Artificial Intelligence in Healthcare Market Analysis And Forecast To 2032: By Component (Software Solutions, Hardware, Services), Application (Robot-Assisted Surgery, Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants, Others) And Region
The global Artificial Intelligence in Healthcare market was valued at USD 12.4 Billion in 2022 and it is anticipated to grow up to USD 45.6 Billion by 2032, at a CAGR of 13.9% during the forecast period.
Artificial intelligence (AI) in healthcare is a broad term that covers a wide range of applications and technologies. AI technologies can be used to help doctors and other healthcare professionals diagnose and treat diseases, make predictions about patient health, and improve the efficiency of care delivery. AI is also being used to develop new drugs and personalized treatments, and to create digital assistants that can help patients manage their health.
Global Artificial Intelligence in Healthcare Market Scope and Report Structure
| Report Attribute | Details |
|---|---|
| Market Size in 2022 | $12.4 bn |
| Market Size in 2032 | $45.6 bn |
| Growth Rate (2022-32) | 13.9% |
| Historic Period | 2016-2021 |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Segments Covered | Component, Application, and Region |
| Key Companies | AiCure, APIXIO, Inc., Atomwise, Inc, Butterfly Network, Inc., Cyrcadia Health Inc, Enlitic, Inc, IBM Corporation, iCarbonX, Insilico Medicine Inc, NVIDIA Corporation |
| Regional Scope | North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
| Analysis Coverage | Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments |
Market Trends and Drivers
The market is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare. Additionally, the market is anticipated to grow as opportunities in geriatric population care with AI technology, imaging, and diagnostics to generate data for research development arise. Moreover, the growing shortage of healthcare workforce drove the adoption of AI/ML technologies. Therefore, AI algorithms can be trained to analyze patient health information which further supports care providers in quickly diagnosing the condition and devising an accurate treatment regime.
Small-molecule drug discovery benefits from AI in four ways; access to new biology, improved or unique chemistry, higher success rates, and speedier and less expensive discovery procedures. For instance, FDA’s Center for Drug Evaluation and Research (CDER) approved 50 brand-new pharmaceutical and biological products in 2021. About 33 of the 50 novel medications and biological products approved for use had tiny molecules, while 17 were monoclonal antibodies and other large molecules. Such aforementioned factors boosting the growth of the market and accelerating the adoption rate of AI in healthcare.
Market Restraints and Challenges
The restraints in the AI in healthcare market are the lack of awareness and the high cost of AI-based solutions. The challenges in the AI in healthcare market are the lack of skilled workforce, the need for high initial investment, and the need for data security.
Global Artificial Intelligence in Healthcare Market Segmental Overview
The report analyses the global Artificial Intelligence in Healthcare market based on component, application, and region
Global Artificial Intelligence in Healthcare Market by Component
Based on component, the market is segmented as hardware, software solution, and services. In 2022, the software solutions segment dominated the market due to the rapidly growing adoption rate of AI-based software solutions amongst healthcare providers, payers, and patients. For instance, in September 2019, GE Healthcare partnered with five Chinese local software developers namely, 12Sigma Technologies, Biomind, Shukun Technology, Yizhun Medial AI, and YITU Technology to collaboratively work on developing Edison AI platform and support the smooth digital transformation of GE Healthcare. Whereas, software solutions is anticipated to register the fastest growth rate over the forecast period. This dramatic growth rate is attributable to the rising penetration of AI-based technologies in several healthcare applications such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dosage error reduction, and fraud detection.
Global Artificial Intelligence in Healthcare Market by Application
Based on application, the market is segmented as Robot-Assisted Surgery, Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants, and Others. Out of these, the clinical trials segment dominated the market in 2022 due to the growing number of patent expirations, rising demand for faster and accurate clinical trials to cater to the need for new drug discoveries and drug development. Although, prior to the pandemic AI-technologies in clinical trials were still in a nascent stage, now with the growth in demand for faster clinical trials supporting trial designing, study adherence, minimizing dropout rates, and patient recruitment, AI-based technologies in clinical trials has witnessed a surge in adoption. Decreasing the amount of time required in performing clinical trials and enhancing the accuracy and reliability of the clinical trial are expected to boost the market growth. Life science organizations, government regulatory authorities, and healthcare start-ups are beginning to support and adopt AI-empowered solutions in their processes. For example, Deep6AI is an AI monitoring system that enhances the patient recruitment process and reduces the time and expenses involved.
