Home > Healthcare > Healthcare IT > Artificial Intelligence > Artificial Intelligence in Healthcare Market
Artificial Intelligence in Healthcare Market Size
- Report ID: GMI1557
- Published Date: Dec 2024
- Report Format: PDF
Artificial Intelligence in Healthcare Market Size
The artificial intelligence in healthcare market was valued at USD 18.7 billion in 2023 and is expected to exhibit growth at a CAGR of 37.1% from 2024 to 2032 period. The rising adoption of healthcare artificial intelligence in research areas, increasing range of future applications, and favorable funding scenario are some of the prime variables driving the market growth.
The rising adoption of artificial intelligence (AI) in healthcare research is revolutionizing the sector by enhancing diagnostic accuracy, streamlining clinical workflows, and accelerating treatment development. Significant advancements have highlighted AI's growing integration in research, particularly through machine learning (ML) and large language models (LLMs). For instance, in 2023, AI applications in radiology, gastroenterology, and cardiology were predominant, with 75.2% of AI-related healthcare publications leveraging image data, demonstrating the critical role of AI in data-heavy fields like medical imaging and diagnostics.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Artificial Intelligence in Healthcare Market Size in 2023: | USD 18.7 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 37.1% |
| 2032 Value Projection: | USD 317.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 130 |
| Tables, Charts & Figures: | 148 |
| Segments covered: | Offering, Application, End Use, and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Additionally, AI applications in drug discovery have gained momentum, reducing the time for identifying viable compounds by nearly 70%. Companies like DeepMind have developed a new AI model AlphaFold in May 2024, which accurately predicts protein structures, and have unlocked new possibilities in treating diseases like Alzheimer’s and cancer. The application of AI in virtual health assistants, such as Babylon Health and ADA Health, has also surged, providing patients with instant access to medical advice and symptom assessment tools, enhancing their role in healthcare.
AI in healthcare refers to the application of artificial intelligence techniques, such as machine learning, deep learning, natural language processing, and computer vision, to analyze 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.
Frequently Asked Questions (FAQ) :
Artificial Intelligence in Healthcare Market Scope
