Artificial Intelligence in Healthcare Market Size to Hit US$187.95 Bn By 2030

Ottawa, April 11, 2022 (GLOBE NEWSWIRE) — The global artificial intelligence in healthcare market was valued at US$ 11.06 billion in 2021. With the introduction of the digital technologies in the healthcare sector, it has gained a rapid traction across the globe. The outbreak of the COVID-19 pandemic has increased the dependence of the healthcare sector on the virtual technologies. The emergence of the novel artificial intelligence and machine learning technology has paved its way in the healthcare industry. The rising volume of patient admissions owing to the increasing prevalence of various chronic diseases and rapidly growing geriatric population across the globe is fueling the growth of the AI in healthcare market.

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Furthermore, the governments’ rising initiatives to reduce healthcare costs and offer enhanced and quick care services to the patients is driving the demand for the artificial intelligence technology in the healthcare sector across the globe. In several countries li9ke US, Australia, and UK, the adoption of the digital health records of the patients is mandatory. These health records help the healthcare professionals in early diagnosis of disease and offer quick treatment services. Therefore, the cost efficiency and time savings are the major benefits of adopting Ai in healthcare sector, which is significantly spurring the growth of the artificial intelligence in healthcare market across the globe.

Scope of the Artificial Intelligence in Healthcare Market

Report Attributes Details
Market Size in 2021 USD 11.06 Billion
Growth Rate from 2022 to 2030 CAGR of 37%
Largest Market North America
Fastest Growing Region Asia Pacific
Companies Covered Intel, Koninklijke Philips, Google, Microsoft, IBM, Siemens Healthineers, Nvidia, General Electric Company, Micron Technology, Amazon Web Services, Johnson & Johnson, Medtronic, General Vision, CloudmedX, Oncora Medical, Enlitic, Lunit

Report Highlights

  • On the basis of component, the software is the leading and the fastest-growing segment in the global AI in healthcare market. Software is a major component of AI systems and its increased adoption among the healthcare providers, payers, and patients has led to the dominance of this segment.
  • By application, the virtual assistant segment is expected to exhibit the highest CAGR during the forecast period. Elimination of human errors, time saving, and accurate results are the major features of the AI-based virtual assistants that is expected to foster the growth of this segment in the upcoming years.

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Regional Snapshot

North America was the leading artificial intelligence in healthcare market that accounted for over 58% of the market share in 2020. The adoption of the innovative and digital technologies in the healthcare sector of North America is higher as compared to any other region. The high healthcare expenditure, increased number of hospital admissions, higher prevalence of chronic diseases, and the favorable government policies are the prominent growth drivers of the Ai in healthcare market in North America. The presence of developed healthcare infrastructure coupled with the increasing investments in the telecommunications and IT infrastructure are supporting the adoption of the artificial; intelligence technologies. North America is the home to several top market players such as Google, Intel, Microsoft, General Electric Company, Amazon Web Services, and IBM, who are playing an exceptional role in the growth of the North America AI in healthcare market.

Asia Pacific is projected to be the most lucrative and opportunistic market during the forecast period. The rising government investments in the development of smart hospitals, developing IT and telecommunications infrastructure, growing number of multispecialty hospitals, increasing corporate investments in digitization of the healthcare sector, and growing pool of patients. The rising prevalence of chronic diseases and surging elderly population in the region is resulting in higher number of hospital admissions, which is generating a huge volume of data. The adoption of the AI in healthcare will facilitate the hospitals in offering enhanced and quick patient care services to the patients, which will reduce the burden from the hospitals.

Recent Developments

  • In August 2021, Philips launched its two HealthSuite solutions tofacilitate the integration of informatics with the health systems.
  • In April 2021, Nvidia launched its A10 and A30 GPUs for application in enterprise servers. Morpheus is another system launched by Nvidia that enables the cybersecurity developers to determine cyber breaches suing AI technology.

Market Dynamics

Driver

Declining costs of hardware and improved computation

The manufacturers of GPUS and CPUs such as Nvidia, Intel, Huawei, and Samsung have heavily invested in the development of AI compatible chipsets. Furthermore, they have also developed field-programmable gate arrays and application-specific integrated circuits that are compatible with the artificial intelligence technology. These AI compatible chipsets can easily integrate with the AI and the computation functions can be enhanced. The technological advancements in the field of hardware manufacturing has resulted in the decrease in the costs. Therefore, the declining costs of hardware and development of AI-enable chipsets are expected to be the major drivers of the AI in healthcare market during the forecast period.

Restraint

Reluctance in the adoption of AI technology

The misconception among the healthcare professionals/doctors that the AI will replace doctors in future makes them reluctance to adopt the AI-based tools in treatment of patients. The rising adoption of digital health technologies among the consumers has forced the healthcare professionals to adopt the digital technologies and the misconceptions among the doctors may act as a restraint.

Opportunity

Development of human-aware artificial intelligence system

The major purpose of developing AI was to develop a model that can match human thinking. The developers of AI are focusing on the development on human aware artificial intelligence systems. The rising investments towards the improvement of interaction, presentation, and interpretation of the AI systems is expected to offer lucrative growth aspects to the market players as well as it would facilitate more automated and enhanced services in the healthcare sector.

Challenge

Data privacy and cybersecurity

The rising technological advancements have led to the emergence of various threats like cybersecurity and data privacy. The increasing number of cyberattacks may result in financial losses to the healthcare units and may also put the life of the patient in danger. Therefore, the data privacy and cybersecurity are the major issues or challenges faced by the market players.

Market Segmentation

By Component

By Application

  • Virtual Assistants
  • Diagnosis
  • Robot Assisted Surgery
  • Clinical Trials
  • Wearables
  • Administrative Workflow Assistants
  • Cybersecurity
  • Dosage Error Reduction
  • Fraud Detection
  • Connected Machines

By Technology

  • Machine Learning
  • Natural Language Processing
  • Context-aware Computing
  • Computer Vision

By End User

  • Hospital & Healthcare Providers
  • Patients
  • Pharmaceuticals & Biotechnology Companies
  • Healthcare Payers

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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