AI in Healthcare Market to Expand Drastically, Surpassing US$ 187 Billion by 2031

 

The Global AI in Healthcare Market (ヘルスケア市場におけるAI) is on the cusp of a revolutionary transformation, with a staggering projected compound annual growth rate (CAGR) of 40.1% from 2023 to 2031. This rapid growth is expected to elevate the market's value from US$ 9.01 billion in 2022 to an impressive US$ 187.76 billion by the end of 2031.

 

The integration of artificial intelligence (AI) technologies is becoming increasingly prominent in various sectors, including healthcare. AI applications are poised to revolutionize healthcare delivery by enhancing patient care, streamlining administrative processes, and optimizing operational efficiency for healthcare providers, payers, and pharmaceutical companies. The adoption of AI and automation solutions is not only driving down healthcare costs but also transforming administrative operations such as patient registration, data entry, and claims processing.

 

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AI in Healthcare Market Introduction

AI in healthcare encompasses the application of machine learning (ML) algorithms and cognitive technologies, including computer vision, natural language processing, robotics, and deep learning, to medical contexts. These technologies enable machines to analyze and respond to medical data, often with the goal of predicting specific outcomes. AI in healthcare enhances preventative care, improves the quality of life, generates accurate diagnosis and treatment plans, and leads to better patient outcomes overall.

 

Rising Investments Propel Market Growth

The AI in healthcare industry has witnessed a significant increase in investments, a trend that is anticipated to continue. This surge in investment is driven by growing awareness of the benefits of AI in medicine and healthcare. Governments, healthcare organizations, and private investors are increasingly recognizing the importance of investing in AI research to improve patient care, reduce healthcare costs, and enhance operational efficiency.

In March 2023, the U.K. government allocated US$ 17 million for AI research aimed at improving cancer checks, diagnosing rare diseases, identifying women at risk of premature birth, and enhancing the speed and accuracy of diagnoses. Similarly, in September 2022, the UNICEF Venture Fund invested in nine startups focused on developing open-source, machine learning-based healthcare platforms to accelerate learning outcomes and improve access to online tools, particularly in low-connectivity areas.

Furthermore, the National Institutes of Health (NIH) committed US$ 130 million over four years to accelerate the adoption of AI in healthcare by biomedical and behavioral research communities. These substantial investments from governments and private entities are expected to drive the AI in healthcare market's progress in the coming years.

 

Government Initiatives Foster Market Opportunities

Government initiatives play a crucial role in creating a supportive environment for the AI in healthcare market. These initiatives include funding for research and development, regulations promoting the use of AI in healthcare, and partnerships with healthcare organizations to implement AI solutions. Governments also offer incentives such as tax credits and subsidies to help healthcare providers overcome financial barriers to investing in AI.

For instance, the U.S. General Services Administration (GSA) launched the Applied AI Healthcare Challenge, a competition aimed at encouraging the development of practical and diverse AI solutions to deliver high-quality medical care for federal agencies. Additionally, UK Research and Innovation (UKRI) announced US$ 12 million in funding to develop and innovate AI applications and technologies addressing healthcare challenges.

 

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Market Segmentation

Component

·         Software / Platform

·         Services

·         Managed Services

·         Professional Services

Application

·         Robot-assisted Surgery

·         Virtual Nursing Assistants

·         Administrative Workflow Assistance

·         Fraud Detection

·         Dosage Error Reduction

·         Connected Machines

·         Clinical Trial Participant Identifier

·         Medical Imaging & Diagnostics

·         Drug Discovery

·         Others

End-user

·         Hospital & Healthcare Providers

·         Pharmaceuticals & Biotechnology Companies

·         Others

 

Regional Market Analysis

In 2022, North America held the largest share of the AI in healthcare market (KI im Gesundheitsmarkt), a trend expected to continue through the forecast period. The region's market dominance is driven by the rising demand for operational efficiency within healthcare organizations and supportive government initiatives.

The AI in healthcare market in Asia Pacific is also expected to experience substantial growth. This growth is attributed to increased investment in healthcare infrastructure and the strong presence of AI companies collaborating with healthcare providers to develop new AI applications.

 

Key Players and Industry Developments

·         IBM Corporation

·         NVIDIA Corporation

·         Microsoft Corporation

·         Intel Corporation

·         GE HealthCare

·         Siemens Healthineers AG

·         Medtronic Plc

·         Koninklijke Philips N.V.

·         Google LLC

·         CloudMinds Technology Inc.

·         General Vision Inc.

·         BenevolentAI

·         Others

 

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