nForming AI in Healthcare Market Smart Book

The nForming AI in healthcare Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes, products & services, type of indication, age group and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the AI in healthcare Market. The AI in healthcare Market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.

AI in Healthcare Market Recent Developments 

The AI in healthcare industry is seeing a variety of developments. Among the major developments areas are;

Recent Developments

• In January 2023, The Strategic Collaboration Agreement (SCA) between Amazon Web Services, Inc. and Slalom, LLC will enable the development of vertical solutions and accelerators on AWS for their clients in the healthcare, life sciences, financial services, energy, and media and entertainment sectors.

• In November 2022, Google Inc. announced a collaboration with iCAD, a mammography artificial intelligence (AI) company. The company will incorporate its AI technology into the iCAD breast imaging AI solutions portfolio through this partnership. Through cloud-based solutions, this strategic endeavour will assist the company in expanding mammography technology and advancing its innovation.

Read more opportunities of AI in healthcare market in the Smart Book.

AI in Healthcare Market Drivers

The expanding need for remote patient monitoring systems to promote AI in Healthcare to drive market growth

The market for AI in healthcare is expanding significantly due to the expanding need for remote patient monitoring systems. Artificial intelligence and remote patient monitoring allow for continuous patient monitoring and real-time health status insights. The effectiveness of therapies is maximized by using this personalized strategy, which guarantees that healthcare interventions are matched to each patient’s specific needs. Medical pictures including X-rays, CT scans, and MRIs can be reliably and remotely analyzed by artificial intelligence systems. This talent is especially useful when access to cutting-edge medical facilities is restricted or nonexistent. Particularly for senior patients, the COVID-19 epidemic has increased the need for remote patient monitoring. For controlling chronic diseases like cardiac issues, remote patient monitoring is extremely helpful. Systems with artificial intelligence can monitor a patient’s general health. The use of artificial intelligence is projected to increase as healthcare providers concentrate on providing remote patient monitoring for patient accessibility.

AI in Healthcare Market: Restraints

Barriers to regulation hinder market growth.

A significant barrier to the expansion of the AI in healthcare industry is the barriers to regulation. As Food and Drug Administration (FDA) or the European Union are two organizations that normally need to approve AI applications before they can be developed and deployed in the healthcare sector. The approval procedure may take a while and be expensive. The drawn-out procedure may slow down the use of AI in healthcare and dissuade smaller, less resource-rich businesses from entering the industry. This aspect significantly restricts the market. Additionally, rules are crucial for data security and privacy issues; these regulations and changing standards could impede the development of AI systems for the healthcare sector.

Read all major drivers and trends of AI in healthcare market in the Smart Book.

AI in healthcare Market Regional Landscape

North America dominated the AI in Healthcare market in 2022

The market’s expansion is attributable to the development of the healthcare IT infrastructure, the rise in healthcare costs, the widespread use of AI and ML, the support of the government, lucrative funding opportunities, and the presence of numerous major market participants. Additionally, the market in North America is developing as a result of factors such as an aging population, changing lifestyles, an increase in the prevalence of chronic diseases, a rise in the need for value-based care, and increased awareness of the use of AI-based technologies.

Read more competitive developments in the AI in healthcare Market Smart Book.

AI in Healthcare Market Key Companies

• Intel

• Philips

• Microsoft

• Siemens Healthineers

• Nvidia

• Google

• IBM

• Johnson & Johnson

• GE Healthcare

• Medtronic

• Amazon Web Services.

AI in healthcare Market Segmentation:

The global AI in healthcare market has been segmented into service, end-user, and mode of transit.

Based on technology, the market is classified into machine learning, deep learning, natural language processing, and computer vision. In 2022, the natural language processing category dominated the global market. This is due to a rise in the utilization of image recognition, data mining, and signal reduction, all of which are crucial parts of most AI protocols.

Based on applications, the market is classified into medical imaging and diagnostics, drug discovery and development, precision medicine, patient monitoring and remote care, virtual assistants, and administrative tasks. In 2022, the medical imaging and diagnostics category dominated the global market. Since AI is being employed to create fresh and inventive solutions for a variety of imaging modalities, including X-ray, MRI, CT, and ultrasound, it is anticipated that the market for medical imaging and diagnostics will account for a sizeable share of this rise.

Based on end-users, the market is classified into hospitals and clinics, pharmaceutical and biotechnology companies, payers and insurers, patients and consumers. In 2022, the hospitals and clinics category dominated the global market. The market is anticipated to expand as a result of increased usage and applications of AI technologies to enhance patient outcomes and uphold EHR & patient records.

Segmentation:

Frequently Asked Questions (FAQs):

1. Which key factors will influence AI in healthcare market growth over 2023-2030?

The main reasons anticipated to propel the AI in healthcare market during the forecast period are the expanding demand for healthcare cost reduction, the growing significance of big data in healthcare, the expanding use of precision medicine, and the reduced cost of hardware.

2. What will be the value of the AI in healthcare market during 2022-2030?

According to the report, the global AI in Healthcare market size was worth USD 10.91 billion in 2022 and is estimated to grow to USD 144.30 billion by 2030, with a compound annual growth rate (CAGR) of approximately 38.10% over the forecast period.

3. Which region will contribute notably towards the AI in healthcare market value?

North America is anticipated to continue leading the AI in healthcare market throughout the projected period.

4. Which are the major players leveraging AI in healthcare market growth?

Some of the main competitors dominating the global AI in Healthcare market include – Intel, Philips, Microsoft, Siemens Healthineers, Nvidia, Google, IBM, Johnson & Johnson, GE Healthcare, Medtronic, and Amazon Web Services.