The global artificial intelligence in healthcare market was valued at around US$ 7.0 billion at the end of 2021 and is projected to register a 38.5% CAGR and top a valuation of US$ 181.8 billion by 2032, says a report by Future Markets Insights.
The market for artificial intelligence in healthcare is likely to thrive as a result of the need to reduce rising healthcare costs and the growing shortage of care providers.
Artificial intelligence (AI) is used in healthcare to interpret and analyze data in order to perform clinical diagnoses and propose suitable treatment strategies for a condition. It analyzes disease patterns and symptoms using a variety of technologies and advanced algorithms while also giving healthcare professionals improved direction, criticism, and support. In addition, AI-powered systems can analyze healthcare data through wearable smart devices, offer patients digital and virtual consultations, and provide drug formulation and management services.
One of the key factors driving the market’s advancement is the growing use of robots in surgical and rehabilitation treatments in the healthcare sector. Neurological, orthopedic, and laparoscopic minimally invasive (MI) surgery can be successfully carried out by robots. Additionally, the market is benefiting from the growing trend of digitization and automation in the healthcare sector. AI is being used in a variety of medical systems and gadgets to facilitate and secure data handling. Additionally, this helps to produce patient-specific data that is used to provide specialized pharmaceutical and diagnostic services.
The aging population and their increased dependency on healthcare services are other factors driving the market. Most elderly care products now use AI, including smart devices for aged care, fall detection, and virtual companions. While industrial robots are utilized in healthcare facilities to carry out numerous everyday activities, these empathetic robots may also care for patients who are physically and mentally challenged.
Due to improvements in healthcare IT infrastructure, rising healthcare expenses, and broad adoption of AI/ML technologies, North America dominated the AI in healthcare market and accounted for the major revenue share.
The market is expanding in Europe due to rising awareness of the use of AI-based technologies and increasing demand for value-based services.
Over the projection period, the Asia Pacific region is expected to have profitable growth. This growth rate is due to the fast technological advancements and development as well as ventures concentrating on AI-based healthcare technology.
Amazon Web Services Inc., Cloudmedx Inc., DeepMind, Enlitic Inc., General Vision Inc., Google Inc., International Business Machines, iCarbonX, Intel Corporation, Medtronic, Micron Technology Inc., Microsoft Corporation, Nuance Communications Inc., Nvidia Corporation, Seimens Healthcare, and Welltok Inc.