DELRAY BEACH, Fla., Dec. 19, 2024 /PRNewswire/ — The global healthcare artificial intelligence market, valued at $10.31 billion by 2023, is expected to grow at a robust CAGR of 49.1% and in reaching $14.92 billion by 2024 and an impressive $164.16 billion by 2030. Market growth is mainly driven by the increase in chronic diseases such as heart disease, stroke, diabetes and cancer then place significant pressure on healthcare providers to optimize their activities. Furthermore, technological advancements in machine learning algorithms, cloud computing, data analytics, and other advanced technologies are largely driving the market growth. Companies are updating their product portfolio to incorporate artificial intelligence into their offerings. For example, GE Healthcare, Cognizant, and many more have upgraded their healthcare artificial intelligence (AI) capabilities to improve the overall healthcare experience. However, resistance among physicians to adopt AI-based solutions and high implementation costs are expected to limit market growth to some extent.
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The global healthcare artificial intelligence (AI) market is segmented by offering into integrated solutions, niche/point solutions, AI technology, and services. The integrated solutions segment will account for the largest share in 2023. The large share of this segment is attributed to the increasing demand for seamless software-service combinations that address complex healthcare challenges such as workflow optimization, predictive analytics and personalized care. These providers enable healthcare organizations to deploy AI solutions more effectively by providing end-to-end support from implementation to ongoing system management, reducing operational complexity and ensuring regulatory compliance. Furthermore, developments in AI-powered platforms, such as clinical decision support, coupled with increasing investments in healthcare IT infrastructure, are fueling this trend by making integrated solutions more attractive to hospitals and clinics seeking value-based care models.
Based on tools, the healthcare AI market is segmented into machine learning, natural language processing, generative AI, computer vision, image analysis, and other tools. By 2023, the machine learning segment will account for the largest market share. The large share of this segment can be attributed to the vast availability of data, also known as big data, and the increasing adoption of ML by hospitals, research centers and other healthcare institutions to improve patient health. ML is being implemented in healthcare to handle large amounts of data, streamline hospital administrative processes, identify and treat infectious diseases, and personalize medical treatments. These benefits are poised to increase ML adoption in healthcare.
The healthcare artificial intelligence (AI) market is segmented by application into clinical applications and non-clinical applications. By 2023, the clinical applications segment is expected to show the highest growth rate during the forecast period. The high adoption of artificial intelligence (AI) in healthcare for clinical applications is driven by its ability to improve diagnostic accuracy, optimize treatment plans and improve patient outcomes. AI-powered tools, such as predictive analytics and imaging diagnostics, support physicians in early disease detection and personalized care, meeting the growing demand for efficiency and precision in healthcare. Additionally, advances in machine learning and natural language processing enable integration into clinical workflows, while rising investment and favorable regulatory policies further accelerate adoption.
The healthcare AI market is studied for the five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North American region dominated the market due to high per capita healthcare expenditure, continuous technological developments especially in machine learning and deep learning, rising demand for precision medicine and favorable reimbursement scenario. The rising number of patients with chronic conditions and significant investments by government and private entities in healthcare information technology are further driving growth. Moreover, the competitive scenario in North America is motivating key market players to develop innovative tools, thereby driving continued growth in service offerings.
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The prominent players operating in the healthcare artificial intelligence (AI) market include Koninklijke Philips NV (Netherlands), Microsoft (US), Siemens Healthineers AG (Germany), NVIDIA Corporation (US), Epic Systems Corporation ( US), GE Healthcare (US), Medtronic (US), Oracle (US), Veradigm LLC (US), Merative (IBM) (US), Google (US), Cognizant (US), Johnson & Johnson (US), Amazon Web Services, Inc. (US), SOPHiA GENETICS (US), Riverian Technologies (US), Terarecon (ConcertAI) (US), 3M (US), Tempus (US), Viz.ai (US). These companies adopted strategies such as product launches, product updates, expansions, partnerships, collaborations, mergers and acquisitions to strengthen their market presence in healthcare artificial intelligence (AI).
Koninklijke Philips NV (Netherlands) is one of the key players providing artificial intelligence (AI) in healthcare solutions. Philips uses AI in healthcare to deliver innovative solutions in diagnostic imaging, patient monitoring and precision medicine. Its advanced AI-driven platforms, such as the Philips HealthSuite, enable the integration and analysis of vast clinical data to support personalized treatment plans and improved patient outcomes. AI capabilities are embedded in imaging tools, improving diagnostic accuracy and streamlining radiology workflows. The company’s solutions focus on operational efficiencies, including workflow automation and predictive analytics, enabling healthcare providers to deliver value-based care. Philips’ strong emphasis on collaboration with hospitals and technology partners further accelerates the adoption of AI in healthcare. Philips has a significant global presence, serving more than 100 countries in North America, Europe, Asia Pacific, Latin America and Africa. The activities are supported by a strong network of subsidiaries, including Philips Healthcare, Philips Medical Systems and Philips Research. The company has strategic R&D centers in key markets and partners with leading medical institutions to drive innovation in health technology.
Microsoft (US) is one of the leading providers of software and tools that leverages advanced AI capabilities in healthcare to improve patient outcomes, streamline operations and drive innovation. The Azure-based AI solutions support various applications such as medical imaging, genomics and precision medicine. Microsoft also offers healthcare-specific AI models through the Azure AI Model Catalog, designed to support hospitals and research institutions in efficiently building and deploying custom AI solutions. Additionally, the integration of Nuance’s AI-powered clinical and diagnostic tools strengthens the ability to support healthcare providers in decision-making and care delivery. Microsoft has a strong global presence, with key operations supported through Azure cloud infrastructure in regions including North America, Europe, Asia Pacific and the Middle East. The geographic footprint enables widespread access to advanced AI tools for healthcare providers, ensuring scalability, data security and compliance with local regulations such as GDPR in Europe and HIPAA in the US.
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