The Healthcare Artificial Intelligence Market is projected to grow from USD 7.23 billion in 2020 to USD 169.7 billion by 2029.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 20, 2023 /EINPresswire.com/ -- The Healthcare Artificial Intelligence Market is projected to grow from USD 7.23 billion in 2020 to USD 169.7 billion by 2029, it is expected to grow at a CAGR of 42% from 2022 to 2029. The rising need for improvised healthcare services due to the disparity between patients and the healthcare workforce will drive the Healthcare Artificial Intelligence market growth in coming years. Increasing efforts to reduce healthcare costs and the generation of large and complex healthcare datasets have allowed the development of Healthcare Artificial Intelligence, further strengthening the market growth. Integrating AI technology in healthcare operations enhances data-driven support to medical professionals. Using data and algorithms, AI efficiently identifies the pattern and delivers automated insights for applications such as managing medical records, health monitoring, digital consultation, and treatment design.

Healthcare Artificial Intelligence is defined as using artificial intelligence or machine-learning algorithms and software to reproduce human cognition in the analysis and understanding of critical healthcare data and their interpretation. Various applications in this industry include drug discovery, medical imaging & diagnosis, and virtual assistants among others.

Market Dynamics

Drivers:

In the healthcare industry, large and complex data, often called big data, comprises information generated from clickstream and web & social media interactions; readings from medical devices, such as sensors, electrocardiogram (ECGs), X-rays, and pulse oximeters; healthcare claims and other billing records; and Electronic medical records (EMRs), prescriptions, and biometric data, among other sources. Big data and emerging analytical solutions have grown exponentially in sophistication and adoption in the last decade as healthcare providers turned to Electronic Health Records (EHRs), digitized laboratory slides, and high-resolution radiology images. With the increasing digitization and the adoption of information systems in the healthcare industry, big data is generated at various stages of the care delivery process. As a result, healthcare is one of the top five big data industries, especially in the US. Increasing government initiatives to accelerate AI innovations in healthcare will further boost the market growth in the US. In June 2021, the National Science Foundation (NSF) and White House Office of Science and Technology Policy (OSTP) announced the establishment of the National Artificial Intelligence (AI) Research Resource Task Force, which will work on the roadmap of the expansion of educational tools and critical resources that will spur AI innovation nationwide.

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Healthcare Artificial Intelligence Market Players:

Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX

Key Market Segments:

Healthcare AI Market by Component, 2020-2029, (USD Million)
• Software Solutions
• Hardware
• Services

Healthcare AI Market by Application, 2020-2029, (USD Million)
• Medical Imaging & Diagnosis
• Drug Discovery
• Therapy Planning
• Hospital Workflow
• Wearables
• Virtual Assistants

Industry Developments:

• Intel Corporation, is an American multinational corporation and technology company. Intel-powered AI and deep learning hardware solutions feature state-of-the-art processors, AI accelerators, software, and compiler optimization tools.

• Nvidia Corporation designs graphics processing units for the gaming and professional markets, as well a

Regional Insights:

North America dominated the Healthcare Artificial Intelligence market in 2022. It accounted for the largest revenue share of 44.0%, owing to advancements in healthcare IT infrastructure, growing care expenditures, widespread adoption of AI/ML technologies, favorable government initiatives, lucrative funding options, and the presence of several key market players. Moreover, the growing geriatric population, changing lifestyles, increasing prevalence of chronic disorders, growing demand for value-based care, and rising awareness levels towards the implementation of AI-based technologies is bolstering the market growth in North America.

On the other hand, the Asia Pacific region is anticipated to register the fastest growth of 40.9% over the forecast period. This growth rate is attributable to the rapid innovations and development in the IT infrastructure and entrepreneurship ventures specializing in AI-based technologies. Increasing investments by private investors, venture capitalists, and non-profit organizations to enhance clinical outcomes, improve data analysis and data security, and reduce costs are driving the adoption rates. Favorable government initiatives supporting and promoting healthcare organizations and care providers to readily adopt AI-based technologies are key factors driving the growth of the Asia Pacific market.

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Objectives of the Report

• To carefully analyze and forecast the size of the Healthcare Artificial Intelligence Market by value and volume.
• To showcase the development of the Healthcare Artificial Intelligence Market in different parts of the world.
• To analyze and study micro-markets in terms of their contributions to the Healthcare Artificial Intelligence Market, their prospects, and individual growth trends.
• To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Healthcare Artificial Intelligence Market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.

Conclusion
In conclusion, the Healthcare AI Market Report paints a vibrant picture of the industry's evolution. The convergence of technology and healthcare is reshaping the way we approach diagnostics, treatment, and patient care. As AI continues to advance, its impact on the healthcare sector will be profound and far-reaching.

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