AI In Healthcare Market At $ 431.05 Billion By 2032, CAGR: 38.2%

AI In Healthcare Market Size Worth $ 431.05 Billion By 2032 | CAGR: 38.2%


The AI in healthcare market size is expected to reach USD 431.05 billion by 2032, according to a new study by Polaris Market Research. The 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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

AI in healthcare refers to the application of artificial intelligence (AI) technologies and techniques in the field of healthcare to improve various aspects of patient care, diagnosis, treatment, and overall healthcare operations.

The ongoing digitization of healthcare primarily propels the CAGR of the healthcare artificial intelligence market. The market's upward trajectory is expected to be further boosted by increased investments in artificial intelligence (AI) within the healthcare sector, particularly by pharmaceutical and MedTech companies, as they seek to enhance their operational efficiency. Research conducted by PwC highlights the efficacy, speed, and cost-effectiveness of AI in executing operational tasks, contributing to its widespread adoption.

Artificial intelligence plays a crucial role in facilitating early detection and diagnosis of ailments, providing valuable support to medical professionals. Factors such as the expanding utilization of precision medicine, the growing significance of big data in healthcare, the imperative to optimize healthcare expenditures, and the decreasing costs of hardware collectively contribute to the robust expansion of the healthcare AI market.

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AI enables remote monitoring of patients with chronic conditions. Continuous data collection helps healthcare providers track patient progress, intervene early, and prevent hospital readmissions. The escalating shortage of healthcare professionals has spurred the integration of AI/ML technologies. Consequently, AI algorithms can undergo training to analyze patient health data, aiding healthcare providers in swiftly diagnosing conditions and formulating effective treatment plans.

However, Market growth and the accelerated adoption of AI in healthcare are fueled by supportive government initiatives, heightened mergers and acquisitions, technological collaborations, and the persistent impact of the COVID-19 pandemic. Initially employed for detecting COVID-19-positive cases by leveraging personalized patient information and data consolidation, AI/ML algorithms are now widely applied for the prompt and precise diagnosis of various medical conditions. These factors contribute significantly to the expansion of the market.

AI in Healthcare Market Report Highlights

  • In 2023, the robot-assisted surgery segment held the largest market share in the AI healthcare market. Patients are becoming more aware of the advantages associated with minimally invasive and robotic-assisted procedures, driving an increasing demand for these technologies.
  • The hospitals and clinics segment is expected to grow at the fastest CAGR during the forecast period. AI applications in hospitals and clinics help optimize resource allocation, streamline administrative tasks, and enhance operational efficiency. From appointment scheduling to billing and administrative processes, AI contributes to cost savings and improved workflow, driving the growth of this segment.
  • In 2023, North America accounted for the largest market share; healthcare providers in North America have been early adopters of AI applications, ranging from diagnostic imaging and personalized medicine to administrative processes.
  • Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the rapidly increasing population expanding their healthcare business and the adoption of AI in the healthcare sector.
  • The global key market players include Amazon Web Services, Atomwise, Babylon Health, CloudmedX, Cota, Desktop Genetics, Enlitic, FDNA Inc., Gauss Surgical, General Vision, etc.

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

AI in Healthcare, Platform Outlook (Revenue - USD Billion, 2019 - 2032)

  • 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

AI in Healthcare, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • 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

 AI in Healthcare, Application Industry Outlook (Revenue - USD Billion, 2019 - 2032)

  • 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

AI in Healthcare, End-Use Industry Outlook (Revenue - USD Billion, 2019 - 2032)

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

AI in Healthcare, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

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

AI in Healthcare Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 32.34 billion

Revenue forecast in 2032

USD 431.05 billion

CAGR

38.2% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

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

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  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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