Artificial Intelligence in Healthcare Market Will Reach USD 272.91 billion by 2030

Global Artificial Intelligence in Healthcare market research report helps to identify trends in consumer and supply chain dynamics and accordingly interpret marketing, promotional, and sales strategies for business growth and an utmost success. The report aids in developing a successful marketing strategy for the business. This industry analysis report has been prepared based on detailed market analysis with inputs from industry experts. It includes historic data, present market trends, environment, technological innovation, upcoming technologies, and the technical progress in the related industry. Artificial Intelligence in Healthcare report gives maximum benefits to grow the business.

Data Bridge Market Research analyses that the artificial intelligence in healthcare market, which is USD 9.64 billion in 2022, is expected to reach USD 272.91 billion by 2030, at a CAGR of 51.87% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Artificial intelligence (AI) in healthcare employs a variety of software programmes with complex algorithms that can simulate human senses in the analysis, interpretation, and comprehension of medical data. AI aids in evaluating the symptoms and patterns of diseases to offer better support, guidance, and feedback to healthcare providers. Apart from clinical diagnosis, it also aids in drug development, providing appropriate treatment plans for the ailment detected, providing personalized medicine, and monitoring patients' conditions. The use of AI in the healthcare industry has made drug discovery and development more cost-effective, time-efficient, and innovative.

Drivers

Rise in adoption of AI/ML technologies
The growing shortage of healthcare workers prompted the adoption of AI/ML technologies. As a result, AI algorithms can be trained to analyze patient health data, assisting healthcare providers in quickly diagnosing the condition and devising an effective treatment plan. Supportive government initiatives, increased mergers and acquisitions and technological collaborations, and the ongoing Covid-19 pandemic all played a significant role in driving market growth and accelerating AI adoption in healthcare. Following the initial implementation in the detection of Covid-19 positive patients using personalized patient information and data consolidation, AI/ML algorithms are now widely used in the rapid and accurate diagnosis of medical conditions. These are the certain factors which propel the market growth.

Innovative product development
Companies are using innovative product development strategies, partnership strategies, and mergers and acquisitions to expand their business footprint in order to meet the growing demand for early and accurate disease detection, reduce rising care costs, compensate for a growing shortage of care providers, and deliver value-based care. Furthermore, a growing number of start-ups specializing in AI-based healthcare technologies are receiving recognition in the form of investments from private investors and venture capitalists. For instance, in 2019, Partners Healthcare collaborated with FUJIFILM Sonosite to develop AI-based ultrasound technology, make it more accessible to the healthcare community, and improve diagnostic care quality.

Opportunities

Increasing penetration of AI technologies
key market participants have focused on product innovation and technological collaborations to expand their product portfolio and meet rising demand during the pandemic because of the increasing penetration of AI technologies in healthcare applications. For instance, in May 2020, the MIT-IBM Watson AI Lab promoted the use of AI technologies in research projects investigating the health and economic consequences of the pandemic. Similarly, Qventus introduced AI-based patient flow automation systems covering critical resource control, hospitalization duration optimization, Covid-19 scenario planner, and ICU capacity creation in its healthcare facilities.

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Global Artificial Intelligence in Healthcare Market Scope
The artificial intelligence in healthcare market is segmented on the basis of offering, technology, end-user and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Offering

Hardware
Processor
Memory processing unit
Graphical processing unit
Field programmable gate array
ASIC
Memory
Network
Software
AI solutions
On-premises
Cloud
AI platform
Machine learning framework
Application program interface (API)
Services
Deployment and integration
Suport and maintenance
Technology

Machine Learning
Supervised learning
Reinforcement learning
Unsupervised learning
Others
Natural Language Processing
Context- Aware Computing
Computer Vision
Deep Learning
Querying Method
Application

Robot-assisted Surgery

Virtual Assistants
Administrative Workflow Assistants
Connected Machines
Diagnosis
Clinical Trials
Fraud Detection
Cyber security
Dosage Error Reduction
Real-time Monitoring, Precision Medicine
Personal Health and Nursing Assistants
Drug Development and Discovery
Diagnostic and Clinical Decision Support
Others
End User

Acos and Mcos

Patients
Pharmaceuticals and Biotechnology Companies
Healthcare Payers
Others

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Some of the major players operating in the artificial intelligence in healthcare market are:

NVIDIA Corporation (U.S.)
Intel Corporation (U.S.)
IBM (U.S.)
Google LLC (U.S.)
Microsoft (U.S.)
General Vision Inc. (U.S.)
Johnson & Johnson Services, Inc. (U.S.)
Siemens Healthcare GmbH (Germany)
Medtronic (Ireland)
CloudMedx Inc. (U.S.)
Agfa-Gevaert Group (Belgium)
Oncora Medical (U.S.)
Imagia Cybernetics Inc. (Canada)
Micron Technology, Inc. (U.S.)
DeepMind Technologies Limited (U.K.)
Welcome AI (U.S.)
Koninklijke Philips N.V. (Netherlands)
Precision Health AI (U.S.)
Cloud Pharmaceuticals, Inc. (U.S.)

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