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.
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
|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%|
|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|
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.
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.
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.
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.
Some of the prominent players in the global artificial intelligence in healthcare market include:
Segments Covered in the Report
By End User
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client