Artificial Intelligence (AI) in Healthcare Industry worth $148.4 billion by 2029
The report "Artificial Intelligence (AI) in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Application (Medical Imaging & Diagnostics, Patient Data & Risk Analysis), End User & Region - Global Forecast to 2029" The AI in Healthcare industry is projected to grow from USD 20.9 billion in 2024 and is estimated to reach USD 148.4 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 48.1% from 2024 to 2029. The growth of the AI in Healthcare industry is driven by the growing need for improvised healthcare services due to the imbalance between the healthcare workforce and patients; improving computing power, and declining hardware cost.
Browse 206 market data Tables and 70 Figures spread through 291 Pages and in-depth TOC on "Artificial Intelligence (AI) in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Application (Medical Imaging & Diagnostics, Patient Data & Risk Analysis), End User & Region - Global Forecast to 2029"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-healthcare-market-54679303.html
AI in Healthcare Industry Segmentation
By offering, the services are projected to grow at a high CAGR of AI in healthcare industry during the forecast period.
AI plays a pivotal role across diverse healthcare applications, necessitating the implementation of sophisticated algorithms for tasks ranging from patient data analysis to drug discovery. Its applications span patient care, risk analysis, lifestyle management, precision medicine, medical imaging, and more. Successful AI deployment hinges on comprehensive services such as deployment, integration, and ongoing support and maintenance. Key players in the AI services in the healthcare industry, including Microsoft, Johnson & Johnson Services, Medtronic, Siemens Healthineers, and Koninklijke Philips, offer a spectrum of support services. These encompass online and offline assistance, installation, training, and post-maintenance, ensuring seamless integration and optimal functioning of AI systems in the dynamic healthcare landscape.
Machine learning technology in AI in healthcare industry is expected to account for the largest share during the forecast period.
Machine learning revolutionizes computing by training systems to learn from data without explicit programming. Instead of predefined instructions, machine learning relies on algorithms to discern patterns and relationships in data, enhancing accuracy and performance with increased exposure to information. Key attributes include data-driven processes, adaptability to new data, and the absence of explicit programming. In healthcare, machine learning intersects with AI, offering transformative applications. It aids in medical diagnosis and imaging by detecting diseases in early stages through image analysis and predicting risks based on electronic health records. Additionally, it accelerates drug discovery, optimizes administrative tasks, and enhances public health initiatives by tracking outbreaks and identifying high-risk individuals. Despite its potential, challenges like data privacy, algorithmic bias, and ethical considerations underscore the importance of careful integration and human oversight in the evolving healthcare landscape shaped by machine learning.
By segment, AI in healthcare industry for Medical Imaging & Diagnostics segment will account for highest CAGR during the forecast period.
AI is reshaping medical imaging and diagnostics, steering in a new era of precision and efficiency. By employing super-resolution techniques, AI reconstructs lower-resolution medical images into highly detailed visuals, aiding in more accurate diagnoses. Automated image analysis and detection capabilities enable AI algorithms to swiftly identify abnormalities, such as tumors or fractures, streamlining the diagnostic process. Moreover, AI’s role in personalized medicine is pivotal, predicting disease risks and treatment responses, and even assisting in surgical planning. This transformative technology enhances the accuracy of diagnoses and contributes to more efficient workflows, improved accessibility to diagnostics, and the potential for personalized treatment strategies.
AI in Healthcare Industry Regional Analysis
Asia Pacific will account for the highest CAGR during the forecast period.
The increasing geriatric population in Asia Pacific countries is one of the major drivers for the growth of the AI in healthcare industry. According to the United Nations ESCAP report 2023 a significant demographic shift in Asia and the Pacific, projecting that the older population will surpass 1.3 billion by 2050, doubling from 630 million in 2020. In 2020, 13.6% of the region's population was aged 60 or above, a figure expected to rise to one-quarter by 2050. According to the National Library of Medicine, 2023. In 2017, the Asia-Pacific region had 9.8% of its total population comprised of older adults. Projections indicate a rise to 13.7% by 2030 and a further increase to 20.3% by 2050. Notably, Japan, China, and Hong Kong are poised to lead globally with the highest percentage of individuals aged 80 and above.
AI in Healthcare Industry: Key players
Key companies operating in the AI in healthcare industry are Koninklijke Philips N.V. (Netherlands), Microsoft (US), Siemens Healthineers AG (Germany), Intel Corporation (US), NVIDIA Corporation (US), Google Inc. (US), GE HealthCare Technologies Inc. (US), Oracle (US), and Johnson & Johnson Services, Inc. (US) among others.
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Artificial Intelligence (AI) in Healthcare Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
