Artificial Intelligence in Healthcare Industry Overview
The global artificial intelligence in healthcare market size was valued at USD 15.4 billion in 2022 is expected to expand at a compound annual growth rate (CAGR) of 37.5% from 2023 to 2030. The growing datasets of patient health-related digital information, increasing demand for personalized medicine, and the rising demand for reducing care expenses are some of the major driving forces of the market growth. The growing global geriatric population, changing lifestyles, rising prevalence of chronic diseases has contributed to the surge in demand for diagnosing and improved understanding of diseases in their initial stages. Artificial Intelligence (AI) and machine learning (ML) algorithms are being widely adopted and integrated into healthcare systems to accurately predict diseases in their early stage based on historical health datasets.
Furthermore, deep learning technologies, predictive analytics, content analytics, and Natural Language Processing (NLP) tools are enabling care professionals to diagnose patients’ underlying health conditions at an earlier stage. The Covid-19 pandemic positively influenced the demand for AI technologies and unearthed the potential held by these advanced technologies. Healthcare systems widely adopted these technologies in the rapid diagnosis and detection of different virus strains and utilized personalized information in improving the management of the outbreak. AI/ML algorithms were utilized in the diagnosis sector wherein these technologically driven modules were trained with datasets of chest CT images, symptoms, pathological findings, and exposure history to diagnose Covid-19 positive patients rapidly and accurately.
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Moreover, the growing shortage of healthcare workforce drove the adoption of AI/ML technologies. Therefore, AI algorithms can be trained to analyze patient health information which further supports care providers in quickly diagnosing the condition and devising an accurate treatment regime. Supportive government initiatives, the rising number of mergers and acquisitions and technological collaborations, and the ongoing Covid-19 pandemic had a significant role in boosting the growth of the market and accelerating the adoption rate of AI in healthcare. AI/ML algorithms are being widely implemented in rapid and accurate diagnosis of medical conditions after the initial implementation in the detection of Covid-19 positive patients using personalized patient information and data consolidation.
As per an NCBI study in 2020, AI-based algorithms accurately detected 68% of COVID-19 positive cases in a dataset of twenty-five patients which were diagnosed as negative cases by care professionals. The implementation of AI/ML technologies in enhancing patient care, reducing machine downtime, and minimizing care expenses are some of the driving forces of artificial intelligence (AI) in healthcare market growth. Owing to the Covid-19 pandemic, AI-based technologies witnessed a significant boost in adoption and are set to experience a dramatic growth trajectory. Healthcare functions such as diagnostics, patient management, medication management, claims management, workflow management, integration of machines, and cybersecurity saw a remarkable surge in the integration of AI/ML technologies.
The growing penetration of AI technologies in healthcare applications led to key market participants focusing on product innovation and technological collaborations to expand their product portfolio and meet the growing demands during the pandemic. For instance, in May 2020, MIT-IBM Watson AI Lab promoted the implementation of AI technologies in research projects studying the health and economic consequences of the pandemic. Similarly, Qventus introduced AI-based patient flow automation systems covering critical resource control, hospitalization duration optimization, Covid-19 scenario planner, and ICU capacity creation in its healthcare facilities.
Key market players are focusing on devising innovative product development strategies, partnership strategies, and mergers and acquisitions to expand their business footprint to cater to the growing demand for early and accurate detection of diseases, curb rising care expenses, compensate for the growing shortage of care providers, and deliver value-based care. For instance, in 2020 Aidoc and Imbio partnered to integrate AI technologies in medical image analysis for pulmonary embolism to improve detection and treatment regimes. Furthermore, the growing number of startups specializing in AI-based technologies for the healthcare sector is witnessing recognition in the form of investments by private investors and venture capitalists. For instance, in 2019, Partners Healthcare collaborated with FUJIFILM Sonosite to develop AI-based ultrasound technology, improve the accessibility of this technology for the healthcare fraternity, and improve the quality of diagnostic care.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
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Artificial Intelligence In Healthcare Market Segmentation
Grand View Research, Inc. has segmented the artificial intelligence in healthcare market report on the basis of component, application, and region:
Artificial Intelligence In Healthcare Component Outlook (Revenue, USD Million, 2016 - 2030)
- Software Solutions
- Hardware
- Services
Artificial Intelligence In Healthcare Application Outlook (Revenue, USD Million, 2016 - 2030)
- Robot-Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Cybersecurity
- Dosage Error Reduction
Artificial Intelligence In Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights
September 2019: GE Healthcare partnered with five Chinese local software developers namely, 12Sigma Technologies, Biomind, Shukun Technology, Yizhun Medial AI, and YITU Technology to collaboratively work on developing Edison AI platform and support the smooth digital transformation of GE Healthcare.
Key Companies profiled:
Some of the prominent players in the artificial intelligence in healthcare market include:
- Nuance Communications, Inc.
- IBM Corporation
- Microsoft
- NVIDIA Corporation
- Intel Corporation
- DeepMind Technologies Limited
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