Northbrook, IL 60062 -- (SBWIRE) -- 08/25/2023 -- The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period.
Rising need for improvised healthcare services due to the disparity between patients and the healthcare workforce will drive the AI in Healthcare market growth in coming years. Increasing efforts to reduce healthcare costs and the generation of large and complex healthcare datasets have allowed the development of AI in Healthcare, further strengthening the market growth. Integrating AI technology in healthcare operations enhances data-driven support to medical professionals. Using data and algorithms, AI efficiently identifies the pattern and delivers automated insights for applications such as managing medical records, health monitoring, digital consultation, and treatment design.
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Services to witness highest demand in the AI in Healthcare market
AI is a complex method as it requires the implementation of sophisticated algorithms for a wide range of applications in patient data and risk analysis, lifestyle management and monitoring, precision medicine, in-patient care and hospital management, medical imaging and diagnostics, drug discovery, and virtual assistants, among others. Hence, for the successful deployment of AI, there is a need for deployment and integration, and support and maintenance services.
Most companies that manufacture and develop AI systems and software provide both online and offline support, depending on the applications. The companies operating in the AI services in Healthcare market include Microsoft (US), Johnson & Johnson Services, Inc. (US), Medtronic (US), Siemens Healthineers (Germany), and Koninklijke Philips (Netherlands). These companies offer assistance for the installation, training, and support of AI systems, along with online assistance and post-maintenance of software, and provide required services.
Medical Imaging & diagnostics segment to create lucrative growth opportunities in AI in Healthcare Market during the forecast period
Multiple leading technology players and healthcare companies are developing AI solutions for applications in healthcare. Philips Healthcare (Netherlands), Agfa-Gevaert (Belgium), GE Company (US), and Siemens Healthineers (Germany) have started integrating AI into their medical imaging software systems. For instance, in collaboration with NVIDIA Corporation, GE has 500,000 imaging devices in use worldwide. These devices use AI to speed up the process of analyzing CT scans with improved accuracy. Siemens Healthineers' AI-Rad Companion Chest CT is a software assistant that uses AI for CT.
Hospitals & Healthcare Providers to cater majority of the share in AI in Healthcare Market
In care provider settings, AI can be utilized to predict and prevent readmissions, manage chronic diseases, drive clinical decision support tools, and improve operations. AI-based tools, such as voice recognition software and clinical decision support systems, help streamline workflow processes in hospitals, lower cost, improve care delivery, and enhance the patient experience. Clinical decision support systems (CDSS) were one of the first successful applications of AI, focusing primarily on the diagnosis of a patient's condition based on symptoms and demographic information.
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AI in Healthcare market to witness the highest demand in North American region
The US is considered one of the major contributors to the North American market as it is one of the leading countries in the world to imbibe AI technology across its healthcare system. Cross-industry participation in the healthcare domain, along with a significant increase in venture capital investments, is encouraging several new players to enter the AI in Healthcare market in the region. For instance, in October 2021, Navina (US) a startup company developing AI-driven platform for primary care, secured USD 15 million in its series A funding round. To date, the company has raised USD 22 million. These investments help the company to accelerate its development in AI and ML technology.
Key Market Players
Major vendors in the AI in Healthcare companies include Intel Corporation (US), Koninklijke Philips N.V., (Netherlands), Microsoft (US), Siemens Healthineers (Germany), and NVIDIA Corporation (US) among others.