Artificial Intelligence in Healthcare Market Size to Hit USD 12.22 Billion by 2030 at 51.9% CAGR – Report by Market Research Future (MRFR)

New York, USA, May 18, 2023 (GLOBE NEWSWIRE) — Artificial Intelligence in Healthcare Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Artificial Intelligence in Healthcare Market Information by Component, Application, Technology, End User, and Region – Forecast till 2030”, the Market Size is expected to reach USD 12.22 Billion by 2030 at of 51.9% CAGR during the forecast period 2022-2030. 

Market Scope

Artificial Intelligence (AI) is an advanced technology that involves the use of algorithms and machine learning to mimic human cognitive functions such as learning, reasoning, and decision-making. In the healthcare industry, AI is used to analyze and interpret large amounts of data quickly and accurately, leading to better diagnosis, treatment, and patient care.

The applications of AI in healthcare are diverse and significant. AI-powered systems can assist healthcare professionals in tasks such as medical image analysis, drug discovery, and personalized treatment plans. AI also plays a vital role in managing patient data, reducing medical errors, and improving patient outcomes.

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Report Scope:

Artificial Intelligence in Healthcare Market Competitive Landscape:

The affluent companies in the Artificial Intelligence in Healthcare industry include

• DEEP GENOMICS
• Next IT Corp
• General Vision
• Google
• NVIDIA Corporation
• IBM Watson Health
• Intel Corporation
• Koninklijke Philips N.V
• GENERAL ELECTRIC
• Stryker
• Microsoft Corporation
• CloudMedx Inc

Microsoft announced its partnership with St. Luke’s University Health Network to develop an AI-powered clinical research program aimed at improving the diagnosis and treatment of pancreatic cancer. The program will leverage Microsoft’s cloud computing capabilities and AI algorithms to analyze large amounts of patient data and develop personalized treatment plans.

Artificial Intelligence in Healthcare Market Trends:

Market Drivers:

The demand for improved patient care is one of the major driving factors for the growth of AI in healthcare. AI-powered solutions have the potential to improve patient outcomes by enabling faster and more accurate diagnoses, personalized treatment plans, and more efficient monitoring of patient health. For example, AI algorithms can help physicians analyze large amounts of patient data, including medical histories, lab results, and imaging data, to identify potential health issues and develop targeted treatment plans.

Market Restraints:

The high cost of implementing AI in healthcare, the lack of skilled professionals, and data privacy concerns are significant restraints for the market. The slow adoption rate of AI in healthcare due to regulatory and ethical issues is also a hindrance to market growth.

COVID 19 Analysis

The COVID-19 pandemic has had a significant impact on the healthcare industry, leading to an increased demand for advanced technologies to address the challenges faced by healthcare providers. Artificial intelligence has emerged as a vital tool in the fight against the pandemic, helping healthcare professionals to improve patient outcomes and respond to the crisis more effectively. The pandemic has accelerated the adoption of AI in healthcare, leading to an increase in demand for AI-powered solutions for remote patient monitoring, drug discovery, and medical research.

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Artificial Intelligence in Healthcare Market Segmentation

By Component

The Component in the market includes Hardware, Software, Services

By Application

The Application in the market includes Robot-Assisted Surgery, Virtual Nursing Assistant, Dosage Error Reduction, Clinical Trial, Preliminary Diagnosis, Automated Image Diagnosis

By Technology

The Application in the market includes Machine Learning, Querying Method, and Natural Language Processing.

By End-user

The Application in the market includes Hospital & Diagnostic Centers, Pharmaceutical & Biotechnology Companies Academic & Research Laboratories.

Artificial Intelligence in Healthcare Market Regional Insights

North America is a major market for AI in healthcare due to several factors. Firstly, the region is home to some of the world’s leading players in the healthcare industry, such as IBM Watson Health, GE Healthcare, and Johnson & Johnson. These companies have invested heavily in AI technology and are driving the adoption of advanced AI solutions across the healthcare industry.

In Europe, the market for AI in healthcare is also significant, driven by the increasing demand for AI-powered medical imaging solutions and the growing trend of precision medicine. Medical imaging is an area where AI has the potential to revolutionize the way that doctors diagnose and treat patients. AI-powered solutions can help doctors to analyze medical images more accurately and efficiently, leading to faster and more accurate diagnoses. Additionally, the growing trend of precision medicine, which involves tailoring treatment plans to the specific needs of individual patients, is also driving the adoption of AI in healthcare in Europe.

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The Asia-Pacific region is expected to witness significant growth in the AI in healthcare market, driven by the rising need for efficient disease diagnosis and personalized treatment plans. The region has a large and rapidly aging population, which is putting pressure on healthcare systems to deliver more efficient and effective care. AI-powered solutions have the potential to help address these challenges by enabling more accurate diagnoses and more personalized treatment plans. Additionally, the region is home to some of the world’s fastest-growing economies, which are investing heavily in healthcare infrastructure and innovation, creating a fertile ground for the growth of the AI in healthcare market.

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