AI in Healthcare Market is Forecasted to grow at a CAGR of 48.1% Over the Period of 2024-2029
/EIN News/ -- Chicago, June 25, 2024 (GLOBE NEWSWIRE) -- The global AI in Healthcare market size was valued at USD 20.9 billion in 2024 and is estimated to reach USD 148.4 billion by 2029, registering a CAGR of 48.1% during the forecast period.
The growth of AI in the healthcare market is driven by the generation of large and complex healthcare datasets, the pressing need to reduce healthcare costs, improving computing power and declining hardware costs, and the rising number of partnerships and collaborations among different domains in the healthcare sector, and growing need for improvised healthcare services due to imbalance between healthcare workforce and patients.
To know about the assumptions considered for the study
Top 2 Companies Leading in the AI in Healthcare Market:
Koninklijke Philips N.V. is a technology company involved in the healthcare, lighting, and consumer sectors. The company has a vast portfolio of artificial intelligence solutions for the healthcare sector. It is one of the pioneers of introducing AI in the healthcare sector. Koninklijke Philips N.V. offers a comprehensive range of services and solutions in the healthcare sector, covering Healthcare Operations, Planning, Implementation, Optimization, Maintenance, Upgrading, Enabling Technologies, Consulting, and Financing. Their diverse solutions include Alarm Management, Ambient Experience, Early Warning Scoring (EWS), HealthSuite Digital Platform, Integrated Cardiovascular Solutions, Managed Technology Services, Patient Reported Outcomes, PerformanceBridge, and Strategic Partnerships. With specializations in Clinical, Business, and Government, as well as Non-clinical specialties, Philips is dedicated to providing a holistic approach to healthcare, combining operational services, innovative technologies, and strategic partnerships to enhance patient care and advance healthcare systems.
Microsoft is a global leader offering software products and diverse licensing suites. They provide a range of services, encompassing cloud-based solutions that furnish customers with software, services, platforms, and content, along with offering solution support and consulting services. Additionally, they deliver targeted online advertising to a global audience. The product line comprises operating systems, cross-device productivity and collaboration applications, server applications, desktop and server management tools, business solution applications, software development tools, and video games. They are also involved in the design and sale of devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and associated accessories.
List of Key Players:
Other key players included such as Siemens Healthineers AG (Germany), Intel Corporation (US), NVIDIA Corporation (US), Google Inc. (US), GE HealthCare Technologies Inc. (US), Medtronic (US), Micron Technology, Inc (US), Amazon.com Inc (US), Oracle (US), and Johnson & Johnson Services, Inc. (US). Apart from this, Merative (US), General Vision, Inc., (US).
AI in Healthcare Market Overview and Analysis
The AI in healthcare market is experiencing rapid growth, driven by the increasing adoption of artificial intelligence technologies to enhance patient care, streamline operations, and reduce costs. AI applications in healthcare range from predictive analytics and personalized medicine to automated diagnostics and advanced imaging techniques. The market analysis reveals a surge in investments from both public and private sectors, aiming to harness the potential of AI to address critical challenges such as early disease detection, treatment optimization, and efficient management of healthcare resources. This overview highlights the transformative impact of AI on the healthcare industry, providing insights into current market dynamics, key players, and future growth prospects.
Latest AI in Healthcare Market Trends and Innovations
The latest trends in the AI healthcare market underscore a shift towards more sophisticated and integrated AI solutions. Innovations such as machine learning algorithms for disease prediction, natural language processing for electronic health records, and AI-powered robotic surgery are gaining traction. Additionally, the advent of AI-driven telemedicine platforms is revolutionizing remote patient monitoring and virtual consultations, especially in the wake of the COVID-19 pandemic. These advancements are not only improving clinical outcomes but also enhancing patient engagement and operational efficiency. The ongoing development of AI in genomics and drug discovery further exemplifies the market's commitment to pioneering new frontiers in medical science.
Major Growth Drivers of the AI in Healthcare Market
Several factors are propelling the growth of the AI in healthcare market. Key drivers include the rising prevalence of chronic diseases, increasing healthcare expenditure, and the urgent need for efficient healthcare delivery systems. The growing availability of big data and the advancement of machine learning and deep learning technologies are also critical in accelerating AI adoption in healthcare. Furthermore, government initiatives supporting the integration of AI in medical practices, coupled with the expansion of AI research and development activities, are fueling market expansion. These drivers collectively underscore the potential of AI to revolutionize healthcare, offering promising solutions to enhance clinical decision-making, patient outcomes, and overall system efficiency.
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