The global artificial intelligence in healthcare market size was estimated to be USD 16.42 billion in 2023 and is expected to reach at USD 579.9 billion by 2033 with a CAGR of 38.27% during the forecast period 2023-2033. Increasing datasets of patient health-related digital information, rising demand for personalized medicine, growing demand for reducing care expenses, surge in prevalence of chronic diseases, increasing demand for diagnosing & improved understanding of diseases, rising adoption of technological advancements such as artificial intelligence (AI) & machine learning algorithms, surge in shortage of healthcare workforce, growing supportive initiatives by government, increasing mergers & acquisitions within market players, rising number of startups specializing in AI-based technologies for the healthcare sector, growing product innovation and surge in introduction of artificial intelligence-based healthcare software are the factors boosting the market growth.
Surge in introduction of artificial intelligence-based healthcare software is predicted to boost the market growth during the forecast period. For instance, in March 2022, NVIDIA Corporation launched Clara Holoscan MGX, a device that used the real-time Artificial Intelligence (AI) application to the edge, with long-term software support. The development of medical devices was accelerated by this new platform.
By Component, Software solutions was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the increasing adoption of AI-based software solutions by healthcare providers, payers, & patients, surge in penetration of AI-based technologies in several healthcare applications such as clinical trials, cybersecurity, virtual assistants, dosage error reduction, robot-assisted surgeries, telemedicine, & fraud detection, and rising strategic initiatives such as partnerships & collaborations by key market players. Additionally, Services is predicted to grow at fastest CAGR during the forecast period owing to the growing need of integration, support, & maintenance services for the deployment of AI, and increasing launch of advanced services. For instance, in October 2021, Sensely has unveiled a voice-enabled and character-based Virtual Assistant. This innovative virtual assistant enables patients to connect with their healthcare team using their preferred communication medium.
By Technology, Natural language processing was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the increased usage of data mining, picture recognition, & signal reduction which are key elements of most AI protocols and rising technological advancements. Additionally, Machine Learning is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of Machine learning based clinical trials and increasing launch of advanced technologies. For instance, in November 2021, CANON MEDICAL SYSTEMS EUROPE B.V. has introduced Altivity, an innovative brand featuring artificial intelligence that combines machine learning and need learning technologies. This cutting-edge technology is utilized in medical imaging systems, including MRI, to reduce scanning time and deliver images of enhanced quality.
By Application, Clinical trials was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the surge in number of patent expirations, increasing need for more rapid and accurate clinical studies to support the development of novel drugs, rising adoption of AI-technologies in clinical trials, and growing partnership & collaborations within market players. For instance, in November 2022, Google Inc. has revealed its collaboration with iCAD, a company specializing in mammography artificial intelligence (AI). As part of this partnership, Google will integrate its AI technology into iCAD's breast imaging AI solutions portfolio. The purpose of this strategic project is to promote innovation and advance mammography technology using cloud-based services. Additionally, the Robot-assisted surgery is predicted to grow at fastest CAGR during the forecast period owing to the surge in shortage of skilled professionals and growing demand for minimally invasive surgeries.
By End-user, Hospitals & healthcare providers was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the growing adoption of advanced technology such as Electronic Medical Records (EMR) systems by healthcare organizations, rising usage & applications of AI systems to improve patient outcomes, and increasing initiatives by key market players. For instance, in January 2021, Nuance has introduced a novel virtual assistant platform designed to enhance the utilization of Artificial Intelligence (AI) for connecting patients. This innovative platform caters to the requirements of healthcare providers and patients, delivering effective care solutions. Additionally, Pharmaceuticals & biotechnology companies is predicted to grow at fastest CAGR during the forecast period owing to the rising focus on the development of technologically advanced systems and growing mergers & acquisitions within major market players.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing technological advancements in healthcare IT infrastructure, rising healthcare expenditures, growing adoption of AI/ML technologies, surge in favourable government initiatives, rising geriatric population, increasing prevalence of chronic disorders, and growing investment by key market players. For instance, in October 2021, An AI-driven platform for primary care firm Navina was able to collect USD 15 million in its series A investment round. With this latest investment, the company has now accumulated a total of USD 22 million in funding. These funds will be instrumental in expediting the development of their AI and ML technology. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing innovations & development in the IT infrastructure, growing investments by market players, improved data analysis & data security, rising favourable government initiatives to readily adopt AI-based technologies, and surge in collaborations within market players. For instance, in September 2021, A partnership between CytoReason and Summit Pharmaceuticals (SPI) has been established to reach the Japanese market. Through this partnership, they plan to leverage AI technology to develop a computational disease model.
Surge in introduction of artificial intelligence-based healthcare software is predicted to boost the market growth during the forecast period. For instance, in March 2022, NVIDIA Corporation launched Clara Holoscan MGX, a device that used the real-time Artificial Intelligence (AI) application to the edge, with long-term software support. The development of medical devices was accelerated by this new platform.
By Component, Software solutions was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the increasing adoption of AI-based software solutions by healthcare providers, payers, & patients, surge in penetration of AI-based technologies in several healthcare applications such as clinical trials, cybersecurity, virtual assistants, dosage error reduction, robot-assisted surgeries, telemedicine, & fraud detection, and rising strategic initiatives such as partnerships & collaborations by key market players. Additionally, Services is predicted to grow at fastest CAGR during the forecast period owing to the growing need of integration, support, & maintenance services for the deployment of AI, and increasing launch of advanced services. For instance, in October 2021, Sensely has unveiled a voice-enabled and character-based Virtual Assistant. This innovative virtual assistant enables patients to connect with their healthcare team using their preferred communication medium.
