With 42.4 % CAGR, Artificial Intelligence in Healthcare Market Size worth USD 164.10 billion by 2029

Pune, India, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The global Artificial Intelligence (AI) in healthcare market size was 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 with a CAGR of 42.4% during the forecast period. Growing instances of investments in the healthcare industry by government and private companies for artificial intelligence is projected to observe a positive market progress. Advancement in the fields of medicines, research, innovation, and technology is expected to shape the market course. Use of AI for assistance to medical professionals is expected to aid market development. Fortune Business Insights™ shares this information in its report titled "Artificial Intelligence (AI) in Healthcare Market, 2022-2029."


Key Industry Development

March 2022 - NVIDIA Corporation launched Clara Holoscan MGX, a device that is used to accelerate the innovation in the medical industry. It uses real-time AI.


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Report Scope

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 42.4%
2029 Value Projection USD 164.10 Billion
Base Year 2021
Market Size in 2021 USD 10.54 Billion
Historical Data for 2018 to 2020
No. of Pages 159
Key Players Covered Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Alphabet Inc. (U.S.)
Growth Drivers Integration of Artificial Intelligence in Healthcare to Fuel Market Progress
Demand for Electronic Health Record System During Pandemic Led to Market Growth
Hospitals & Clinics to be the Prime Segment Due to Increasing Number of Collaborations by Market Players


Drivers and Restraints

Integration of Artificial Intelligence in Healthcare to Fuel Market Progress

Use of artificial intelligence and robotics in diagnosing and treating pharmacological disorders is estimated to drive the Artificial Intelligence (AI) in healthcare market growth. Use of virtual assistant can help in transform delivery of care for improving patient care and help in tracking patient health. In January 2021, Nuance launched a new virtual assistant platform to simplify the use of AI to connect the patients. The new platform addresses the need of the healthcare providers and patients and delivers solutions of care.

However, growing complications, high costs, and data breaches in Artificial Intelligence (AI) in healthcare are anticipated to hamper market development.

COVID-19 Impact:

Demand for Electronic Health Record System During Pandemic Led to Market Growth

The outbreak of COVID-19 pandemic led to an enhanced demand for Artificial Intelligence (AI) in healthcare. This is due to the growing demand for AI-based tools and solutions due to its capability to analyze and diagnose COVID-19. Surge in the demand for Electronic Health Records (EHR) system boosted the market growth.


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Segments

Solutions to Lead Due to Increasing 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 hold a major market share. The dominance is due to increase in investments by the key players. Initiatives taken by governments to enhance AI in the healthcare infrastructure have surged the demand for AI.

Robot-Assisted Surgery to Dominate Due to Technological Innovations

Based on application, the market is segmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, clinical trials, preliminary diagnosis, and others. The robot-assisted surgery segment dominated the segment in 2021 due to increase in technological innovations and advancements. The preliminary diagnosis segment is also anticipated to have a moderate CAGR due to positive results generated from AI-based diagnostics tools. 

Hospitals & Clinics to be the Prime Segment Due to Increasing Number of Collaborations by Market Players

Based on end-user, the market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies, Contract Research Organization (CRO), and others. The hospitals & clinics segment is estimated to have a dominant part in 2021 due to the adoption of new technologies and increasing collaborations amongst market players. 

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


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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Regional Insights

North America to Govern Market Due to Adoption of AI in Medical Facilities

North America is projected to lead the Artificial Intelligence (AI) in healthcare market share and is estimated to have highest part due to growing adoption of new AI-based medical equipment. Surge in the number of machine learning- based clinical trials in the region which offers accurate results is expected to drive market growth.

Europe is estimated to hold the second-largest position owing to enhancement in the process of drug discovery.

Asia Pacific is projected to have a noticeable share due to the demand from developing countries such as China, India, and Japan. Growing number of investments in the medical devices that are AI-based is expected to boost market size.


Artificial Intelligence in Healthcare Market Segmentations:

Segmentation By Platform   
  • Solutions
  • Services
 

By Application          
  • Robot-Assisted Surgery
  • Virtual Nursing Assistant
  • Administrative Workflow Assistance
  • Clinical Trials
  • Preliminary Diagnosis
  • Others


Competitive Landscape

Technological Advancements by Key Players to Dictate Market Trajectory

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

List of Key Players Profiled in the Report

  • Amazon.com, Inc. (U.S.)
  • Microsoft Corporation (U.S.)
  • NVIDIA Corporation (U.S.)
  • Alphabet Inc. (U.S.)
  • Hewlett Packard Enterprise Company (U.S.)
  • Intel Corporation (U.S.)
  • Siemens AG (Germany)
  • General Electric Company (U.S.)
  • Allscripts Healthcare Solutions, Inc. (U.S.)
  • UnitedHealth Group (Optum Inc.) (U.S.)


Table of Content

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Technological Advancements Pertaining to the Artificial Intelligence in Healthcare
    • Regulatory Scenario for Key Countries
    • Recent Industry Developments, Such as Partnerships, Mergers and Acquisitions
    • Overview on Application of AI in Hospitals and Clinics
    • Challenges Faced During Adoption and Implementation of AI-based Solutions
    • Key Performance Indicators for Artificial Intelligence in the Healthcare Market
    • Impact of COVID-19 on the Market
  • Global Artificial Intelligence (AI) in Healthcare Market Analysis, Insights and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Platform
      • Solutions
      • Services
    • Market Analysis, Insights and Forecast – By Application
      • Robot-Assisted Surgery
      • Virtual Nursing Assistant
      • Administrative Workflow Assistance
      • Clinical Trials
      • Diagnostics
      • Others
    • Market Analysis, Insights and Forecast – By End User
      • Hospitals & Clinics
      • Pharmaceutical & Biotechnology Companies
      • Contract Research Organization (CRO)
      • Others
    • Market Analysis, Insights and Forecast – By Geography
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

ToC Continue…!


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Frequently Asked Questions

How much is the global Artificial Intelligence (AI) in healthcare market worth?

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

What are the key factors driving the market?

Rising investment by private and government sectors in AI is driving the market.


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