Artificial Intelligence (AI) in Healthcare Market Analysis- Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Global Artificial Intelligence (AI) in Healthcare Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global artificial intelligence (AI) in healthcare market is estimated to garner a revenue of ~USD 74 Billion by the end of 2033 by growing at a CAGR of ~45% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 24 Billion in the year 2022. 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.

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Global artificial intelligence (AI) 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.

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Global Artificial Intelligence (AI) in Healthcare Market: Key Insights

cscs

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)

Global Artificial Intelligence (AI) in Healthcare Market: 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

The global artificial intelligence (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.

Global Artificial Intelligence (AI) in Healthcare Market Regional Synopsis

The Asia Pacific region artificial intelligence (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.

Market Segmentation

Our in-depth analysis of global artificial intelligence (AI) in healthcare market includes the following segments:

By Technology	Context-Aware Processing Natural Language Processing Speed Recognition, Machine Learning Others
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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Top Featured Companies Dominating the Global Artificial Intelligence (AI) in Healthcare Market

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.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the artificial intelligence in healthcare market?

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

2) What would be the CAGR of artificial intelligence in healthcare market over the forecast period?

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

3) What are the challenges affecting the artificial intelligence in healthcare market growth?

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

4) Which region will provide more business opportunities for growth of artificial intelligence in healthcare market in future?

Ans: 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.

5) Who are the major players dominating the artificial intelligence in healthcare market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the artificial intelligence (AI) in healthcare market?

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

8) Which segment captures the largest market size in application in the artificial intelligence (AI) in healthcare market?

Ans: The virtual assistance segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Artificial Intelligence in Healthcare Market