Artificial Intelligence (AI) in Healthcare Market (By Component: Software, Hardware, Services; By Application: Virtual Assistants, Diagnosis, Robot Assisted Surgery, Clinical Trials, Wearable, Others; By Technology: Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global artificial intelligence in healthcare market size was estimated at US$ 11.06 billion in 2021 and is expected to surpass around US$ 187.95 billion by 2030, growing at a CAGR of 37% during the forecast period 2022 to 2030.

Artificial Intelligence in Healthcare Market Size 2021 to 2030

Growth Factors

The growing adoption of the digital technologies in the healthcare sector owing to the growing need for reducing the healthcare costs and offer enhanced quality patient care services to the patients are the prominent factors that are boosting the growth of the global artificial intelligence in healthcare market. The surging prevalence of various chronic diseases and growing elderly population is resulting in the increased pool of patients at hospitals. The large volume of patient health data is generated every day, which is required to be stored and managed effectively. The growing demand for the personalized medicines and the necessity of maintaining digital health records are significantly driving the artificial intelligence in healthcare market. The novel technologies like artificial intelligence and machine learning are now being integrated to the healthcare systems that will allow the health professionals in early identification of the diseases and offer enhanced care services to the patients. Moreover, the data analytics, deep learning technology, natural language processing (NPL), predictive analytics, and content analytics are supporting the healthcare professionals in early diagnosis and care services.

Report Scope of the Artificial Intelligence in Healthcare Market

Report Coverage Details
Market Size by 2030 USD 187.95 Billion
Growth Rate from 2022 to 2030

CAGR of 37%

North America Market Share in 2021 58.1%
Software Solutions Segment Market Share in 2021 39.5%
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Component, Application, Technology, End USer, Geography
Companies Mentioned Intel, Koninklijke Philips, Microsoft, IBM, Siemens Healthineers, Nvidia, Google, General Electric Company, Medtronic, Micron Technology, Amazon Web Services, Johnson & Johnson, General Vision, CloudmedX, Oncora Medical, Enlitic, Lunit

 

Component Insights

Based on the component, the software solutions segment accounted the market share of around 39.5% in 2021. The increased adoption of the software solutions powered by artificial intelligence across the healthcare units and among the healthcare professionals, patients, and payers has led to the rapid growth of this segment. The rising investments in the adoption of the AI-based software technologies in the healthcare sector are propelling the growth of the software segment. The top healthcare companies are partnering with the software developers to design and develop artificial intelligence based software to be used in the healthcare sector.

The software solutions segment is also anticipated to be the fastest-growing segment during the forecast period. This growth is attributed to the increasing penetration of the AI and machine learning based software in various healthcare applications across the globe. The rapid emergence and increasing adoption of the telehealth and telemedicine technologies across the global healthcare sector owing to the outbreak of the COVID-19 pandemic in 2020 has significantly contributed to the growth of the artificial intelligence software solution in the healthcare sector and this trend is expected to stay.

Application Insights

By application, the clinical trials segment generated revenue of over 24.2% in 2021 and dominated the global artificial intelligence in healthcare market. The rising investments in research, drug discovery, drug development, and clinical trials of the newly developed drugs have led to the increased revenue generation of the clinical trials segment in the artificial intelligence in healthcare market. The increasing number of patent expiry, growing need for fast clinical trial results, and increasing need for new drug developments has fueled the growth of this segment across the globe. Furthermore, the increasing uses of the artificial intelligence in the patient recruitment process is expected to reduce the time and costs, which is further driving the demand for the artificial intelligence in healthcare market. Moreover, the adoption of AI in the clinical trials helps in eliminating errors, produce accurate results, and save time. The favorable government policies and various healthcare startups are favoring the adoption of the AI, which is fostering the growth of this segment.

The virtual assistant is anticipated to be the most opportunistic segment during the forecast period. The integration of the AI in the virtual assistant segment is propelling owing to the lack of skilled professionals, improving access to internet, and increasing penetration of the smart devices. The rising investments in the adoption of the automated technologies in the healthcare sector are expected to fuel the growth of the virtual assistant segment.

