Artificial Intelligence in Healthcare Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Artificial Intelligence (AI) in Healthcare Market size exceeded USD 5 billion in 2022 and is poised to depict over 29% CAGR through 2023-2032. This is a result of the rapid advancement in big data analytics in healthcare.
 

To address the burgeoning demand for healthcare solutions, organizations are shifting their interest toward artificial intelligence, big data, and other advanced techniques. These technologies deliver several potential benefits, including personalized treatments and faster patient diagnosis with computer-aided designs. With the escalating consumption of healthcare IoT devices, data generation has surged. Furthermore, the rise in the adoption of patient monitoring services will contribute to the advancement in big data analytics and consequently boost the application scope of artificial intelligence in healthcare.
 

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Healthcare service providers have been emphasizing the delivery of quality care and the reduction of ever-increasing fraud cases. Based on a report from the U.S. Department of Justice, in 2021, nearly USD 5.6 billion was recovered from healthcare fraud cases. These factors will escalate the use of AI in healthcare to identify suspicious activities and enhance security. Healthcare AI set-up is, however, associated with high initial investment costs due to the complexity of the machines. Such factors may hinder industry development to some extent over the forthcoming years.
 

Drug discovery projects and awareness of personalized care to fuel healthcare AI demand

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AI in healthcare market from the drug discovery application segment will surpass USD 20.5 billion by 2032. ML and AI are ushering in an era of rapid, economic, and effective drug discovery. In January 2022, Sanofi entered a research collaboration and license deal with Exscientia to develop around 15 novel small molecule oncology and immunology candidates. Under the agreement, the pharma company intended to leverage Exscientia’s AI-driven healthcare platform utilizing actual patient samples. Such innovations, along with the rise in drug manufacturing defects, will bolster AI integration in drug discovery projects.
 

The market share from the virtual assistants application segment is set to depict a 28% CAGR through 2023-2032, on account of the mounting use of chatbots for customer service management. With the help of AI, chatbots can improve patient engagement and reduce costs. Due to the rising awareness of personalized care among patients, healthcare institutions will rely increasingly on AI assistants or chatbots to improve outcomes.
 

Growing geriatric population spurs AI adoption in the European healthcare sector

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Europe AI in healthcare market is projected to be worth over USD 22 billion by 2032, as a result of the rise in the aging population. Based on the World Economic Forum report, in the EU, over 30% of the population is likely to be 65 years old and above by 2100. Since the elderly population is prone to chronic ailments, the role of artificial intelligence and machine learning in healthcare will increase. Additionally, remote patient monitoring is moving into the mainstream further contributing to the adoption of the technology.
 

Innovative product development strategies define the industry outlook

The AI in healthcare market consists of companies such as APIXIO, Inc., AiCure, Butterfly Network, Inc., Atomwise, Inc., Enlitic, Inc., Cyrcadia Health Inc., iCarbonX, IBM Corporation, Insilico Medicine Inc, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics, Sens.ly Inc, Virgin plus, and Nanox, among others. These market participants are focusing on product range expansion strategies to reinforce their market presence.
 

Impact of COVID-19 outbreak on AI in healthcare market dynamics

The coronavirus pandemic has asserted an unprecedented impact on the global economy and the healthcare sector. This includes the acceleration of digital transformation to cater to patient needs, mainly in the field of disease diagnosis. For disease surveillance during the pandemic, digital health systems equipped with technologies such as AI have proven to be effective. Healthcare facilities observed an increased need for proper analyzing, screening, and tracking of patients during the lockdowns. These factors will stimulate the use of AI in healthcare to deliver enhanced care and maximize treatment efficiency.
 

The AI in healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:

By Application

• Medical Imaging & Diagnosis
• Drug discovery
• Therapy planning
• Hospital workflow
• Wearables
• Virtual assistants
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Sweden
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia