Global Artificial Intelligence (AI) in Healthcare Market Analysis

Global Artificial Intelligence (AI) in Healthcare Market Executive Summary

Healthcare systems are increasingly adopting and integrating artificial intelligence (AI) and machine learning (ML) algorithms to precisely forecast diseases in their early stages based on past health records. Some of the key factors propelling the market's expansion are the expanding datasets of digital patient health information, the rising desire for individualized treatment, and the rising demand for lowering healthcare costs. The increase in demand for early disease diagnosis and better understanding has been attributed to the growing Global geriatric population, changing lifestyles, and rising prevalence of chronic diseases.

One of the factors propelling the growth of the artificial intelligence (AI) market in the healthcare industry is the application of AI/ML technologies in improving patient care, lowering equipment downtime, and minimizing care costs. The usage of AI-based technologies increased significantly, and they are expected to develop rapidly in the future. AI/ML technology integration in healthcare processes like diagnosis, patient management, prescription management, claims management, workflow management, machine integration, and cybersecurity has increased significantly.

Market Size and Key Findings

The Global Artificial Intelligence (AI) in Healthcare Market size is at around US $ xx Bn in 2021 and is projected to reach US $ xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period.

Global Artificial Intelligence (AI) in Healthcare Market Size (In USD Bn)

(2021-2030F)

Market Dynamics

Market Growth Drivers Analysis

Care providers can now diagnose patients' underlying medical issues early thanks to deep learning technologies, predictive analytics, content analytics, and Natural Language Processing (NLP) tools. The Covid-19 outbreak increased demand for AI technology and made these sophisticated technologies' potential more apparent. Healthcare systems extensively embraced these technologies for the quick diagnosis and detection of various virus strains and made use of tailored data to enhance outbreak management. In order to quickly and accurately diagnose patients who tested positive for Covid-19, AI/ML algorithms were used in the diagnosis field. These technologically advanced modules were trained using datasets of chest CT scans, symptoms, pathological findings, and exposure history.

Rapid developments in this field, such as the intravascular delivery of bone marrow-derived stem cells employing autologous stem cell therapy for treating brain injury, are also expected to support the segment's expansion through 2022. Given the increased prevalence of disorders like cerebral stroke, cerebral balloon angioplasty—a type of interventional Artificial Intelligence (AI) in Healthcare—is anticipated to develop profitably over the projected period. In addition, a strong preference for pairing cerebral stents with angioplasty in order to prevent carotid plaque from reaccumulating in the afflicted vessels is anticipated to spur the expansion of this sub-segment in the upcoming years.

Competitive Landscape

Key Players

The prominent players operating in this market include Nuance Communications, Inc., IBM Corporation, Microsoft, NVIDIA Corporation, Intel Corporation, DeepMind Technologies Limited, etc.