Geographical Analysis of Global Artificial Intelligence in Healthcare Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America to hold significant market share. The high adoption rate of AI technologies across healthcare and pharma, the strong presence of prominent AI software and system suppliers, and the combined investment by government and private organizations in the improvement and growth of research and development activities are expected to drive the market’s demand in the United States. Over time, the country is expected to dominate the regional market due to its developed infrastructure that can house advanced medical solutions. The increasing inflow of investments in startups for AI implementation would accelerate the market’s growth.
Major Players in the Global Artificial Intelligence in Healthcare Market
The overall competitive rivalry remains moderately high in the market studied. The growing presence of big players in the industry is expected to intensify competitive rivalry during the forecast period. The global Bioactive Ingredients Market report includes players such as AiCure, APIXIO, Inc., Atomwise, Inc, Butterfly Network, Inc., Cyrcadia Health Inc, Enlitic, Inc, IBM Corporation, iCarbonX, Insilico Medicine Inc, NVIDIA Corporation, others.
COVID-19 Impact:
The COVID-19 pandemic impacted international politics and the economy. There weren’t any particularly potent therapies or medications to treat the disease at the time. Therefore, developing new techniques for early illness isolation, diagnosis, and treatment became essential. Artificial intelligence with multimodal data helped various segments of the healthcare industry to cater to the rapid outbreak of disease by providing cutting-edge applications in disease, medicine, treatment, and target recognition during the pandemic.
Recent Developments:
- In September 2022, Novo Nordisk A/s and Microsoft collaborated to accelerate drug discovery and development using big data and artificial intelligence. The collaboration centers on expanding digital science and AI capability applications in the healthcare business and sustainability.
- In August 2022, Atomwise Inc. and Sanofi collaborated to advance AI research for computational discovery and make better medicines faster by unlocking up to five drug targets inaccessible to traditional small molecule discovery approaches.
Artificial Intelligence in Healthcare Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Artificial Intelligence in Healthcare Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of the Artificial Intelligence in Healthcare Market in terms of value (USD Million) and volume (kilotons).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Artificial Intelligence in Healthcare Industry.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- Analytical depiction of the Artificial Intelligence in Healthcare Market along with the current trends and future estimations to depict imminent investment pockets. The overall Activated Carbon-based Nonwoven Textiles industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, Case Studies, and PESTLE analysis of the Artificial Intelligence in Healthcare Market are also analyzed.
Frequently Asked Questions
Q1. How big is the Artificial Intelligence in Healthcare Market?
Ans. The global Artificial Intelligence in Healthcare market was valued at USD 186.0 Billion in 2022 and it is anticipated to grow up to USD 363.5 Billion by 2032, at a CAGR of 6.9% during the forecast period.
Q2. What is the Artificial Intelligence in Healthcare Market growth rate?
Ans. The growth rate of the Artificial Intelligence in Healthcare Market is 6.9%
Q3. Which region holds a major market share for the market?
Ans. North America holds a major market share of the Artificial Intelligence in Healthcare Market in 2022.
Q4. Which segment accounted for the largest Artificial Intelligence in Healthcare Market share?
Ans. By application, the Functional Food & Beverage segment accounted for the largest Artificial Intelligence in Healthcare Market share.
Q5. Who are the key players in the Artificial Intelligence in Healthcare Market?
Ans. The global Artificial Intelligence in Healthcare Market report includes players such as AiCure, APIXIO, Inc., Atomwise, Inc, Butterfly Network, Inc., Cyrcadia Health Inc, Enlitic, Inc, IBM Corporation, iCarbonX, Insilico Medicine Inc, and NVIDIA Corporation, among others.
Q6. What are the factors driving the Artificial Intelligence in Healthcare Market growth?
Ans. The growing demand for functional food and beverages owing to increasing consciousness among people about maintaining a balanced diet with a proper content of essential nutrients. The industry offers lucrative growth opportunities to manufacturers of these compounds owing to their increasing usage in functional food and beverages, as well as in dietary supplements
Q7. What are the key growth strategies of Artificial Intelligence in Healthcare Market players?
Ans. The key growth strategies of Artificial Intelligence in Healthcare Market players are product launch and product approval.
Q8. Which region will provide more business opportunities for the Artificial Intelligence in Healthcare Market during the forecast period?
Ans. The Asia-Pacific region will provide more business opportunities for the Artificial Intelligence in Healthcare Market during the forecast period.
