AI in Personalized Healthcare Market Research Report - Segmentation By Technology (NLP (Natural Language Processing), Machine Learning, Computer Vision, Big Data, and Others); By End-User (Hospitals & Clinics, Research Centers/Labs, Hospitals & Clinics, and Caregivers & Patients); By Component (Hardware, Software, and Services); and Region - Size, Share, Growth Analysis | Forecast (2023 2030)

Market Size and Overview:

The estimated valuation of the Global AI in Personalized Healthcare Market reached USD 38.9 Billion in 2023 and is projected to achieve a value of USD 239.79 Billion by 2030, exhibiting a rapid Compound Annual Growth Rate (CAGR) of 29.67% during the forecast period from 2024 to 2030.

The pervasive influence of AI has permeated various industries, and healthcare stands as no exception to this transformative trend. The integration of AI technologies has brought about a paradigm shift in the delivery of medical services, transcending geographical boundaries. Through the application of AI, healthcare professionals can now undertake disease diagnoses, predict disease progression, discern the impact on the human body, identify potential drug interventions for effective treatment, and more. Moreover, researchers and pharmacists leverage AI to explore novel drugs and conduct clinical trials, utilizing sophisticated AI algorithms to forecast the future mutations of specific viruses or bacteria. Concurrently, there is a growing demand from patients for AI-driven personalized healthcare solutions that substantially reduce casualties. This includes the adoption of remote monitoring devices for the elderly, facilitating the tracking of sleep patterns, heart rate, fall-related injuries, and similar parameters. Specialized scanning technologies are also employed for the diagnosis of heart, lung, and brain-related diseases, while telemedicine facilities enhance healthcare accessibility. Notably, AI-enabled cancer treatment solutions have witnessed increased acceptance due to their successful treatment rates. Furthermore, the elderly's escalating demand for personalized healthcare solutions has propelled the adoption of AI in the personalized healthcare market.

Drivers of the Global AI in Personalized Healthcare Market:

Advancements in artificial intelligence technologies have spurred the demand for AI in personalized healthcare.

Progress in AI has significantly improved the efficiency of diagnosis and treatment within the healthcare sector. AI algorithms, such as machine learning and deep learning models, enable healthcare practitioners to analyze extensive patient data swiftly and accurately, extracting insights crucial for further health-related analysis. Predictive analytics, in particular, empower practitioners to anticipate potential health risks, assess treatment responses, and evaluate outcomes, thereby facilitating macro-level analysis of potential diseases and the implementation of preventive measures. Additionally, Natural Language Processing (NLP) aids doctors and practitioners in evaluating intricate medical data using pre-stored medical literature and databases on smart devices, offering authentic treatment recommendations. Advanced AI algorithms also play a pivotal role in the development of precision medicines based on a patient's medical and genetic data for hospitals, clinics, and research labs.

The surge in the geriatric population has propelled the demand for AI in the personalized healthcare market.

The increasing elderly population has played a significant role in driving technological advancements in the healthcare sector. Elderly individuals are prone to complex and chronic health issues, necessitating vigilant monitoring and treatment by healthcare professionals. AI-enabled wearable devices, trackers, implants, and similar innovations have facilitated remote health status monitoring of the elderly, enabling timely interventions when needed. These technologies contribute to early diabetes detection, monitoring heart rates to identify potential cardiovascular diseases, analyzing cognitive behavior, and more. Furthermore, the growing trend of at-home elderly care has prompted the development of personalized AI-powered wearable devices that manage medication, send alert alarms during emergencies, offer dosage reminders, and monitor the health status of elderly patients.

Challenges in the Global AI in Personalized Healthcare Market:

The market for AI in personalized healthcare faces challenges primarily in the areas of data privacy and security. The reliance on online software to manage patients' data and health information makes it susceptible to unauthorized access, including data leaks and breaches. Additionally, a notable challenge lies in the insufficient expertise in handling AI-enabled healthcare devices and software, potentially diminishing the demand within the market.

Opportunities in the Global AI in Personalized Healthcare Market:

The Global AI in Personalized Healthcare Market is poised to offer lucrative opportunities for businesses, encompassing avenues such as acquisitions, partnerships, collaborations, product launches, and agreements throughout the forecasted period. Moreover, the increasing demand for telemedicine and at-home digital treatment solutions is anticipated to foster the market's growth, creating further opportunities for future expansion.

COVID-19 Impact on the Global AI in Personalized Healthcare Market:

The pandemic has had a positive impact on AI in the personalized healthcare market. The widespread adoption of remote work, driven by travel restrictions, has led to an upsurge in demand for AI-enabled services, including personalized healthcare. Furthermore, the focus on combating virus infections during the pandemic, coupled with a shortage of health facilities, has heightened consumer demand for telemedicine facilities such as virtual consultations with healthcare professionals, contributing to the market's growth.