By Technology, Natural language processing was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the increased usage of data mining, picture recognition, & signal reduction which are key elements of most AI protocols and rising technological advancements. Additionally, Machine Learning is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of Machine learning based clinical trials and increasing launch of advanced technologies. For instance, in November 2021, CANON MEDICAL SYSTEMS EUROPE B.V. has introduced Altivity, an innovative brand featuring artificial intelligence that combines machine learning and need learning technologies. This cutting-edge technology is utilized in medical imaging systems, including MRI, to reduce scanning time and deliver images of enhanced quality.
By Application, Clinical trials was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the surge in number of patent expirations, increasing need for more rapid and accurate clinical studies to support the development of novel drugs, rising adoption of AI-technologies in clinical trials, and growing partnership & collaborations within market players. For instance, in November 2022, Google Inc. has revealed its collaboration with iCAD, a company specializing in mammography artificial intelligence (AI). As part of this partnership, Google will integrate its AI technology into iCAD's breast imaging AI solutions portfolio. The purpose of this strategic project is to promote innovation and advance mammography technology using cloud-based services. Additionally, the Robot-assisted surgery is predicted to grow at fastest CAGR during the forecast period owing to the surge in shortage of skilled professionals and growing demand for minimally invasive surgeries.
By End-user, Hospitals & healthcare providers was the highest revenue-grossing segment in the global artificial intelligence in healthcare market in 2022 owing to the growing adoption of advanced technology such as Electronic Medical Records (EMR) systems by healthcare organizations, rising usage & applications of AI systems to improve patient outcomes, and increasing initiatives by key market players. For instance, in January 2021, Nuance has introduced a novel virtual assistant platform designed to enhance the utilization of Artificial Intelligence (AI) for connecting patients. This innovative platform caters to the requirements of healthcare providers and patients, delivering effective care solutions. Additionally, Pharmaceuticals & biotechnology companies is predicted to grow at fastest CAGR during the forecast period owing to the rising focus on the development of technologically advanced systems and growing mergers & acquisitions within major market players.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing technological advancements in healthcare IT infrastructure, rising healthcare expenditures, growing adoption of AI/ML technologies, surge in favourable government initiatives, rising geriatric population, increasing prevalence of chronic disorders, and growing investment by key market players. For instance, in October 2021, An AI-driven platform for primary care firm Navina was able to collect USD 15 million in its series A investment round. With this latest investment, the company has now accumulated a total of USD 22 million in funding. These funds will be instrumental in expediting the development of their AI and ML technology. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing innovations & development in the IT infrastructure, growing investments by market players, improved data analysis & data security, rising favourable government initiatives to readily adopt AI-based technologies, and surge in collaborations within market players. For instance, in September 2021, A partnership between CytoReason and Summit Pharmaceuticals (SPI) has been established to reach the Japanese market. Through this partnership, they plan to leverage AI technology to develop a computational disease model.
Segmentation: Artificial Intelligence in Healthcare Market Report 2022 - 2033
Artificial Intelligence in Healthcare Market Analysis & Forecast by Component 2022 - 2033 (Revenue USD Bn)
- Hardware
- Software Solutions
- Services
Artificial Intelligence in Healthcare Market Analysis & Forecast by Technology 2022 - 2033 (Revenue USD Bn)
- Natural Language Processing
- Machine Learning
- Computer Vision
- Context-aware Computing
Artificial Intelligence in Healthcare Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Administrative Workflow Assistants
- Diagnosis
- Robot-Assisted Surgery
- Virtual Assistants
- Clinical Trials
- Cybersecurity
- Fraud Detection
- Connected Machines
- Dosage Error Reduction
Artificial Intelligence in Healthcare Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Healthcare Payers
- Hospitals & Healthcare Providers
- Patients
- Pharmaceuticals & Biotechnology Companies
- Others
Artificial Intelligence in Healthcare Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Artificial Intelligence in Healthcare Market: Component Estimates & Trend Analysis
8. Artificial Intelligence in Healthcare Market: Technology Estimates & Trend Analysis
9. Artificial Intelligence in Healthcare Market: Application Estimates & Trend Analysis
10. Artificial Intelligence in Healthcare Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Artificial Intelligence in Healthcare Market
13. Europe Global Artificial Intelligence in Healthcare Market
14. Asia Pacific Global Artificial Intelligence in Healthcare Market
15. Latin America Global Artificial Intelligence in Healthcare Market
16. MEA Global Artificial Intelligence in Healthcare Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Nuance
- Welltok Inc.
- IBM Corporation
- Google Inc.
- Next IT Corp.
- Summit Pharmaceuticals (SPI)
- iCarbonX
- Nvidia Corporation
- General Vision
- CytoReason
- Microsoft Corporation
- Navina
- Alphabet Inc. (Google Inc.)
- Sensely
- CANON MEDICAL SYSTEMS EUROPE B.V.
- Enlitic Inc.
- Intel Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 16.42 Billion |
| Forecasted Market Value ( USD | $ 579.9 Billion |
| Compound Annual Growth Rate | 38.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
