Artificial intelligence (AI) in the healthcare sector market to Grow by USD 11,827.99 million from 2022 to 2027: The growing demand for reduced healthcare costs is notably driving market growth- Technavio
15 Aug 2023
NEW YORK, Aug. 14, 2023 /PRNewswire/ -- The
artificial intelligence (AI) in the healthcare market size is estimated to grow at a
CAGR of 23.5% between 2022 and 2027. The market size is forecast to increase by
USD
11,827.99 million.
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Technavio has announced its latest market research report titled Global Artificial Intelligence (AI) in Healthcare Sector Market 2023-2027
Artificial Intelligence (AI) in the Healthcare sector market – Company Analysis
Company Landscape - The global artificial intelligence (AI) in the healthcare sector market is fragmented, with the presence of several global as well as regional Companies. A few prominent companies that offer artificial intelligence (AI) in the healthcare sector in the market are Ada Health GmbH, Alphabet Inc., Amazon.com Inc., Atomwise Inc., BenchSci Analytics Inc., CarePredict Inc., Catalia Health, Cyclica, Deep Genomics Inc., Entelai, Exscientia PLC, General Electric Co., Intel Corp., International Business Machines Corp., Koninklijke Philips NV, MaxQ AI, Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthineers AG and others.
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Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial -
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Company Offerings -
Ada Health GmbH: The company offers artificial intelligence in the healthcare sector such as Ada.
Alphabet Inc.: The company offers artificial intelligence in the healthcare sector such as Google Health.
Amazon.com Inc.: The company offers artificial intelligence in the healthcare sector such as Amazon HealthLake.
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Artificial Intelligence (AI) In The Healthcare Sector Market - Segmentation Assessment
Segment Overview
This artificial intelligence (AI) in healthcare market report extensively covers market segmentation by application (medical imaging and diagnostics, drug discovery, virtual assistants, operations management, and others), component (software, hardware, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the
medical imaging and diagnostics segment will be significant during the forecast period. Medical imaging is the creation of a visual representation of the body or the functioning of organs or tissues for the purpose of clinical analysis and medical diagnosis. Medical imaging includes X-rays, CT scans, and magnetic resonance imaging. Managing high-resolution imaging data for treatment and diagnosis is a challenge, even for large healthcare facilities and experienced clinicians. In addition, the increasing use of medical imaging data and technological advancements such as AI in healthcare are contributing to the adoption of medical imaging in healthcare practice. Hence, such factors will increase segment growth during the forecast period.
Geography Overview
North America is estimated to contribute
38% to the growth of the global market during the forecast period. The early adoption of the technology and the growing investment from market players such as Microsoft, Google, and IBM are indicative of the growing demand for AI in the region. The US is one of the top countries in the world in terms of the number of AI patents filed. The US and Canada together hold nearly 26% of all AI patent applications worldwide. IBM holds the majority of AI-related patents, followed by Microsoft and Google. Thus, such factors will drive the growth of the market in this region during the forecast period.
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Artificial Intelligence (AI) in the Healthcare Sector Market –
Market Dynamics
Leading Driver -
The growing demand for reduced healthcare costs is notably driving AI in healthcare market growth.
Optimizing the activities and resources of healthcare providers significantly reduces costs and increases efficiency. The experience of patients and healthcare professionals is improved through affordable, quality treatment and care.
AI can reduce traditional medical costs and improve treatment while allowing patients to meet their own healthcare needs through the use of virtual assistants such as doctors or chatbots that reduce considerable human labor.
Therefore, the demand to minimize healthcare costs will drive the AI market in the healthcare sector during the forecast period.
Key Trend -
The development of precision medicine is a key trend in the AI in healthcare market.
AI uses DL algorithms to process large data sets to understand human genes and identify biological factors that cause disease.
Drug development companies are increasingly using artificial intelligence to accelerate drug discovery in the healthcare sector.
Researchers and scientists are using AI to personalize disease prevention and treatment strategies by analyzing large sets of genetic databases.
In the area of precision medicine, AI is being used by healthcare providers and researchers as well as others such as medicinal product developers, and technology companies which will boost the growth of the market during the forecast period.
Major challenge -
Regulatory challenges to promote the safety and effectiveness of products are challenging AI in healthcare market growth.
AI is recognized as a complex term with more solutions, such as DL, neural networks, and different approaches to setting up each technology. Regulatory standards for software as medical devices (SAMD) have been developed over the past few years.
AI technologies must comply with regulations and data protection requirements in order to be adopted by providers and gain patients' trust. Regulatory compliance helps healthcare professionals to reduce the impact of bias and increase transparency.
Therefore, these regulatory challenges can reduce the adoption of AI in the healthcare sector, which will impede the growth of the AI market in the healthcare sector during the forecast period.
Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this Artificial Intelligence (AI) In Healthcare Sector Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of artificial intelligence (AI) in the healthcare sector market between 2023 and 2027
Precise estimation of the artificial intelligence (AI) in the healthcare sector market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of artificial intelligence (AI) in the healthcare sector market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of artificial intelligence (AI) in the healthcare sector market companies
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Tbale of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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