The global AI in healthcare market size is expected to reach $187,7-billion by 2030, registering a CAGR of 38,5% from 2024 to 2030, according to a new report by Grand View Research.
AI acts as a transformative force in healthcare systems, shifting them from reactive to proactive, predictive, and preventive models.
Clinical decision support systems, fueled by artificial intelligence (AI), empower physicians and healthcare professionals with predictive and real-time analytics, enhancing decision-making and elevating care quality, ultimately resulting in improved patient outcomes.
In addition, AI facilitates a comprehensive understanding of disease biology and patient pathology, advancing precision medicine and precision public health initiatives.
The growing field of life sciences R&D opens numerous opportunities for market growth, with AI’s ability to process vast volumes of multidimensional data playing a crucial role.
This capability accelerates the generation of novel hypotheses, expedites drug discovery and repurposing processes, and significantly reduces costs and time to market through the utilisation of in silico methods.
In essence, AI drives innovation and efficiency across the healthcare sector, revolutionising healthcare delivery worldwide. AI-based technologies are implemented in various healthcare domains, including virtual assistants, robot-assisted surgeries, claims management, cybersecurity, and patient management.
AI algorithms are trained using patient health datasets to optimize disease diagnosis and early detection, enabling the initiation of timely treatment regimens. Supportive government initiatives, funding, a growing number of investments from private investors and venture capitalists, and the emergence of AI-specialized startups globally are key drivers of market growth.
The emergence of several startups in the AI healthcare market is another significant driver of industry growth. Their presence stimulates investment, encourages technological advancements, and expands the scope of AI applications in healthcare.
The collective efforts of these startups fuel momentum in the AI healthcare market, driving greater innovation, efficiency, and effectiveness in delivering healthcare solutions.
Highlights of the AI In Healthcare report include:
* The software solutions component segment dominated the global market in 2023 with the largest revenue share of 46,3%. This large share is attributed to the widespread adoption of AI-based software solutions among care providers, payers, and patients.
* The robot-assisted surgery application segment dominated the market in 2023 with the largest revenue share and it is anticipated to witness the fastest CAGR from 2024 to 2030.
* A rise in the volume of robot-assisted surgeries and increased investments in the development of new AI platforms are a few key factors supporting the penetration of AI in robot-assisted surgeries.
* The machine learning (ML) technology segment held the largest share in 2023 as a result of advancements in ML algorithms across various applications. This trend is expected to continue due to the increasing demand for ML technologies.
* The healthcare payers end-use segment is anticipated to experience the fastest CAGR from 2024 to 2030.
* In 2023, North America dominated the industry and held the largest share of over 45% 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.
* In Asia Pacific, the market is anticipated to witness significant growth over the forecast period.