IMARC Group, a leading market research company, has recently releases report titled, “Artificial Intelligence in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global ai in healthcare market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the artificial intelligence in healthcare market?

Report Attributes Details
Market Size in 2022 US$ 4.6 Billion
Market Forecast in 2028 US$ 23.9 Billion
Growth rate (2023 to 2028) CAGR of 29.8%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is artificial intelligence in healthcare?

Artificial intelligence (AI) refers to the computer-based simulation of human intelligence processes, including decision-making and problem-solving. It offers cost-effective solutions, enhances customer experiences, and effectively addresses complex challenges. AI encompasses various technologies such as expert systems, natural language processing, speech recognition, deep learning, and computer vision. By leveraging cognitive skills like learning, reasoning, and self-correction, AI systems acquire data and generate instructions to accomplish specific tasks. They provide more accurate predictions, enable efficient data collection, and significantly reduce the time required for data-intensive tasks compared to human capabilities. AI enables multitasking, operates continuously without breaks, and supports decision-making processes, thereby reducing workload and minimizing errors. In business settings, AI assists in automating repetitive tasks and improves operational efficiency. It facilitates digital assistance through chatbot support, allowing organizations to interact with users without human intervention. AI finds applications in various domains, such as weather prediction, enhancing global positioning systems (GPS) for navigation, providing typing suggestions and autocorrect features, cybersecurity, image and speech recognition, natural language processing, ride-sharing services, self-driving cars, and autopilot technology. Notably, the healthcare industry has witnessed a surge in AI applications due to the increasing prevalence of chronic diseases like heart attacks, stroke, and diabetes worldwide.

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What are the growth prospects and trends in the artificial intelligence in healthcare industry?

The market is primarily driven by the increasing utilization of AI in the healthcare industry to study the correlation between treatment techniques and patient outcomes. This factor significantly contributes to the growth of the market. Moreover, the adoption of AI in healthcare for medication management, treatment plans, and drug discovery is also propelling market growth. AI is increasingly being employed in medical practices, including diagnostic processes, drug development, personalized medicines, and patient monitoring care, on a global scale. This trend, coupled with the growing need to reduce medical costs and improve patient care, presents a positive market outlook. Additionally, the use of AI in the healthcare sector to accurately and swiftly predict diseases at an early stage based on historical health data sets is driving market growth. Furthermore, the increasing presence of AI-based virtual assistants to support e-consultations, track patient health, and provide medication alerts is positively influencing the market. The rising demand for AI-based patient flow automation systems and the creation of intensive care unit (ICU) capacities in healthcare facilities are further boosting market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Offering:

  • Hardware
  • Software
  • Services

Breakup by Technology:

  • Machine Learning
  • Context-Aware Computing
  • Natural Language Processing
  • Others

Breakup by Application:

  • Robot-Assisted Surgery
  • Virtual Nursing Assistant
  • Administrative Workflow Assistance
  • Fraud Detection
  • Dosage Error Reduction
  • Clinical Trial Participant Identifier
  • Preliminary Diagnosis
  • Others

Breakup by End-User:

  • Healthcare Providers
  • Pharmaceutical and Biotechnology Companies
  • Patients
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Amazon Web Services Inc.
  • Cloudmedx Inc.
  • DeepMind
  • Enlitic Inc.
  • General Vision Inc.
  • Google Inc.
  • International Business Machines
  • iCarbonX
  • Intel Corporation
  • Medtronic
  • Micron Technology Inc.
  • Microsoft Corporation
  • Next It Corporation
  • Nuance Communications Inc.
  • Nvidia Corporation
  • Siemens Healthcare
  • Welltok Inc.

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