Table of Contents
Chapter 1. Artificial Intelligence in Healthcare Market Overview
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Limitations
1.4. Research Methodologies
1.4.1. Secondary Research
1.4.2. Market Size Estimation Technique
1.4.3. Forecasting
1.4.4. Primary Research and Data Validation
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Premium Insights on the Market
3.1. Market Attractiveness Analysis, By Region
3.2. Market Attractiveness Analysis, By Component
3.3. Market Attractiveness Analysis, By Application
Chapter 4. Artificial Intelligence in Healthcare Market Outlook
4.1. Artificial Intelligence in Healthcare Market Segmentation
4.2. Market Dynamics
4.2.1. Market Drivers
4.2.1.1. Driver 1
4.2.1.2. Driver 2
4.2.1.3. Driver 3
4.2.2. Market Restraints
4.2.2.1. Restraint 1
4.2.2.2. Restraint 2
4.2.3. Market Opportunities
4.2.3.1. Opportunity 1
4.2.3.2. Opportunity 2
4.3. Porter’s Five Forces Analysis
4.3.1. Threat of New Entrants
4.3.2. Threat of Substitutes
4.3.3. Bargaining Power of Buyers
4.3.4. Bargaining Power of Supplier
4.3.5. Competitive Rivalry
4.4. PESTLE Analysis
4.5. Value Chain Analysis
4.5.1. Raw Industry Vertical Suppliers
4.5.2. Manufacturers
4.5.3. Wholesalers and/or Retailers
4.6. Impact of COVID-19 on the Artificial Intelligence in Healthcare Market
4.7. Impact of the Russia and Ukraine War on the Artificial Intelligence in Healthcare Market
Chapter 5. Artificial Intelligence in Healthcare Market By Component
5.1. Market Overview
5.2. Software Solutions
5.2.1. Key Market Trends & Opportunity Analysis
5.2.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
5.3. Hardware
5.3.1. Key Market Trends & Opportunity Analysis
5.3.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
5.4. Services
5.4.1. Key Market Trends & Opportunity Analysis
5.4.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
Chapter 6. Artificial Intelligence in Healthcare Market By Application
6.1. Market Overview
6.2. Robot-Assisted Surgery
6.2.1. Key Market Trends & Opportunity Analysis
6.2.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.3. Clinical Trials
6.3.1. Key Market Trends & Opportunity Analysis
6.3.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.4. Hospital Workflow
6.4.1. Key Market Trends & Opportunity Analysis
6.4.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.5. Therapy Planning
6.5.1. Key Market Trends & Opportunity Analysis
6.5.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.6. Wearables
6.6.1. Key Market Trends & Opportunity Analysis
6.6.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.7. Virtual Assistants
6.7.1. Key Market Trends & Opportunity Analysis
6.7.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.8. Medical Imaging & Diagnosis
6.8.1. Key Market Trends & Opportunity Analysis
6.8.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.9. Others
6.9.1. Key Market Trends & Opportunity Analysis
6.9.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
Chapter 7. Artificial Intelligence in Healthcare Market , By Region
7.1. Overview
7.2. North America
7.2.1. Key Market Trends And Opportunities
7.2.2. North America Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.2.3. North America Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.2.4. North America Artificial Intelligence in Healthcare Market Size And Forecast by Country, 2022-2032, ($Million)
7.2.5. The U.S.
7.2.5.1. The U.S. Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.2.5.2. U.S. Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.2.6. Canada
7.2.6.1. Canada Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.2.6.2. Canada Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.2.7. Mexico
7.2.7.1. Mexico Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.2.7.2. Mexico Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.3. Europe
7.3.1. Key Market Trends And Opportunities
7.3.2. Europe Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.3. Europe Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.4. Europe Artificial Intelligence in Healthcare Market Size And Forecast by Country, 2022-2032, ($Million)
7.3.4.1. Germany
7.3.4.2. Germany Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.4.3. Germany Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.5. France
7.3.5.1. France Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.5.2. France Artificial Intelligence in Healthcare Market Size And Forecast by Distribution Channel, 2022-2032, ($Million)
7.3.6. U.K
7.3.6.1. U.K. Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.6.2. U.K. Artificial Intelligence in Healthcare Market Size And Forecast by End-user, 2022-2032, ($Million)
7.3.7. Spain
7.3.7.1. Spain Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.7.2. Spain Artificial Intelligence in Healthcare Market Size And Forecast by End-user, 2022-2032, ($Million)
7.3.8. Italy
