Overview:

The global artificial intelligence (AI) in healthcare market is primarily driven by the increasing usage of big data in the healthcare sector and the advantage of AI to improve the imbalance among healthcare professionals and patients, augment patient outcomes, and aid in clinical trial simulation and development process. The continuous research activities in disease diagnosis and monitoring will further increase the demand for the incorporation of AI technologies. The continuous population growth has led to the generation of large healthcare data, which requires AI to enhance data mining and computing abilities.

AI technology would help medical practitioners efficiently which would cater to the increasing patient demand. The rise in the shift towards an aging population would increase the strain on the healthcare system. AI technology is being studied to expand its application in home healthcare support for aged patients and those with chronic illnesses. For instance, Amazon’s product Alexa is being researched to support patients with long-term health conditions such as diabetes.

Smart wearables play an important role in the healthcare industry. For instance, smartwatches such as FitBit and wristbands aid in lifestyle improvement and enhance physical activity and are in high demand. The ease of availability of such devices, rise in awareness, and increase in adoption of a healthy lifestyle have led to the rise in wearables. Consumers believe that wearing such smart devices that monitor their vital signs, daily calorie consumption and exercise patterns leads to an increase in life expectancy.

Data privacy would be the major hurdle that industry players investing in AI need to take care of. AI would replace humans at the forefront of the major concerns that hamper the growth of AI in the healthcare sector. Medical devices using AI would also face regulatory challenges for approval, which could hamper the growth of this market.

AI in medicine is gaining demand across geographies. North America accounted for the maximum market share owing to its high disposable income, rise in healthcare expenditure, the increase in demand for newer technologies, and major market players being headquartered in this region. The high cost involved in the development and requirement of suitable healthcare infrastructure is the major cause that could hamper the growth of healthcare AI in low and middle-income economies.

The Global artificial intelligence in the healthcare market involves a competitive pool of various industrial players namely, IBM Watson Health, Cyrcadia Health Inc., Modernizing Medicine, Aicure Llc, Berg Health, Mendasense Biometrics Ltd., Hindsait, Esko Bionics, Atomwise Inc., Zebra Medical Vision, Sense.Ly Inc., Intel Corporation (US), Koninklijke Philips N.V. (Netherlands), Microsoft Corporation (US), IBM (US), Siemens Healthcare GmbH (Germany), NVIDIA Corporation (US), General Electric (GE) Company (US), Amazon Web Services, Inc. (US), Babylon Health (UK), Metadvice Ltd. (UK), PathAI (US), AiCure (US), Nuance Communications, Inc., DeepMind Technologies Limited.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Artificial Intelligence In Healthcare market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Artificial Intelligence In Healthcare market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Artificial Intelligence In Healthcare market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Artificial Intelligence In Healthcare market?
• Which is the largest regional market for Artificial Intelligence In Healthcare market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Artificial Intelligence In Healthcare market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Artificial Intelligence In Healthcare market worldwide?