Artificial Intelligence (AI) in Healthcare Market Forecasts to 2028 – Global Analysis By Offering (Hardware, Software, Services), End User (Clinics, Diagnostic centers, Healthcare Payers) and By Geography
According to Stratistics MRC, the Global Artificial Intelligence (AI) in Healthcare Market is accounted for $4.83 billion in 2020 and is expected to reach $84.02 billion by 2028 growing at a CAGR of 42.9% during the forecast period. Rising need to reduce healthcare costs and improving computing power and declining hardware cost is driving the market growth. However, lack of skilled AI workforce and indefinite regulatory guidelines for medical software is hampering the growth of the market.
Artificial intelligence is well-defined as an intelligent system that applies numerous human intelligence-based functions such as, learning, reasoning, and problem-solving skills in altered disciplines such as, psychology, computer science, biology, engineering, linguistics, and mathematics. Artificial intelligence in healthcare makes use of algorithms and software to examine multifaceted medical data. Artificial intelligence is used within the healthcare sector to research the link between treatment techniques and patient outcomes. AI in healthcare has numerous applications in, drug discovery, medication management, and treatment plans. It is used in medical practices such as drug development, personalized medicines, diagnostic processes, and patient monitoring care.
Based on the technology, the natural language processing segment is going to have lucrative growth during the forecast period, owing to an upsurge in the use of image recognition, data mining, signal reduction, and, which are primary components of most AI protocols. This is the foremost factor boosting the segment growth.
By geography, North America is going to have high growth during the forecast period. As it has the biggest number of registered hospitals in the province. AI can aid in hospital management applications, patient care, and patient data management which can help to improve such worries. Additionally, in North America due to the decrease healthcare workforce and aging population upsurge the demand for digital health systems, improved diagnosis & treatment services. Moreover, significant existences of foremost AI technology and product inventors in the province are other factors preferring the growth of the market.
Some of the key players profiled in the Artificial Intelligence (AI) in Healthcare Market include Nvidia, Intel, IBM, Google, Microsoft, General Electric (Ge) Company, Siemens Healthineers (A Strategic Unit Of Siemens Group), Medtronic, Micron Technology and Amazon Web Services (Aws).
Estimated Market Size in 2020:
USD 4.83 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 84.02 billion
Tables, Graphs & Figures
Offering, Product, Parts & Devices, Technology, Application, and End User.
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Product, Parts & Devices Covered:
• Imaging Systems
• Medical Devices
• Smart Meters
• Smart Trackers
• Smartphones and Tablets
• Workstation Systems
• Machine Learning
• Computer Vision
• Context-Aware Computing
• Natural Language Processing
• Predictive Analytics
• Querying Method
• Speech Recognition
• Administrative Workflow Assistants
• Clinical Trial Participant Identifier
• Connected Machines
• Dosage Error Reduction
• Drug Discovery
• Emergency Room and Hospital Management
• Fraud Detection
• Healthcare Assistance Robots
• Home Health
• Inpatient Care & Hospital Management
• Insights & Risk Analytics
• Inventory Management
• Lifestyle Management & Patient Monitoring
• Medical Imaging & Diagnostics
• Mental Health
• Operations Management
• Precision Medicine
• Predictive Maintenance/Self Diagnostics
• Preliminary Diagnosis
• Robot Assisted Surgery
• Virtual Nursing Assistants
End Users Covered:
• Diagnostic Centers
• Healthcare Payers
• Hospitals & Healthcare Providers
• Pharmaceuticals & Biotechnology Companies
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Artificial Intelligence (AI) in Healthcare Market is majorly driven by growing need to reduce healthcare costs, rise in the prevalence of chronic diseases in an aging population, and increasing demand for personalized medicine.
The software segment is growing at a highest CAGR owing to the seed investments, developed software solutions for various healthcare applications, and partnerships for novel product expansion.
North America dominated with a significant market share due to rising incidence of health-related disorders, increasing licensing and partnerships, rise in demand for digital health systems, and growing adoption of IT solutions.
Asia Pacific market is growing at a highest CAGR owing to the improving infrastructure for healthcare IT, development and innovations in entrepreneurship startups, rising number of AI start-ups, and steadily rising adoption of advanced technologies within this particular region.
Key players in Artificial Intelligence (AI) in Healthcare Market include Nvidia, Intel, IBM, Google, Microsoft, General Electric (Ge) Company, Siemens Healthineers (A Strategic Unit Of Siemens Group), Medtronic, Micron Technology, and Amazon Web Services (Aws).
Select License Type
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.