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Artificial Intelligence (AI) in Healthcare Market Size & Share, by Technology (Context Aware Processing, Natural Language Processing, Speed Recognition, Machine Learning); Offering (Hardware, Software, Services); Application (Drug Discovery, Medical Imaging, Electrocardiography, Medical Research, Personalized Medicine); End-user (Virtual Assistance, Clinics, Diagnostic Labs, Hospitals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 1429
  • Published Date: Feb 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Artificial Intelligence in Healthcare Market size is anticipated to surpass USD 74 Billion by the end of 2033, growing at a CAGR of 45% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of artificial intelligence in healthcare was over USD 24 Billion.The growth of the market can primarily be attributed to the spiking number of elderly people with the need for assisted living facilities, the rising influx of large and complex healthcare data across the world, and increasing technological advancements in human-aware AI systems. National Library of Medicine published data showing that nearly 1.5 million geriatrics live in nursing homes while around 1 million spend their lives in assisted living facilities.

Global artificial intelligence in healthcare market trends such as growing healthcare expenditure and skyrocketing spending on artificial intelligence are projected to influence the growth of the market positively over the forecast period. As of 2021, AI funding across the globe was estimated to be nearly USD 18 billion which was a significant increase from about USD 650 million in 2011. Moreover, the government of every nation is more active to develop the healthcare infrastructure of their countries. According to statistics released by the World Bank, the healthcare expenditure was stated to be USD 1,121.9 per capita. Hence, all these factors are projected to hike the growth of the market over the forecast period.

Artificial Intelligence (AI) in Healthcare Market
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Artificial Intelligence (AI) in Healthcare Sector: Growth Drivers and Challenges

Growth Drivers

  • Significant Decrement in the Number of Physicians- For instance, the USA faced a shortage of physicians between 35,000 and 100,000 in recent decades.The world is projected to face a shortage of physicians and doctors owing to the constant growth in the population. Hence, AI becomes the next step to fill this gap by providing the requisite medical services to the people. Certain applications such as end-to-end drug discovery, diagnosis, consulting, storing, and transcribing medical documents can be initiated with the adoption of AI in healthcare.
  • Rising Prevalence of Neurological Disorders- As of 2019, around 500,000 deaths were caused by neurological conditions in the USA, out of which, 200,000 of them were men and 300,000 were women.
  • Increasing Geriatric Population across the Globe- Based on the report provided by the World Bank, the global geriatric population reached 747,238,580 in 2021.
  • Skyrocketing Utilization of AI in Pharmaceuticals- As of 2020, more than 58% of respondents from the healthcare and pharmaceutical industry stated to AI is very helpful to enhance the quality of medical services.
  • The Increasing Healthcare Data and Growing Complexities - As per the estimations, over 28% of the world’s data is being generated by the healthcare industry.

Challenges

  • Concerns Regarding Data Privacy the increasing adoption of AI in every sector is owing to data privacy concerns. Patient health data is protected by federal laws in many countries. All the AI platforms are regulated by governments and regulatory authorities. Some vendor centers are not secure to avoid data breaches which is a major challenge for market growth.
  • Lack of Skilled Workforce to Develop AI
  • Requirement for Higher Initial Investment

AI in Healthcare Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~45%

Base Year Market Size (2022)

~ USD 24 Billion

Forecast Year Market Size (2033)

~ USD 74 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Artificial Intelligence in Healthcare Segmentation

Application (Drug Discovery, Medical Imaging, Electrocardiography, Medical Research, Personalized Medicine)

The global AI in Healthcare Market is segmented and analyzed for demand and supply by application into virtual assistance, clinics, diagnostic labs, and hospitals, out of which, the virtual assistance segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the growing utilization of virtual assistance for medical consulting, the growing geriatrics population, and increasing healthcare expenditure. For instance, more than 7 billion digital voice assistants will be functioning across the globe by 2024.

Our in-depth analysis of the global market includes the following segments:

      By Technology

      By Offering
  • Hardware
  • Software
  • Services

      By Application
  • Virtual Assistance
  • Drug Discovery
  • Medical Imaging
  • Electrocardiography
  • Medical Research
  • Personalized Medicine

       By End-User
  • Clinics
  • Diagnostic Labs
  • Hospitals

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Artificial Intelligence (AI) in Healthcare Industry - Regional Synopsis

The Asia Pacific region AI in Healthcare Market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the growing geriatric population and growing healthcare infrastructure in the region. For instance, the geriatric population in Asia is projected to reach approximately 900 million by 2050. Furthermore, the rising adoption of AI technology in the healthcare sector is also anticipated to hike the growth of the market over the forecast period.

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Companies Dominating the Artificial Intelligence (AI) in Healthcare Landscape

top-features-companies
    • NVIDIA Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Philips International B.V.
    • Micron Technology, Inc.
    • Siemens Healthcare GmbH
    • Crunchbase Inc.
    • Genger.io, Inc.
    • Welltok, Inc.
    • Google LLC
    • Medtronic plc
    • General Electric Company

In the News

  • Philips International B.V. to display the clinical solution and data with enhanced efficiency at TCT 2022. These solutions are mainly designed to promote clinical confidence.

  • Siemens Healthcare GmbH to introduce a study that has been conducted to evaluate and monitor the accuracy of diagnosis of non-contrast flat detector CT. Moreover, the non-inferiority results of flat detector CT are estimated to support the management approach in acute ischemic stroke.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 1429
  • Published Date: Feb 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Significant decrement in the number of physicians and increasing geriatric population across the globe is estimated to majorly boost the market growth.

The market is anticipated to attain a CAGR of ~45% over the forecast period, i.e., 2023-2033.

Shortage of necessary data to be utilized and lack of skilled workforce to develop AI are estimated to challenge the market growth.

The market in Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Philips International B.V., Micron Technology, Inc., Siemens Healthcare GmbH, Crunchbase Inc., Ginger.io, Inc., Welltok, Inc., Google LLC, Medtronic plc, General Electric Company, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, offering, application, end-user, and by region.

The virtual assistance segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Artificial Intelligence (AI) in Healthcare Market Report Scope
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