Artificial Intelligence (AI) in Healthcare Market Share Envisaged To Reach USD 431.05 Billion By 2032, at 38.2% CAGR Growth: Insights by Polaris Market Research

The global AI In Healthcare Market size and share is currently valued at USD 23.42 billion in 2023. It is anticipated to generate an estimated revenue of USD 431.05 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 38.2% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032. The global key market players include Amazon Web Services, Atomwise, Babylon Health, CloudmedX, Cota, Desktop Genetics, Enlitic, FDNA Inc., Gauss Surgical, General Vision, etc.

New York, NY, Feb. 05, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “AI In Healthcare Market Share, Size, Trends, Industry Analysis Report, By Platform (Hardware, Software, Services); By Technology; By Application; By End-Use; By Region; Segment Forecast, 2024- 2032″ published by Polaris Market Research in its research repository.

The global artificial intelligence (AI) in healthcare market size and share is currently valued at USD 23.42 billion in 2023. It is anticipated to generate an estimated revenue of USD 431.05 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 38.2% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.

Market Definition & Overview

  • What is AI In Healthcare? How Big is Artificial Intelligence (AI) in Healthcare Market Share?

AI in healthcare is a broad term, to recount the entreaty of machine learning algorithms and alternate empirical technologies in medical background. Thus, AI is when computers and alternate machines impersonate human discernment and are competent in assimilating, contemplating, making resolutions, and taking action. Thus, AI in healthcare is the usage of machines to scrutinize and adhere to medical data, normally with the aim of forecasting a specific result. The rapidly rising demand for AI in healthcare market can be attributed to doctors turning over more precise detection and treatment plans. Also, AI can assist in rendering healthcare more prophetic and enterprising by scrutinizing big data to advance enhanced inhibitory care suggestions to patients.

The AI in healthcare market growth can be attributed to its considerable usage in diagnostic imaging, assisting in the evaluation of medical images such as X-rays, MRI, and CT scans. Algorithms can assist in forecasting tumors, deformities, and alternate medical states, enhancing the preciseness and efficacy of diagnosis. AI plays a notable part in drug detection and advancement by scrutinizing extensive data sets, forecasting possible drug contestants, and maximizing clinical trial processes. AI Is used to scrutinize discrete patient data involving genetic particulars to customize treatment strategies dependent on an individual’s distinct attributes.

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  • 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
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  • 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
  • Includes Updated List of tables & figures.
  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Market’s Key Companies

  • Amazon Web Services
  • Atomwise
  • Babylon Health
  • CloudmedX
  • Cota
  • Desktop Genetics
  • Enlitic
  • FDNA Inc.
  • Gauss Surgical
  • General Vision
  • Google
  • Johnson & Johnson
  • Lunit
  • Medtronic
  • ventus

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Key Highlights

  • doctors turning over more precise detection and treatment plans due to AI is pushing towards market expansion.
  • The AI in healthcare market analysis is primarily segmented based on platform, technology, application, end-user, and region.
  • Asia Pacific dominated the market in 2023

Market Developments

  • Growth Drivers:

Demand for diagnostic progression: The market is pushed by growing demand for diagnostic progression. The AI in healthcare market size is expanding as this upswing mirrors the cathartic impact of AI covering the manifold extent of the healthcare industry. The proliferating obtainability of substantial healthcare data sets, together with AI’s proficiency at scrutinizing and withdrawing consequential perception from this data, permits healthcare workers to render more literate and data-propelled decisions. Significantly AI applications in diagnostic imaging circumscribing the translation of medical images such as X-rays and MRIs notably elevate the accuracy and efficacy of disease perception. This subsequently causes premature diagnosis and more productive treatment schemes.

Improved functional efficacy: AI algorithms can forecast disease movements, recognize the periled populace, and make possible enterprising measures for disease prohibition and handling enhanced population health results. AI in healthcare market sales are soaring as it reforms executive chores, computerizes everyday procedures, and improvises functional efficacy because of cutbacks and resource maximization within healthcare systems.

  • Industry Trends:

Maximizing clinical trials: AI speeds up drug detection by scrutinizing expansive datasets, forecasting probable drug contenders, and maximizing clinical trial blueprints, decreasing the period and prices linked with ushering contemporary drugs to the market. Continuing progressions in AI technologies involving machine learning and natural language processing caused the advancement of more modern and precise healthcare entreaties, stimulating continual growth and development and accompanying more elbow room for market growth.

Growth in AI technologies: In the AI in healthcare market, the growing acquisition of AI technologies in healthcare applications has induced prominent market players to highlight product invention and technological associations intending to widen the commodity benefaction and confront escalating demands, particularly during the pandemic. The MIT-IBM Watson AI Lab prescribed the incorporation of AI technologies in research ventures traversing the health and economic influences of the pandemic in May 2020.

  • Restraints

Detachment between diagnostics and authorized cure:  While AI carries notable possibilities covering several healthcare applications, its acquisition stays restricted due to the provocations encountered by healthcare providers. The intricacy of combining AI into healthcare systems causes impediments probably because of imprecision and generating a detachment between diagnostics and authorized cure.

