SAN FRANCISCO, Jan. 27, 2022 /PRNewswire/ -- The global artificial intelligence in healthcare market size is expected to reach USD 208.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 38.4% from 2022 to 2030. The growing demand for personalized medicine, rising demand for value-based care, growing datasets of patient health-related digital information, advancements in healthcare IT infrastructure, penetration of smartphones, improved internet connectivity, and shortage of care providers is propelling the growth of the market over the forthcoming years.
Key Insights & Findings from the report:
- The AI in healthcare market size is anticipated to be valued at USD 208.2 billion by 2030, owing to the growing datasets of patient health-related information, advancing healthcare IT infrastructure, and growing need for accurate and early disease diagnosis
- The software solutions segment dominated the global market in 2021, due to the widespread adoption of AI-based software solutions amongst care providers, payers, and patients.
- The clinical trials segment dominated the market in 2021, owing to the growing demand for faster and accurate clinical trials with enhanced accuracy and reliability
- North America dominated in 2021, owing to advancements in healthcare IT infrastructure, readiness to adopt advanced technologies, presence of several key players, growing geriatric population, and rising prevalence of chronic diseases
Read 150 page market research report, " Artificial Intelligence In Healthcare Market Size, Share, And Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Application (Virtual Assistants, Connected Machines), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
In addition, changing lifestyles, the growing geriatric population, rising prevalence of chronic diseases have contributed to the need for faster and accurate disease detection and improving the understanding of the disease in the early stage, thereby driving the adoption of technologies based on Artificial Intelligence (AI) in healthcare. The ongoing Covid-19 pandemic positively impacted the adoption of AI-based technologies and unearthed the potential they withhold. Healthcare systems began adopting AI-based technologies in faster and early diagnosis & detection of diseases and quicker & accurate clinical trials.
Furthermore, AI-based technologies were implemented in virtual assistants, robot-assisted surgeries, claims management, cybersecurity, and patient management. AI algorithms were trained with patient health datasets to optimize the diagnosis and detection of diseases at an early stage, to begin with, an optimum treatment regime. Supportive government initiatives, a growing number of investments from private investors and venture capitalists, and the emergence of AI-specialized startups across the globe are driving the market growth. Software solutions dominated in 2021, owing to the rapidly rising adoption rates of software solutions in healthcare systems and the growing penetration of these technologies in various applications.
The clinical trials segment dominated in 2021, owing to the adoption of these technologies in clinical trial designing, study adherence, patient recruitment, and minimized patient dropout. North America region dominated in 2021, owing to the availability of optimum IT infrastructure, technological literacy, presence of key players & local developers, and lucrative funding options. Key players are focusing on devising innovative product development strategies through mergers & acquisitions and collaborations to expand their product portfolio and cater to larger business geographies.
Grand View Research, Inc. has segmented the artificial intelligence in healthcare market report on the basis of component, application, and region:
- Artificial Intelligence In Healthcare Component Outlook (Revenue, USD Million, 2016 - 2030)
- Software Solutions
- Artificial Intelligence In Healthcare Application Outlook (Revenue, USD Million, 2016 - 2030)
- Robot-Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Clinical Trials
- Fraud Detection
- Dosage Error Reduction
- Artificial Intelligence In Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Artificial Intelligence In Healthcare Market
- Nuance Communications, Inc.
- IBM Corporation
- NVIDIA Corporation
- Intel Corporation
- DeepMind Technologies Limited
Check out more studies related to integration of AI into Healthcare practices, published by Grand View Research:
- Artificial Intelligence In Diagnostics Market - The artificial intelligence in diagnostics market size was valued at USD 576.3 million in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 26.3% from 2022 to 2030. The healthcare industry is rapidly integrating artificial intelligence (AI)-powered solutions in various verticals to achieve higher operational & clinical outcomes, which is a key contributing factor to the growth.
- Artificial Intelligence In Medical Imaging Market - The global artificial intelligence in the medical imaging market is expected to witness growth from 2020 to 2027 owing to the digital transformation and technological advancements in the healthcare sector. The increasing prevalence of diseases has led to the rise in the number of diagnostic procedures carried out which has fueled the demand for the market.
- Artificial Intelligence In Remote Patient Monitoring Market - The healthcare industry is rapidly evolving with large volumes of data and increasing challenges related to healthcare costs and accurate patient outcomes. The rise in prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and chronic respiratory diseases, is increasing the need for real-time data, which in turn, is boosting the demand for AI technology in remote patient monitoring.
Browse through Grand View Research's coverage of the Global Healthcare IT Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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