Region Insights

North America accounted for a revenue share of over 58.1% and led the global artificial intelligence in healthcare market in 2021. North America is characterized by the increased inclination towards the advanced and latest digital technologies. The strong and developed healthcare, IT, and telecommunications infrastructure in North America has supported the growth of the artificial intelligence in healthcare market. Furthermore, the favorable government policies that encourage the adoption of the digital and novel technologies like artificial intelligence in the healthcare sector. North America has the presence of huge pool of patients. It is estimated that over half of the US population is suffering from one or more chronic diseases. This is resulting in increased volume of patients in hospitals. The health data of these patients needs to be stored and managed in digital form as per the government regulations. This is a major factor that propels the demand for the artificial intelligence in healthcare sector.

Artificial Intelligence in Healthcare Market Share, By Region, 2021 (%)

Asia Pacific is estimated to be the fastest-growing market during the forecast period. This is attributed to the rising government investments towards the development of smart hospitals, growing investments in the development of healthcare and IT infrastructure, and growing volume of patients in the region. Asia Pacific is witnessing a rising adoption of smartphones and growing penetration of internet. The technological advancements in the digital technologies to cater to the needs of data security and data privacy in the healthcare sector is expected to propel the adoption of the artificial intelligence in healthcare in this region. The presence of huge population in the region, growing geriatric population, and rising prevalence of lifestyle diseases are fostering the adoption of the digital technologies in the healthcare sector.

Key Market Developments

The artificial intelligence in healthcare market is highly fragment owing to the presence of numerouskey market players. These key players are constantly engaged into various developmental strategies such as mergers, acquisitions, partnerships, collaborations, and new product launches to strengthen their position and expand their market share.

  • In August 2021, Philips introduced two HealthSuite solutions that facilitates in the integration of the informatics with the health systems, which can be scaled as per the requirements.
  • In May 2021, IBM introduced its nanometer chip technologies. With the healp of the artificial intelligence and cloud technologies, the efficiency and performance of the chips can be increased.
  • In April 2021, Nvidia introduced A10 and A30 GPU for the enterprise servers. It also introduced Morpheus that allows the cybersecurity developers to detect cyber breaches suing AI technology.
  • In April 2021, IBM introduced its advanced storage systems that facilitated in the simplification of access to data and its availability for artificial intelligence and cloud application.
  • In September 2019, GE Healthcare entered into partnership with five software developers in China to work on the development of Edison AI platform.

Some of the prominent players in the global artificial intelligence in healthcare market include:

  • Intel
  • Koninklijke Philips
  • Microsoft
  • IBM
  • Siemens Healthineers
  • Nvidia
  • Google
  • General Electric Company
  • Medtronic
  • Micron Technology
  • Amazon Web Services
  • Johnson & Johnson
  • General Vision
  • CloudmedX
  • Oncora Medical
  • Enlitic
  • Lunit

Segments Covered in the Report

By Component

  • Software
  • Hardware
  • Services

By Application

  • Virtual Assistants
  • Diagnosis
  • Robot Assisted Surgery
  • Clinical Trials
  • Wearables
  • Administrative Workflow Assistants
  • Cybersecurity
  • Dosage Error Reduction
  • Fraud Detection
  • Connected Machines

By Technology

  • Machine Learning
  • Natural Language Processing
  • Context-aware Computing
  • Computer Vision

By End User

  • Hospital & Healthcare Providers
  • Patients
  • Pharmaceuticals & Biotechnology Companies
  • Healthcare Payers

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of artificial intelligence in healthcare market?
According to Precedence Research, the global artificial intelligence in healthcare market size was reached at US$ 11.06 billion in 2021 and is anticipated to rake US$ 187.95 billion by 2030.
The global artificial intelligence in healthcare market is expected to grow at a CAGR of 37% over the forecast period 2022 to 2030.
The major players operating in the artificial intelligence in healthcare market are Intel, Koninklijke Philips, Microsoft, IBM, Siemens Healthineers, Nvidia, Google, General Electric Company, Medtronic, Micron Technology, Amazon Web Services, Johnson & Johnson, General Vision, CloudmedX, Oncora Medical, Enlitic, and Lunit.
The rising volume of patient admissions owing to the increasing prevalence of various chronic diseases and rapidly growing geriatric population across the globe is fueling the growth of the AI in healthcare market.
North America dominated the artificial intelligence in healthcare market in 2021 and will lead the market over the forecast period.
  • Report Code:1616
  • Category:Healthcare
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Status:Published

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