The growing demand for reduced healthcare costs is notably driving market growth- Technavio

NEW YORK, Aug. 14, 2023 /PRNewswire/ — The artificial intelligence (AI) in the healthcare market size is estimated to grow at a CAGR of 23.5% between 2022 and 2027. The market size is forecast to increase by USD 11,827.99 million. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report –Request a sample report

Artificial Intelligence (AI) in the Healthcare sector market – Company Analysis
Company Landscape – The global artificial intelligence (AI) in the healthcare sector market is fragmented, with the presence of several global as well as regional Companies. A few prominent companies that offer artificial intelligence (AI) in the healthcare sector in the market are Ada Health GmbH, Alphabet Inc., Amazon.com Inc., Atomwise Inc., BenchSci Analytics Inc., CarePredict Inc., Catalia Health, Cyclica, Deep Genomics Inc., Entelai, Exscientia PLC, General Electric Co., Intel Corp., International Business Machines Corp., Koninklijke Philips NV, MaxQ AI, Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthineers AG and others.

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Company Offerings – 

• Ada Health GmbH: The company offers artificial intelligence in the healthcare sector such as Ada.

• Alphabet Inc.: The company offers artificial intelligence in the healthcare sector such as Google Health.

• Amazon.com Inc.: The company offers artificial intelligence in the healthcare sector such as Amazon HealthLake.

• For details on the company and its offerings – Request a sample report

Artificial Intelligence (AI) In The Healthcare Sector Market – Segmentation Assessment

Segment Overview

This artificial intelligence (AI) in healthcare market report extensively covers market segmentation by application (medical imaging and diagnostics, drug discovery, virtual assistants, operations management, and others), component (software, hardware, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

Story continues

• The market share growth by the medical imaging and diagnostics segment will be significant during the forecast period. Medical imaging is the creation of a visual representation of the body or the functioning of organs or tissues for the purpose of clinical analysis and medical diagnosis. Medical imaging includes X-rays, CT scans, and magnetic resonance imaging. Managing high-resolution imaging data for treatment and diagnosis is a challenge, even for large healthcare facilities and experienced clinicians. In addition, the increasing use of medical imaging data and technological advancements such as AI in healthcare are contributing to the adoption of medical imaging in healthcare practice. Hence, such factors will increase segment growth during the forecast period.

Geography Overview

• North America is estimated to contribute 38% to the growth of the global market during the forecast period. The early adoption of the technology and the growing investment from market players such as Microsoft, Google, and IBM are indicative of the growing demand for AI in the region. The US is one of the top countries in the world in terms of the number of AI patents filed. The US and Canada together hold nearly 26% of all AI patent applications worldwide. IBM holds the majority of AI-related patents, followed by Microsoft and Google. Thus, such factors will drive the growth of the market in this region during the forecast period.

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Artificial Intelligence (AI) in the Healthcare Sector Market – Market Dynamics

Leading Driver –

• The growing demand for reduced healthcare costs is notably driving AI in healthcare market growth. 

• Optimizing the activities and resources of healthcare providers significantly reduces costs and increases efficiency. The experience of patients and healthcare professionals is improved through affordable, quality treatment and care.

• AI can reduce traditional medical costs and improve treatment while allowing patients to meet their own healthcare needs through the use of virtual assistants such as doctors or chatbots that reduce considerable human labor.

• Therefore, the demand to minimize healthcare costs will drive the AI market in the healthcare sector during the forecast period.

Key Trend – 

• The development of precision medicine is a key trend in the AI in healthcare market. 

• AI uses DL algorithms to process large data sets to understand human genes and identify biological factors that cause disease.

• Drug development companies are increasingly using artificial intelligence to accelerate drug discovery in the healthcare sector.

• Researchers and scientists are using AI to personalize disease prevention and treatment strategies by analyzing large sets of genetic databases.

• In the area of precision medicine, AI is being used by healthcare providers and researchers as well as others such as medicinal product developers, and technology companies which will boost the growth of the market during the forecast period.

Major challenge – 

• Regulatory challenges to promote the safety and effectiveness of products are challenging AI in healthcare market growth.

• AI is recognized as a complex term with more solutions, such as DL, neural networks, and different approaches to setting up each technology. Regulatory standards for software as medical devices (SAMD) have been developed over the past few years.

• AI technologies must comply with regulations and data protection requirements in order to be adopted by providers and gain patients’ trust. Regulatory compliance helps healthcare professionals to reduce the impact of bias and increase transparency.

• Therefore, these regulatory challenges can reduce the adoption of AI in the healthcare sector, which will impede the growth of the AI market in the healthcare sector during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Artificial Intelligence (AI) In Healthcare Sector Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of artificial intelligence (AI) in the healthcare sector market between 2023 and 2027

• Precise estimation of the artificial intelligence (AI) in the healthcare sector market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of artificial intelligence (AI) in the healthcare sector market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about companies

• Comprehensive analysis of factors that will challenge the growth of artificial intelligence (AI) in the healthcare sector market companies

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Tbale of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Component

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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