Artificial intelligence in Healthcare Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The AI in healthcare is referred to the involvement of artificial intelligence technology in order to assist and improve patient's outcome. It can use for analyzing vast volumes of unique patient and raw medical information in order to create more accurate diagnoses and treatment plans or identify potential problems, and recommend solutions across many contexts, including clinical and administrative environments.        

MARKET OVERVIEW 

The market valuation of the artificial intelligence in healthcare market was valued at approximately USD xx billion in 2023 and is projected to reach USD xx billion in 2034 exhibiting a CAGR of xx.x% during the forecast period of 2024-2034. The market is aligned with diverse sector, which makes it a sustainable and growing market.   

GROWTH DRIVERS 

The growing demand and need for precision medicine is one of the key drivers of the market where AI enables the real time analysis as per tailored to individual patients. The World Economic Forum states that artificial intelligence and data analytics is projected to improve diagnostic accuracy and early disease detection, reduce treatment time, personalize medicine and increase access in underserved areas.

Moreover, the surge in healthcare data generation drives the demand of the market for assessment and analysis. As per International Data Corporation (IDC), they estimate that healthcare is projected to become one of the fastest growing sources of data worldwide, creating significant opportunities for the market. The rise in aging population coupled with rise in the prevalence of chronic diseases is another significant driver of the market.    
 
MARKET SEGMENTATION: 

·         By Offering- software, hardware and services 

·         By Function- diagnosis and early detection, treatment planning and personalization, patient engagement and remote monitoring, post treatment surveillance and survivorship care, pharmacy management, data management and analytics, administrative 

·         By Application- clinical and non-clinical applications   

·         By Deployment Type- on premises, cloud based and hybrid 

·         By Tools- machine learning, natural language processing, context aware computing, generative AI, computer vision, image analysis  

·         By End Users- healthcare provider, healthcare payers and others 

·         By Regions- North America, Europe, Asia Pacific, South America, Middle East and Africa

Artificial Intelligence in Healthcare Market Segment by Function Review: 

The artificial intelligence includes diverse functions including from diagnosis and early detection to treatment planning and personalization to post treatment surveillance. It helps to organize and analyze the data generated by diverse patients with diverse health problems. It also helps in in administrative segment by automating the tasks such as from patient query to billing and scheduling.

Regional Analysis: 

North America is a significant market driven by the presence of advanced healthcare infrastructure coupled with robust and strong investment landscape. Europe is another significant market driven by the robust healthcare sector and aging population. APAC is a rapidly growing market driven by rise in healthcare expenditure coupled with high disease burden. MEA is a promising market driven by the rise in healthcare demand and investments in healthcare sector. South America another growing market driven by rise in rise disease burden.  

Key Challenges: 

The artificial intelligence in healthcare market is involves datasets containing lots of crucial data which is incident to security concerns and raises concerns regarding privacy, hindering the market growth.

Competitive Landscape: 

In the highly competitive Artificial Intelligence in Healthcare market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share.

The key news and development includes-

·         In March 2024, Microsoft collaborated with NVIDIA to enhance AI innovation and accelerate computing capabilities. This collaboration leverages Microsoft Azure's global scale and advanced computing along with NVIDIA’s DGX Cloud and Clara suite to accelerate innovation and improve patient care.

·         In March 2024, NVIDIA introduced new Generative AI Microservices to transform medical technology (MedTech), drug discovery, and digital health. This innovative approach aims to reshape healthcare technology by harnessing advanced AI capabilities.

·         In September 2023, Merck KGaA entered into a strategic collaboration with Exscientia and BenevolentAI to drive accelerated drug discovery with the integration of high-end AI platforms.

·         In March 2022, Microsoft Corporation announced technological updates in the healthcare cloud and the access of Azure HealthData services. The new features include improved health bot templates, improved clinical workflow integration, and introduction of new patient insight features.

·         In June 2021, Amazon Web Services, Inc. and Salesforce, Inc. collaborated to integrate AWS services for machine learning, artificial intelligence, and the delivery of various services to customers in various verticals of various industries.

·         In October 2023, Google introduced a new generative AI feature for healthcare professionals. This aims to help them find relevant and accurate clinical information more efficiently.

·         In October 2023, Microsoft launched new data and AI solutions for healthcare organizations at the HLTH 2023 conference.

·         In March 2022, NVIDIA Corporation launched Clara Holoscan MGX, a device that uses real-time AI applications to the edge with long-term software support. This new platform accelerated innovation in the medical devices industry.

·         In February 2022, Hewlett Packard Enterprise Company and Ayar Labs entered into a collaboration to enter into a data center innovation based on optical I/O technologies.

·         In November 2021, CANON MEDICAL SYSTEMS EUROPE B.V. launched Altivity, a new innovative brand that uses artificial intelligence that combines machine learning and needs learning technologies. This new technology is used in medical imaging systems such as MRI, which decreases the scanning time and provides images with improved quality.

·         In October 2021, Microsoft Corporation introduced the Microsoft AI innovate program. This new AI-based startup program assists Indian entrepreneurs in scaling up their operations and also invites B2B and B2C businesses from different industries, such as healthcare, education, space, and logistics, to join its batches.

·         In June 2021, NVIDIA Corporation launched the “AI Launch Pad,” a hybrid cloud supplier system that provides organizations with access to NVIDIA-powered infrastructure and helps them accelerate the entire AI lifecycle.

·         In June 2021, Hewlett Packard Enterprise Development LP acquired Determined AI, a startup based in San Francisco. This acquisition aims to connect AI software solutions with HPC and AI, which allows faster delivery and accurate data insights. 

Global Key Players:  

·         Microsoft

·         IBM

·         Google

·         NVIDIA Corporation

·         Intel Corporation

·         Itrex Group

·         GE Healthcare

·         Medtronic

·         Oracle

·         Medidata

·         Merck

·         IQVIA

·         Other Players