7.3.8.1. Italy Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.8.2. Italy Artificial Intelligence in Healthcare Market Size And Forecast by End-user, 2022-2032, ($Million)
7.3.9. Russia
7.3.9.1. Russia Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.9.2. Russia Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.10. Rest of Europe
7.3.10.1. Rest of Europe Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.3.10.2. Rest of Europe Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.4. Asia-Pacific
7.4.1. Key Market Trends And Opportunities
7.4.2. Asia-Pacific Artificial Intelligence in Healthcare Market Size And Forecast by Country, 2022-2032, ($Million)
7.4.3. Asia-Pacific Artificial Intelligence in Healthcare Market Size And Forecast by Material Type, 2022-2032, ($Million)
7.4.4. Asia-Pacific Artificial Intelligence in Healthcare Market Size And Forecast by Distribution Channel, 2022-2032, ($Million)
7.4.5. China
7.4.5.1. China Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.4.5.2. China Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.6. India
7.4.6.1. India Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.4.6.2. India Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.7. Japan
7.4.7.1. Japan Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.4.7.2. Japan Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.8. South Korea
7.4.8.1. South Korea Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.4.8.2. South Korea Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.9. Rest of APAC
7.4.9.1. Rest of APAC Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.4.9.2. Rest of APAC Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.5. Rest of The World
7.5.1. Key Market Trends And Opportunities
7.5.2. Rest of The World Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.5.3. Rest of The World Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.5.4. Rest of The World Artificial Intelligence in Healthcare Market Size And Forecast by Country, 2022-2032, ($Million)
7.5.5. Latin America
7.5.5.1. Latin America Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.5.5.2. Latin America Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.5.6. Middle East
7.5.6.1. Middle East Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.5.6.2. Middle East Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
7.5.7. Africa
7.5.7.1. Africa Artificial Intelligence in Healthcare Market Size And Forecast By Component , 2022-2032, ($Million)
7.5.7.2. Africa Artificial Intelligence in Healthcare Market Size And Forecast By Application, 2022-2032, ($Million)
Chapter 8. Competitive Landscape
8.1. Market Overview
8.2. Market Share Analysis/Key Player Positioning
8.3. Vendor Benchmarking
8.4. Developmental Strategy Benchmarking
8.4.1. New Product Development
8.4.2. Product Launches
8.4.3. Business Expansions
8.4.4. Partnerships, Joint Ventures, and Collaborations
8.4.5. Mergers and Acquisitions
Chapter 9. Company Profiles
9.1. AiCure
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Offerings
9.1.4. Key Strategic Initiatives
9.1.5. SWOT Analysis
9.2. APIXIO, Inc
9.2.1. Company Snapshot
9.2.2. Financial Performance
9.2.3. Product Offerings
9.2.4. Key Strategic Initiatives
9.2.5. SWOT Analysis
9.3. Atomwise, Inc
9.3.1. Company Snapshot
9.3.2. Financial Performance
9.3.3. Product Offerings
9.3.4. Key Strategic Initiatives
9.3.5. SWOT Analysis
9.4. Butterfly Network, Inc
9.4.1. Company Snapshot
9.4.2. Financial Performance
9.4.3. Product Offerings
9.4.4. Key Strategic Initiatives
9.4.5. SWOT Analysis
9.5. Cyrcadia Health Inc
9.5.1. Company Snapshot
9.5.2. Financial Performance
9.5.3. Product Offerings
9.5.4. Key Strategic Initiatives
9.5.5. SWOT Analysis
9.6. Enlitic, Inc
9.6.1. Company Snapshot
9.6.2. Financial Performance
9.6.3. Product Offerings
9.6.4. Key Strategic Initiatives
9.6.5. SWOT Analysis
9.7. IBM Corporation
9.7.1. Company Snapshot
9.7.2. Financial Performance
9.7.3. Product Offerings
9.7.4. Key Strategic Initiatives
9.7.5. SWOT Analysis
9.8. iCarbonX
9.8.1. Company Snapshot
9.8.2. Financial Performance
9.8.3. Product Offerings
9.8.4. Key Strategic Initiatives
9.8.5. SWOT Analysis
9.9. Insilico Medicine Inc
9.9.1. Company Snapshot
9.9.2. Financial Performance
9.9.3. Product Offerings
9.9.4. Key Strategic Initiatives
9.9.5. SWOT Analysis
9.10. NVIDIA Corporation
9.10.1. Company Snapshot
9.10.2. Financial Performance
9.10.3. Product Offerings
9.10.4. Key Strategic Initiatives
9.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report
Key Players
Global Artificial Intelligence in Healthcare Market Segmentation
By Component
- Software Solutions
- Hardware
- Services
By Application
- Robot-Assisted Surgery
- Clinical Trials
- Hospital Workflow
- Therapy Planning
- Wearables
- Virtual Assistants
- Medical Imaging & Diagnosis
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Africa