Artificial Intelligence in Healthcare Market - By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), By Region & Global Forecast, 2023 - 2032

Artificial Intelligence in Healthcare Market Size

Artificial Intelligence in Healthcare Market size accounted for over USD 5.4 billion in 2022 and is estimated to grow with 29.2% CAGR between 2023 and 2032. Growing application of artificial intelligence in the field of drug discovery, medical imaging, precision medicine and genomics coupled with increasing personalized treatments is anticipated to drive the market growth.
 

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Additionally, the drug discovery process in the market is witnessing a paradigm shift to meet the growing needs of society and patients. Moreover, the use of artificial intelligence and its broadening horizons in research areas is further observed to spur the market progress.
 

Artificial intelligence in healthcare is defined as the utilization of 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 includes drug discovery, medical imaging & diagnosis, virtual assistants among others.
 

Artificial Intelligence in Healthcare Market Analysis

Artificial intelligence is noted to be employed in healthcare applications such as bladder volume prediction and epileptic seizure prediction, among others. Additionally, artificial intelligence as allows the application of machine learning and natural language processing in treatment of mood and mental-health conditions. In addition, artificial intelligence has been extensively used in intelligent personal health recorders such as wearable devices and electronic medical records (EMRS)
 

Security concerns regarding patient data may hamper the AI in healthcare market share. The implementation of artificial intelligence solutions such as electronic health records, e-prescriptions, medical apps require stringent data security. Breach in data security can result in incurring huge losses of critical and confidential information including medical records, which often contain social security numbers, insurance IDs, addresses and medical details, hence, adversely impacting the reputation and results of operations.
 

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Artificial intelligence in healthcare market from medical imaging & diagnosis segment is expected to reach USD 19.9 billion by 2032. Artificial intelligence is widely applicable in the medical imaging sector for the analysis and detection of cancer at early stages. It allows real-time monitoring, improving the patient’s life expectancy. With recent deep learning techniques, artificial intelligence is enabling superhuman pattern recognition performance in the field of medical imaging and diagnostic. Furthermore, deep learning also finds application in tumor detection and development, blood flow quantification as well as medical interpretation.
 

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North America artificial intelligence in healthcare market is expected to exhibit 28.5% CAGR between 2023 and 2032. The region is expected to maintain its dominance in the industry throughout the analysis timeframe owing to robust adoption trends witnessed by digital technologies in healthcare. Various government initiatives and funding in U.S. are focusing on encouraging the market value of artificial intelligence in healthcare.
 

Artificial Intelligence in Healthcare Market Share

Prominent market players operating in the AI in healthcare market include :

• IBM Corporation
• Modernizing Medicine
• NVIDIA Corporation
• Sophia Genetics

. New product launch & approval and partnerships are the most commonly adopted business strategies to sustain market position.
 

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

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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
  • The Netherlands
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia