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Artificial Intelligence (AI) in Healthcare Market Size to Reach US$ 187.95 billion by 2030

The global artificial intelligence in healthcare market size is expected to be worth around US$ 187.95 billion by 2030 from US$ 11.06 billion in 2021, growing at a CAGR of 37% from 2022 to 2030.

Artificial Intelligence in Healthcare Market Size 2021 to 2030

The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The artificial intelligence in healthcare market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

With the introduction of the digital technologies in the healthcare sector, it has gained a rapid traction across the globe. The outbreak of the COVID-19 pandemic has increased the dependence of the healthcare sector on the virtual technologies.

The emergence of the novel artificial intelligence and machine learning technology has paved its way in the healthcare industry. The rising volume of patient admissions owing to the increasing prevalence of various chronic diseases and rapidly growing geriatric population across the globe is fueling the growth of the AI in healthcare market.

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Furthermore, the governments’ rising initiatives to reduce healthcare costs and offer enhanced and quick care services to the patients is driving the demand for the artificial intelligence technology in the healthcare sector across the globe. In several countries li9ke US, Australia, and UK, the adoption of the digital health records of the patients is mandatory.

These health records help the healthcare professionals in early diagnosis of disease and offer quick treatment services. Therefore, the cost efficiency and time savings are the major benefits of adopting Ai in healthcare sector, which is significantly spurring the growth of the artificial intelligence in healthcare market across the globe.

Artificial Intelligence (AI) in Healthcare Market Size Estimations Y-O-Y:
  • Market Size Was Valued In 2021: US$ 11.06 Billion
  • Market Size Is Projected to Reach By 2022: US$ 15.1 Billion
  • Market Size Is Projected to Reach By 2030: US$ 187.95 Billion
  • Compound Annual Growth Rate (CAGR) from 2022 to 2030: 37%
Artificial Intelligence (AI) in Healthcare Market Report Highlights
  • On the basis of component, the software is the leading and the fastest-growing segment in the global AI in healthcare market. Software is a major component of AI systems and its increased adoption among the healthcare providers, payers, and patients has led to the dominance of this segment.
  • By application, the virtual assistant segment is expected to exhibit the highest CAGR during the forecast period. Elimination of human errors, time saving, and accurate results are the major features of the AI-based virtual assistants that is expected to foster the growth of this segment in the upcoming years.
Report Scope of the Artificial Intelligence in Healthcare Market
Report Coverage Details
Market Size by 2030 USD 187.95 Billion
Growth Rate from 2022 to 2030 CAGR of 37%
North America Market Share in 2021 58.1%
Software Solutions Segment Market Share in 2021 39.5%
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Component, Application, Technology, End USer, Geography
Artificial Intelligence (AI) in Healthcare Market Dynamics
Driver

Declining costs of hardware and improved computation

The manufacturers of GPUS and CPUs such as Nvidia, Intel, Huawei, and Samsung have heavily invested in the development of AI compatible chipsets. Furthermore, they have also developed field-programmable gate arrays and application-specific integrated circuits that are compatible with the artificial intelligence technology. These AI compatible chipsets can easily integrate with the AI and the computation functions can be enhanced.

The technological advancements in the field of hardware manufacturing has resulted in the decrease in the costs. Therefore, the declining costs of hardware and development of AI-enable chipsets are expected to be the major drivers of the AI in healthcare market during the forecast period.

Restraint

Reluctance in the adoption of AI technology

The misconception among the healthcare professionals/doctors that the AI will replace doctors in future makes them reluctance to adopt the AI-based tools in treatment of patients. The rising adoption of digital health technologies among the consumers has forced the healthcare professionals to adopt the digital technologies and the misconceptions among the doctors may act as a restraint.

Opportunity

Development of human-aware artificial intelligence system

The major purpose of developing AI was to develop a model that can match human thinking. The developers of AI are focusing on the development on human aware artificial intelligence systems. The rising investments towards the improvement of interaction, presentation, and interpretation of the AI systems is expected to offer lucrative growth aspects to the market players as well as it would facilitate more automated and enhanced services in the healthcare sector.

Challenge

Data privacy and cybersecurity

The rising technological advancements have led to the emergence of various threats like cybersecurity and data privacy. The increasing number of cyberattacks may result in financial losses to the healthcare units and may also put the life of the patient in danger. Therefore, the data privacy and cybersecurity are the major issues or challenges faced by the market players.

Read Also: Digital Health Market Size is Estimated to Cross US$ 551.09 Bn by 2027

Artificial Intelligence (AI) in Healthcare Market – Regional Snapshot

North America was the leading artificial intelligence in healthcare market that accounted for over 58% of the market share in 2020. The adoption of the innovative and digital technologies in the healthcare sector of North America is higher as compared to any other region. The high healthcare expenditure, increased number of hospital admissions, higher prevalence of chronic diseases, and the favorable government policies are the prominent growth drivers of the Ai in healthcare market in North America.

The presence of developed healthcare infrastructure coupled with the increasing investments in the telecommunications and IT infrastructure are supporting the adoption of the artificial; intelligence technologies. North America is the home to several top market players such as Google, Intel, Microsoft, General Electric Company, Amazon Web Services, and IBM, who are playing an exceptional role in the growth of the North America AI in healthcare market.

Asia Pacific is projected to be the most lucrative and opportunistic market during the forecast period. The rising government investments in the development of smart hospitals, developing IT and telecommunications infrastructure, growing number of multispecialty hospitals, increasing corporate investments in digitization of the healthcare sector, and growing pool of patients.

The rising prevalence of chronic diseases and surging elderly population in the region is resulting in higher number of hospital admissions, which is generating a huge volume of data. The adoption of the AI in healthcare will facilitate the hospitals in offering enhanced and quick patient care services to the patients, which will reduce the burden from the hospitals.

Recent Developments of Artificial Intelligence (AI) in Healthcare Market
  • In August 2021, Philips launched its two HealthSuite solutions tofacilitate the integration of informatics with the health systems.
  • In April 2021, Nvidia launched its A10 and A30 GPUs for application in enterprise servers. Morpheus is another system launched by Nvidia that enables the cybersecurity developers to determine cyber breaches suing AI technology.
Some of the prominent players in the global artificial intelligence in healthcare market include:
  • Intel
  • Koninklijke Philips
  • Microsoft
  • IBM
  • Siemens Healthineers
  • Nvidia
  • Google
  • General Electric Company
  • Medtronic
  • Micron Technology
  • Amazon Web Services
  • Johnson & Johnson
  • General Vision
  • CloudmedX
  • Oncora Medical
  • Enlitic
  • Lunit
Segments Covered in the Report

By Component

  • Software
  • Hardware
  • Services

By Application

  • Virtual Assistants
  • Diagnosis
  • Robot Assisted Surgery
  • Clinical Trials
  • Wearables
  • Administrative Workflow Assistants
  • Cybersecurity
  • Dosage Error Reduction
  • Fraud Detection
  • Connected Machines

By Technology

  • Machine Learning
  • Natural Language Processing
  • Context-aware Computing
  • Computer Vision

By End User

  • Hospital & Healthcare Providers
  • Patients
  • Pharmaceuticals & Biotechnology Companies
  • Healthcare Payers

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa
TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Artificial Intelligence (AI) in Healthcare Market 

5.1. COVID-19 Landscape: Artificial Intelligence (AI) in Healthcare Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Artificial Intelligence (AI) in Healthcare Market, By Component

8.1. Artificial Intelligence (AI) in Healthcare Market, by Component Type, 2022-2030

8.1.1. Software

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Hardware

8.1.2.1. Market Revenue and Forecast (2017-2030)

8.1.3. Services

8.1.3.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Artificial Intelligence (AI) in Healthcare Market, By Application

9.1. Artificial Intelligence (AI) in Healthcare Market, by Application, 2022-2030

9.1.1. Virtual Assistants

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Diagnosis

9.1.2.1. Market Revenue and Forecast (2017-2030)

9.1.3. Robot Assisted Surgery

9.1.3.1. Market Revenue and Forecast (2017-2030)

9.1.4. Clinical Trials

9.1.4.1. Market Revenue and Forecast (2017-2030)

9.1.5. Wearables

9.1.5.1. Market Revenue and Forecast (2017-2030)

9.1.6. Administrative Workflow Assistants

9.1.6.1. Market Revenue and Forecast (2017-2030)

9.1.7. Cybersecurity

9.1.7.1. Market Revenue and Forecast (2017-2030)

9.1.8. Dosage Error Reduction

9.1.8.1. Market Revenue and Forecast (2017-2030)

9.1.9. Fraud Detection

9.1.9.1. Market Revenue and Forecast (2017-2030)

9.1.10. Connected Machines

9.1.10.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Artificial Intelligence (AI) in Healthcare Market, By Technology Type 

10.1. Artificial Intelligence (AI) in Healthcare Market, by Technology Type, 2022-2030

10.1.1. Machine Learning

10.1.1.1. Market Revenue and Forecast (2017-2030)

10.1.2. Natural Language Processing

10.1.2.1. Market Revenue and Forecast (2017-2030)

10.1.3. Context-aware Computing

10.1.3.1. Market Revenue and Forecast (2017-2030)

10.1.4. Computer Vision

10.1.4.1. Market Revenue and Forecast (2017-2030)

Chapter 11. Global Artificial Intelligence (AI) in Healthcare Market, By End User Type 

11.1. Artificial Intelligence (AI) in Healthcare Market, by End User Type, 2022-2030

11.1.1. Hospital & Healthcare Providers

11.1.1.1. Market Revenue and Forecast (2017-2030)

11.1.2. Patients

11.1.2.1. Market Revenue and Forecast (2017-2030)

11.1.3. Pharmaceuticals & Biotechnology Companies

11.1.3.1. Market Revenue and Forecast (2017-2030)

11.1.4. Healthcare Payers

Chapter 12. Global Artificial Intelligence (AI) in Healthcare Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Component (2017-2030)

12.1.2. Market Revenue and Forecast, by Application (2017-2030)

12.1.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.1.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Component (2017-2030)

12.1.5.2. Market Revenue and Forecast, by Application (2017-2030)

12.1.5.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.1.5.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Component (2017-2030)

12.1.6.2. Market Revenue and Forecast, by Application (2017-2030)

12.1.6.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.1.6.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Component (2017-2030)

12.2.2. Market Revenue and Forecast, by Application (2017-2030)

12.2.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.2.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Component (2017-2030)

12.2.5.2. Market Revenue and Forecast, by Application (2017-2030)

12.2.5.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.2.5.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Component (2017-2030)

12.2.6.2. Market Revenue and Forecast, by Application (2017-2030)

12.2.6.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.2.6.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Component (2017-2030)

12.2.7.2. Market Revenue and Forecast, by Application (2017-2030)

12.2.7.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.2.7.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Component (2017-2030)

12.2.8.2. Market Revenue and Forecast, by Application (2017-2030)

12.2.8.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.2.8.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Component (2017-2030)

12.3.2. Market Revenue and Forecast, by Application (2017-2030)

12.3.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.3.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Component (2017-2030)

12.3.5.2. Market Revenue and Forecast, by Application (2017-2030)

12.3.5.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.3.5.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Component (2017-2030)

12.3.6.2. Market Revenue and Forecast, by Application (2017-2030)

12.3.6.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.3.6.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Component (2017-2030)

12.3.7.2. Market Revenue and Forecast, by Application (2017-2030)

12.3.7.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.3.7.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Component (2017-2030)

12.3.8.2. Market Revenue and Forecast, by Application (2017-2030)

12.3.8.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.3.8.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Component (2017-2030)

12.4.2. Market Revenue and Forecast, by Application (2017-2030)

12.4.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.4.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Component (2017-2030)

12.4.5.2. Market Revenue and Forecast, by Application (2017-2030)

12.4.5.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.4.5.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Component (2017-2030)

12.4.6.2. Market Revenue and Forecast, by Application (2017-2030)

12.4.6.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.4.6.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Component (2017-2030)

12.4.7.2. Market Revenue and Forecast, by Application (2017-2030)

12.4.7.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.4.7.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Component (2017-2030)

12.4.8.2. Market Revenue and Forecast, by Application (2017-2030)

12.4.8.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.4.8.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Component (2017-2030)

12.5.2. Market Revenue and Forecast, by Application (2017-2030)

12.5.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.5.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Component (2017-2030)

12.5.5.2. Market Revenue and Forecast, by Application (2017-2030)

12.5.5.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.5.5.4. Market Revenue and Forecast, by End User Type (2017-2030)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Component (2017-2030)

12.5.6.2. Market Revenue and Forecast, by Application (2017-2030)

12.5.6.3. Market Revenue and Forecast, by Technology Type (2017-2030)

12.5.6.4. Market Revenue and Forecast, by End User Type (2017-2030)

Chapter 13. Company Profiles

13.1. Intel

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Koninklijke Philips

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Microsoft

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. IBM

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Siemens Healthineers

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. Nvidia

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Google

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. General Electric Company

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. Medtronic

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. Micron Technology

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

13.11. Amazon Web Services

13.11.1. Company Overview

13.11.2. Product Offerings

13.11.3. Financial Performance

13.11.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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Frequently Asked Questions –

[sc_fs_multi_faq headline-0=”h6″ question-0=”What is the current size of artificial intelligence in healthcare market?” answer-0=”According to Precedence Research, the global artificial intelligence in healthcare market size was reached at US$ 11.06 billion in 2021 and is anticipated to rake US$ 187.95 billion by 2030. ” image-0=”” headline-1=”h6″ question-1=”What will be the CAGR of global artificial intelligence in healthcare market?” answer-1=”The global artificial intelligence in healthcare market is expected to grow at a CAGR of 37% over the forecast period 2022 to 2030. ” image-1=”” headline-2=”h6″ question-2=”Who are the major players operating in the artificial intelligence in healthcare market?” answer-2=”The major players operating in the artificial intelligence in healthcare market are Intel, Koninklijke Philips, Microsoft, IBM, Siemens Healthineers, Nvidia, Google, General Electric Company, Medtronic, Micron Technology, Amazon Web Services, Johnson & Johnson, General Vision, CloudmedX, Oncora Medical, Enlitic, and Lunit. ” image-2=”” headline-3=”h6″ question-3=”Which are the driving factors of the artificial intelligence in healthcare market?” answer-3=”The rising volume of patient admissions owing to the increasing prevalence of various chronic diseases and rapidly growing geriatric population across the globe is fueling the growth of the AI in healthcare market. ” image-3=”” headline-4=”h6″ question-4=”Which region will lead the global artificial intelligence in healthcare market?” answer-4=”North America dominated the artificial intelligence in healthcare market in 2021 and will lead the market over the forecast period. ” image-4=”” headline-5=”h6″ question-5=”” answer-5=”” image-5=”” count=”6″ html=”true” css_class=””]

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