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Segmentation Overview

  • The Robot Assisted Surgery Segment Witnessed a Sharp Rise

Based on application, the robot-assisted surgery segment witnessed a sharp rise. For AI in healthcare market demand is on the rise due to it involving the usage of robotic systems to help surgeons execute processes with accuracy and regulation. The technology has been acquiring momentum due to possible advantages such as enhanced precision, decreased interference, and speedier recuperation times. Robots provide accurate and exact gestures, permitting surgeons to execute intricate processes with an escalated intensity of clarity as juxtaposed to traditional methods.

  • The Hospitals and Clinic Segment Dominated the Market

Based on end use, the hospitals and clinics segment dominated the market. The AI in healthcare market trends include hospitals and clinics growingly acquiring AI technologies to improve patient care, enhance functional productivity, and ease administrative processes. AI plays an important part in diagnostic imaging, and its acquisition in hospitals and clinics for translating medical images could be a notable propeller for growth. AI algorithms can assist in speedier and more precise diagnoses.

Artificial Intelligence (AI) in Healthcare Market: Report Scope & Dynamics

Report Attribute Details
Revenue Forecast in 2032 USD 431.05 Billion
Market size value in 2024 USD 32.34 Billion
Expected CAGR Growth 38.2% from 2024 – 2032
Base Year 2023
Forecast Year 2024 – 2032
Top Market Players Amazon Web Services, Atomwise, Babylon Health, CloudmedX, Cota, Desktop Genetics, Enlitic, FDNA Inc., Gauss Surgical, General Vision, etc, among others
Segments Covered By Platform, By Technology; By Application, By End-Use, By Region
Regional scope
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Browse the Full Press Release: AI In Healthcare Market Size Worth $ 431.05 Billion By 2032 | CAGR: 38.2%

Regional Insights

North America: This region held the largest AI in healthcare market share due to it being an abode to several prominent technology firms and research organizations that push progression in AI. Strong research and development ventures in AI and healthcare inventions occur in North America. Educational organizations, private firms, and healthcare institutions unite to advance modern AI applications for diagnostics, cure, and patient care.

Asia Pacific: In this region, many nations are financing and proliferating their healthcare framework. This involves the advancement of contemporary hospitals and healthcare spaces that can blend progressive technologies such as AI. There is an increasing consciousness and approval of AI in healthcare among both healthcare workers and the universal population.

Browse the Detail Report “AI In Healthcare Market Share, Size, Trends, Industry Analysis Report, By Platform (Hardware, Software, Services); By Technology; By Application; By End-Use; By Region; Segment Forecast, 2024- 2032” with in-depth TOC:  https://www.polarismarketresearch.com/industry-analysis/ai-in-healthcare-market

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Key Questions Addressed in the Report:

  • What is the CAGR expected to be recorded for the AI in healthcare market?

Ans: The CAGR expected to be recorded is 38.2%.

  • What is the current and estimated market value of the market?

Ans: The current market value stands at USD 32.34 billion, and the expected market value stands at USD 431.05 billion.

  • Which are the major players operating in the industry?

Ans: Some of the major players operating in the market are Amazon Web Services, Atomwise, and Babylon Health.

  • Which segments are covered by the report?

Ans: The segments covered in the report are platform, technology, application, end-user, and region.

Polaris Market Research has segmented the AI in Healthcare market report based on platform, technology, application, end-use, and region:

By Platform Outlook

  • Hardware
    • Processor
      • MPU
      • GPU
      • FPGA
      • ASIC
    • Memory
    • Network
      • Adapter
      • Switch
      • Interconnect
  • Software
    • AI Platform
      • Application Program Interface (API)
      • Machine learning Framework
    • AI Solution
      • On-Premise
      • Cloud
  • Services
    • Deployment and Integration
    • Support & Maintenance

By Technology Outlook

  • Machine Learning
    • Deep Learning
    • Supervised
    • Unsupervised
    • Reinforcement Learning
    • Others (Reinforcement Learning, Semi-supervised)
  • Natural Language Processing
    • IVR
    • OCR
    • Pattern and Image Recognition
    • Auto Coding
    • Classification and Categorization
    • Text Analytics
    • Speech Analytics
  • Context-Aware Computing
    • Device Context
    • User Context
    • Physical Context
  • Computer Vision

By Application Outlook

  • Patient Data & Risk Analysis
  • Medical Imaging & Diagnostics
  • Precision Medicine
  • Drug Discovery
  • Lifestyle Management & Remote Patient Monitoring
  • Wearables
  • In-Patient Care & Hospital Management
  • Research
  • Emergency Room & Surgery
  • Mental Health
  • Robot-Assisted Surgery
  • Cybersecurity

By End Use Outlook

  • Hospitals & Clinics
  • Pharmaceutical & Biotechnology Companies
  • Contract Research Organization (CRO)
  • Others

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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