At a CAGR of 42.4%, Artificial Intelligence in Healthcare Market Size at USD 164.10 Billion by 2029

Fortune Business Insights

Fortune Business Insights

According to Fortune Business Insights, the global artificial intelligence market in healthcare is expected to reach $164.10 billion by 2029, and the market is reported to have reached $13.82 billion in 2022 and is likely to register a compound annual growth rate of 42.4% between 2022 and 2029; Robot-assisted surgery dominates due to technological innovations

Pune, India, September 12, 2022 (GLOBE NEWSWIRE) – Global Artificial Intelligence (AI) in Healthcare Market The market size is valued at USD 10.54 billion in 2021 and is expected to reach a valuation of USD 13.82 billion in 2022. The market is expected to reach USD 164.10 billion by 2029 at a CAGR of 42.4% during the forecast period . The increasing cases of investments in the healthcare industry by government and private companies for artificial intelligence are expected to witness positive progress in the market. Advances in pharmaceuticals, research, innovation and technology are expected to shape the path of the market. It is expected that the use of artificial intelligence to assist medical professionals in the development of the market. Fortune Business Insights™ shares this information in its report, “Artificial Intelligence (AI) in the Healthcare Market, 2022-2029.”.

Major industry development

March 2022 – NVIDIA Corporation launched the Clara Holoscan MGX, a device used to accelerate innovation in the medical industry. It uses artificial intelligence in real time.

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Report scope

Report coverage

details

prediction period

2022 to 2029

Forecast period from 2022 to 2029 CAGR

42.4%

2029 Value Drop

164.10 billion US dollars

base year

2021

Market size in 2021

10.54 billion US dollars

Historical data about

2018 to 2020

number of pages

159

The main players covered

Amazon.com, Inc. (US), Microsoft Corporation (US), NVIDIA Corporation (US), Alphabet Inc. (United State)

growth engines

Integrating AI into healthcare to support market progress

The demand for electronic health records system during the pandemic has led to the growth of the market

Hospitals and clinics will be the first part due to the increased number of cooperation by market players

Drivers and restrictions

Integrating AI into healthcare to support market progress

The use of artificial intelligence and robotics to diagnose and treat drug disorders is valued to drive artificial intelligence (AI) in the growth of the healthcare market. Using a virtual assistant can help transform care delivery to improve patient care and help track patient health. In January 2021, Nuance launched a new virtual assistant platform to simplify the use of artificial intelligence to connect patients. The new platform meets the needs of healthcare providers and patients and offers care solutions.

However, increasing complications, high costs and data breaches in artificial intelligence (AI) in healthcare are expected to hamper market development.

The impact of COVID-19:

Demand for electronic health records system During the epidemic led to the growth of the market

The outbreak of the COVID-19 pandemic has increased the demand for artificial intelligence (AI) in healthcare. This is due to the increasing demand for AI-based tools and solutions due to their ability to analyze and diagnose COVID-19. The sharp rise in the demand for Electronic Health Records (EHR) system has boosted the growth of the market.

Click here for the short- and long-term impact of COVID-19 on this market.

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Slices

Solution Leading due to the increase in the number of investments by market players

On the basis of platform, the market is segmented into solutions and services. The solutions segment is expected to retain a significant market share. Dominance is due to increased investments by major players. Initiatives taken by governments to enhance AI in healthcare infrastructure have led to an increased demand for AI.

Robot-assisted surgery To control technological innovations

Based on the application, the market is segmented into robot-assisted surgery, virtual nursing assistant, workflow administrative assistance, clinical trials, initial diagnosis, and others. The Department of Robotic Assisted Surgery has dominated this sector in 2021 due to increased innovations and technological advancements. The primary diagnostics segment is also expected to have a moderate compound annual growth rate (CAGR) due to the positive results generated by AI-based diagnostic tools.

Hospitals and clinics To be the main part due to the increase in the number of cooperations by market players

Based on the end user, the market is segmented into hospitals and clinics, pharmaceutical and biotechnology companies, contract research organization (CRO), and others. The hospital and clinic sector is estimated to have a dominant role in 2021 due to the adoption of new technologies and increased cooperation between market players.

Geographically, the market is segmented into North America, Europe, Asia Pacific, and Latin America.

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Report coverage
The report provides a detailed analysis of the most important sectors and the latest trends in the market. It comprehensively discusses the driving factors, limiting factors and the impact of COVID-19 on the market. In addition, it studies regional developments and the strategies pursued by the major players in the market.

Regional Insights

North America rules the market due to the adoption of artificial intelligence in medical facilities

North America is expected to lead artificial intelligence (AI) in the healthcare market share and is estimated to have the bulk due to the increasing dependence on new AI-based medical equipment. The increase in the number of machine learning-based clinical trials in the region providing accurate results is expected to drive the growth of the market.

It is estimated that Europe ranks second due to the strengthening of the drug discovery process.

The Asia Pacific region is expected to get a significant share due to demand from developing countries such as China, India and Japan. The increasing number of investments in AI-based medical devices is expected to increase the market size.

Artificial Intelligence in Healthcare Market Segments:

fragmentation

by platform

According to the application

Competitive scene

Technological advances by major players dictate the market trajectory

Major market players have used planned expansion strategies to gain market grip. Amazon.com, Inc. and Microsoft Corporation, NVIDIA Corporation, and Alphabet Inc. They are some of the major players that captured a significant share in 2021. In March 2022, Microsoft announced its technology upgrades in the healthcare cloud and access to Azure HealthData services. Other companies with significant global market presence include Hewlett-Packard Enterprise, Intel Corporation, Siemens AG and General Electric. They have been focusing on collaborations and new product launches.

List of key players included in the report

  • Amazon.com, Inc. (United State)

  • Microsoft Corporation (USA)

  • NVIDIA Corporation (US)

  • Alphabet Corporation (USA)

  • Hewlett-Packard Enterprise (USA)

  • Intel Corporation (USA)

  • Siemens AG (Germany)

  • General Electric Corporation (USA)

  • Allscripts Healthcare Solutions, Inc. (United State)

  • UnitedHealth Group (Optum Inc.) (US)

content list

ToC Continue…!

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Frequently Asked Questions

What is the value of the global Artificial Intelligence (AI) in the healthcare market?

According to Fortune Business Insights, the global market size was 10.54 billion US dollars in 2021 and is expected to reach 164.10 billion US dollars by 2029.

What are the main factors driving the market?

Increasing investment by the private and government sectors in artificial intelligence is driving the market.

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