Recent Developments in the Global AI in Personalized Healthcare Market:

• In March 2023, Genomic Vision introduced Fibersmart, an AI-powered software enabling healthcare professionals and researchers to visualize and analyze long DNA fibers at high resolution.
• In January 2023, Alpine Health Systems launched AI-based software for hospitals and clinics, facilitating the management of patients' data and enhancing the hospital discharge process. The software aids in analyzing complex health conditions and allows case managers to identify at-risk patients for appropriate care.
• In August 2022, GOQII launched wearable devices—Smart Vital Ultra and GOQII stream devices designed for adults and youth. These devices assist in managing health data, monitoring blood oxygen saturation levels, detecting sleep patterns, and monitoring heart rates during exercises. Additionally, the devices provide insights into distance covered, calories burnt, active time, and more.

Global AI in Personalized Healthcare Market Segmentation: By Technology

The market is segmented by technology into the following categories:

• NLP (Natural Language Processing)
• Machine Learning
• Computer Vision
• Big Data
• Others

As of 2022, machine learning dominates the market in terms of technology segmentation, holding the highest market share. Machine learning, a subset of AI, focuses on predictions and data analysis. Its applications in personalized healthcare include identifying patterns, analyzing vast and complex data sets, and suggesting treatment solutions. Common applications involve disease diagnosis, predicting future risks based on genetic and medical data, assessing treatment responses, and health monitoring through smart devices such as wearables and sensors.

The fastest-growing segment within this technology spectrum is computer vision. This method involves interpreting and analyzing visual data, particularly from medical imaging. Computer vision aids healthcare professionals in identifying and detecting disease-related risks and anomalies promptly. Applications include using computer vision for interpreting X-rays, CT scans, and MRIs, analyzing tissues and cells, providing surgical assistance in cardiovascular and neurological procedures, measuring blood count during surgery, and enhancing precision and safety in surgery.

Global AI in Personalized Healthcare Market Segmentation: By End-User

The market is segmented by end-user into the following categories:

• Hospitals & Clinics
• Research Centers/Labs
• Caregivers & Patients

As of 2022, hospitals & clinics hold the highest market share in the end-user segmentation. Major users of AI in personalized healthcare, hospitals, and clinics leverage AI for early detection, remote patient monitoring, treatment solutions, data management, identifying patterns in patient data, and providing virtual assistance to at-home care patients. This enhances the efficiency and accuracy of healthcare service delivery.

The fastest-growing segment in this category is caregivers & patients. Patients and caregivers utilize AI for monitoring the health data of family members, especially the elderly, through smart devices such as sensors and wearables. These devices facilitate expert advice through virtual consultations, medication reminders, continuous monitoring of sleep patterns and heart rate, access to virtual assistants during emergencies, ensuring timely treatments and personalized healthcare solutions.

Global AI in Personalized Healthcare Market Segmentation: By Component

The market is segmented by component into the following categories:

• Hardware
• Software
• Services

As of 2022, hardware holds the highest market share in the component segmentation. Hardware components include sensors, wearable devices, medical devices, and processing units. The rising demand for smart treatment solutions in healthcare has increased the use of AI in devices such as AI-enabled sensors for hospital beds, smartwatches for the elderly, and AI-algorithm-based medical imaging machines.

The fastest-growing segment within this category is software. Software components include advanced AI algorithm-based applications like healthcare analytics, clinical and treatment supporting software, and data management software. These enable healthcare professionals to analyze diseases, make informed treatment decisions, and study drug delivery mechanisms.

Global AI in Personalized Healthcare Market Segmentation: By Region

The market is segmented by region into the following categories:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

As of 2022, North America leads in market share within the regional segmentation. The region's advanced healthcare technologies, infrastructure, and innovation in medical devices contribute to the demand for AI in personalized healthcare. Notably, Amazon Web Services (AWS) launched HealthScribe, a healthcare-focused service powered by generative AI, offering benefits such as API integrations, transcript creation, and access to electronic health records.

The fastest-growing region during the forecast period is Asia-Pacific. Factors such as an increase in chronic diseases, a growing elderly population, and government support through investments and schemes contribute to the rising demand for AI in personalized healthcare in the region.

Key Players in the Global AI in Personalized Healthcare Market:

The following companies are prominent players in the Global AI in Personalized Healthcare Market:

• Google
• Amazon
• Ada Health
• CloudMedX
• Babylon Health
• Owkin
• Atomwise
• Corti
• Behold AI
• Subtle Medical
• Butterfly Networks
• BioBeats
• Komodo Health