REDDING,
Calif., May 23, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Healthcare
Artificial Intelligence Market by Offering (Software,
Services), Technology (ML, NLP), Application (Hospital Workflow
Management, Patient Management), End User (Hospitals &
Diagnostic Centers), and Geography - Global Forecast to
2031', the global healthcare artificial intelligence
market is projected to reach $176.4
billion by 2031, at a CAGR of 31.3% from 2024–2031.
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Healthcare is one of the most critical sectors in the broader
landscape of big data because of its fundamental role in a
productive, thriving society. AI in healthcare is a term used to
describe the application of machine learning (ML) algorithms and
other cognitive technologies in medical settings. AI helps to
assist doctors, nurses, and other healthcare workers in their daily
work. AI in healthcare enhances preventive care and quality of
life, produces more accurate diagnoses and treatment plans, and
leads to better patient outcomes overall. AI in healthcare helps to
predict and track the spread of infectious diseases by analyzing
data from government, healthcare, and other sources.
The growth of the healthcare artificial intelligence market is
driven by the growing demand for personalized therapy, the rise in
the volume and complexities associated with healthcare datasets,
and the rising need to reduce healthcare costs. However, reluctance
to adopt AI technologies due to a lack of trust restrains the
growth of this market. Moreover, the growing potential of AI-based
tools in the treatment of chronic and infectious diseases and the
rising incorporation of AI in clinical trials to accelerate new
drug launches are expected to generate market growth opportunities.
However, discrepancies arising due to upgrades and human barriers
to AI adoption are major challenges for market stakeholders.
Additionally, growing AI-based clinical decision support systems
(CDSS) to identify patient risk are prominent trends in this
market.
The global healthcare artificial intelligence market is
segmented by offering (software, hardware, and services
[installation & integration and support & maintenance]),
technology (machine learning, natural language processing,
context-aware processing, and querying method), application (drug
discovery, hospital workflow management, patient data & risk
analytics, medical imaging & diagnosis, patient management,
precision medicine, and other applications), end user (hospitals
& diagnostic centers, pharmaceutical & biotechnology
companies, healthcare payers, patients, and other end users). The
study also evaluates industry competitors and analyzes the market
at geographical levels.
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Based on offering, in 2024, the software segment is
expected to account for the largest share of the global healthcare
artificial intelligence market. However, the services segment is
projected to register the highest CAGR during the forecast period
due to the rising incorporation of AI services in clinical trials
to accelerate new drug launches, the rising adoption of AI services
to help reduce human error, assist medical professionals and staff,
the increasing need for analyzing data to identify potential health
issues.
Based on technology, in 2024, the natural language
processing segment is expected to account for the largest
share of the global healthcare artificial intelligence market. The
segment's large share is attributed to the growing ability to
collect large amounts of data and handle big data, the rising need
to organize physician documentation, and the increasing use of
efficient back-end coding to optimize billing procedures.
Additionally, this segment is expected to register the highest CAGR
during the forecast period.
Based on application, in 2024, the hospital workflow
management segment is expected to account for the largest
share of the global healthcare artificial intelligence market. The
segment's large share is attributed to the increasing use of
chatbots for customer service engagement, the growing adoption of
automated tasks, improved patient care coordination, reduced costs,
and the increasing use of AI in hospitals to improve patient
experience and care. Additionally, this segment is expected to
register the highest CAGR during the forecast period.
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Based on end user, in 2024, the hospitals &
diagnostic centers segment is expected to account for the
largest share of the global healthcare artificial intelligence
market. The segment's large share is attributed to the growing need
to improve the speed and accuracy of patient visits, leading to
faster and more personalized care and the growing adoption of AI to
improve accuracy, reduce costs, and save time compared to
traditional diagnostic methods. Additionally, this segment is
expected to register the highest CAGR during the forecast
period.
Based on geography, in 2024, North America is expected to account for the
largest share of the global healthcare artificial intelligence
market. The healthcare industry in North
America has swiftly used AI to increase efficiency,
productivity, and consumer experiences. The rising incorporation of
AI in clinical trials to accelerate new drug launches and the
growing demand for personalized therapy support the growth of this
regional market.
However, the Asia-Pacific
region is projected to register the highest CAGR during the
forecast period. This region's growth is driven by the growing
need for coordination between the healthcare workforce and
patients, remarkable growth in venture capital investments, the
significant use of big data in the healthcare sector, and rising
technological innovation.
The key players operating in the healthcare artificial
intelligence market are NVIDIA Corporation (U.S.), Google LLC
(U.S.) (A Subsidiary of Alphabet Inc.), Intel Corporation (U.S.),
International Business Machines Corporation (U.S.), Microsoft
Corporation (U.S.), GE HealthCare Technologies Inc. (U.S.),
Amazon.com, Inc. (U.S.), Verint Systems Inc. (U.S.), General
Vision, Inc. (U.S.), Siemens Healthineers AG (Germany), CloudMedx Inc. (U.S.), AltexSoft
Inc. (U.S.), IQVIA Holdings Inc. (U.S.), Welltok, Inc. (U.S.), and
iCarbonX (China).
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Scope of the Report:
Healthcare Artificial Intelligence Market, by
Offering
- Software
- Services
- Installation & Integration
- Support & Maintenance
- Hardware
Healthcare Artificial Intelligence Market, by
Technology
- Natural Language Processing
- Context-Aware Processing
- Machine Learning
- Querying Method
Healthcare Artificial Intelligence Market, by
Application
- Drug Discovery
- Hospital Workflow Management
- Patient Data & Risk Analytics
- Medical Imaging & Diagnosis
- Patient Management
- Precision Medicine
- Other Applications
Healthcare Artificial Intelligence Market, by End
User
- Hospitals & Diagnostic Centers
- Pharmaceutical & Biotechnology Companies
- Healthcare Payers
- Patients
- Other End Users
Healthcare Artificial Intelligence Market, by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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