applications. The company has entered new markets and broadened technologies. For example, Intel Corporation has updated its OpenVINO toolkit for AI inference model deployment, which Intel DevCloud supports for the Edge, which helps the user to integrate AI workload on Intel hardware.
Microsoft offers its AI in healthcare solutions from Intelligent Cloud, segment. Microsoft Azure offers hybrid consistency, AI capabilities, and developer productivity, and improves customer security and compliance. For the health & life sciences industry, the company provides intelligent tools and solutions that empower clinical and operational efficiency and save costs. Azure Synapse Analytics, Azure Health GitHub Repo, Microsoft Healthcare bot, Azure API for FHIR, Azure AI and ML, and Azure IoT for Healthcare are scalable platforms that bring conversational AI to healthcare. Yammer (US), Mojang AB (Sweden), StorSimple (US), and Xamarin (US) are among the subsidiaries of Microsoft. The company is continuously involved in bringing AI capabilities for the platforms in large-scale models of the customers. For instance, the company has exclusively licensed GPT-3, which helps it leverage its technical innovations for AI solutions and create new solutions for the advancement of natural language generation.
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
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