Artificial Intelligence in Healthcare Market Size, Revenue, Latest Trends, Investment Opportunity 2024-2032

The latest report by IMARC Group, titled “Artificial Intelligence in Healthcare Market Report by Offering (Hardware, Software, Services), Technology (Machine Learning, Context Aware Computing, Natural Language Processing, and Others), Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others), End-User (Healthcare Providers, Pharmaceutical and Biotechnology Companies, Patients, and Others), and Region 2024-2032“, The global artificial intelligence in healthcare market size reached US$ 6.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 57.2 Billion by 2032, exhibiting a growth rate (CAGR) of 27.4% during 2024-2032. 

Artificial intelligence (AI) is transforming healthcare by employing sophisticated software programs that mimic human senses to analyze and interpret medical data. These algorithms and programs can provide healthcare professionals with enhanced support, guidance, and feedback, enabling more accurate clinical diagnoses. AI's applications extend beyond diagnosis, including drug development, personalized treatment plans, and patient monitoring. The integration of AI in healthcare has made drug discovery and development more innovative, cost-effective, and efficient. Additionally, AI-powered machines and natural language processing can help treat mood and mental health disorders. AI also enabled the development of intelligent personal health recorders, such as electronic medical records (EMRs) and wearable devices, allowing individuals to monitor their health status in real-time. With recent technological advancements, AI in healthcare is gaining popularity globally, enabling the accurate prediction of diseases in their early stages based on historical health datasets.

Artificial Intelligence in Healthcare Market Trends and Drivers:

The market is experiencing significant growth, primarily due to the increasing integration of digital technologies. The widespread adoption of cloud-based solutions in the IT industry, allowing for the analysis of vast amounts of data, is also contributing to market growth. Additionally, the healthcare industry is seeing substantial expansion, with the increasing use of AI for remote patient monitoring, disease cluster identification, and patient health management due to the COVID-19 pandemic. Tech giants such as Amazon, Google, Apple, Microsoft, and Facebook are investing heavily in AI research and development, making it more accessible for enterprise use and improving customer experience. This is evident in McDonald's recent investment of $300 million in an AI start-up to offer personalized customer experiences. Other factors contributing to market growth include the incorporation of big data, the adoption of 5G technology, and the advancements of Industry 4.0.

Apart from this, the artificial intelligence market is growing at different rates in numerous regions, with North America being the largest market due to the rising demand for AI-based algorithms and tools by several online platforms to analyze large amounts of data, a growing number of over the top (OTT) platforms for streaming content, the expanding 5G infrastructure, and the integration of AI-powered industrial and surgical robots across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in January 2023, Microsoft Corporation and OpenAI extended their partnership to accelerate AI developments, offer their customers advanced solutions, and commercialize the resulting advanced AI technologies independently. The artificial intelligence market is expanding at varying rates across different regions, with North America being the leading market due to several factors. These factors include the increasing demand for AI-based algorithms and tools by online platforms to analyze large data sets, the growing number of over-the-top (OTT) platforms for streaming content, the expanding 5G infrastructure, and the integration of AI-powered industrial and surgical robots across the region. Additionally, the industry is expected to become increasingly competitive in the coming years as major players adopt aggressive strategies to maintain their market presence. For instance, Microsoft Corporation and OpenAI recently extended their partnership to accelerate AI developments, provide advanced solutions to their customers, and commercialize the resulting advanced AI technologies independently. 

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/artifical-intelligence-healthcare-market/requestsample

Report 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

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • 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.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Other Related Reports Published by IMARC Group :

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact Us:

IMARC Group

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Email: sales@imarcgroup.com

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