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Artificial Intelligence in Healthcare Market Size

Report ID: GMI1557
Published Date: Jun 2024
Report Format: PDF

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Artificial Intelligence in Healthcare Market Size

Artificial Intelligence in Healthcare Market size was valued at USD 14.4 billion in 2023 growing at a CAGR of 39.2% between 2024 and 2032, driven by factors such as advancement in AI techniques such as machine learning and deep learning that have become increasingly sophisticated, allowing for more accurate diagnostics, predictive analytics, and drug discovery.

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For instance, in February 2024, Elsevier Health, a global leader in medical information and data analytics launched ClinicalKey AI, the first and most advanced clinical decision support tool that combines the medical content with generative artificial intelligence (AI) to help clinicians at the point of care. Thus, growing application of artificial intelligence in drug discovery, medical imaging, precision medicine and genomics coupled with increasing personalized treatments is anticipated to drive the market growth.

Artificial Intelligence in Healthcare Market Report Attributes
Report Attribute	Details
Base Year:	2023
Artificial Intelligence in Healthcare Market Size in 2023:	USD 14.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	39.2%
2032 Value Projection:	USD 281.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	90
Tables, Charts & Figures:	153
Segments covered:	Offering, Application, and Region
Growth Drivers:	Rising adoption of artificial intelligence in healthcare in research areas Increasing range of future applications Advancements in big data analytics Favorable funding scenario in China and Singapore
Pitfalls & Challenges:	High initial capital requirement Security concerns regarding patient data

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Further, technological advancement in machine learning & deep learning, growing application of AI in telemedicine and increase in demand for remote patient monitoring devices are the major factors that is expanding the demand for AI-based healthcare tools, thereby anticipated to foster the growth of the market.

AI in healthcare refers to the application of artificial intelligence techniques, such as machine learning, deep learning, natural language processing, and computer vision, to analyse complex medical data and assist healthcare professionals in making informed decisions. AI in healthcare encompasses a wide range of applications, but not limited to medical imaging analysis, support personalized treatment, helps in drug discovery and development and remote monitoring and telemedicine.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Artificial intelligence in healthcare industry size was worth USD 14.4 billion in 2023 and is projected to expand at 39.2% CAGR from 2024 to 2032, due to the advancement in AI techniques such as machine learning and deep learning, allowing for more accurate diagnostics, predictive analytics, and drug discovery.

The software offering segment in the AI in healthcare industry accounted for USD 11.7 billion in 2023, owing to the critical role of AI software in enhancing medical imaging analysis, aiding in early disease detection and accurate diagnostics through techniques like computer vision and pattern recognition.

The drug discovery segment accumulated 28.1% of the artificial intelligence in healthcare market share in 2023, as AI streamlines drug discovery process by reducing the time and cost associated with bringing new drugs to market.

North America artificial intelligence in healthcare industry accounted for 46.2% market share in 2023, led by the increasing need to reduce fraud and enhance data security in healthcare sector.