Artificial Intelligence (AI) in Healthcare Market to Grow at 38.2% CAGR by 2031 | SkyQuest Technology

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Jun 24, 2024, 10:01 ET

WESTFORD, Mass., June 24, 2024 /PRNewswire/ -- As per SkyQuest, the Global Artificial Intelligence in Healthcare Market size was valued at USD 14.09 billion in 2022 and is poised to grow from USD 19.47 billion in 2023 to USD 259.11 billion by 2031, growing at a CAGR of 38.2% during the forecast period (2024-2031).

Rapid digitization of the healthcare industry and advancements in artificial intelligence technology are primarily driving artificial intelligence (AI) in healthcare market growth. AI solutions are fulfilling the lack of skilled medical professionals by automating several tasks and optimizing different clinical workflows. The global artificial intelligence (AI) in healthcare market is segmented into component, algorithm, end user, and region.

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Artificial Intelligence (AI) in Healthcare Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 19.47 billion
Estimated Value by 2031	$ 259.11 billion
Growth Rate	Poised to grow at a CAGR of 38.2%
Forecast Period	2024–2031
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Technology, Application, End-User
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Use of AI-driven drug discovery and development platforms
Key Market Drivers	Rising demand for predictive analytics and precision medicine

Segments covered in Artificial intelligence (AI) in healthcare Market are as follows:

Component

Hardware, Services, and Software

Technology

Machine Learning (Deep Learning, Supervised, Unsupervised, Reinforcement Learning, Others), 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

Application

Patient Data & Risk Analysis, Medical Imaging & Diagnostics, Precision Medicine, Drug discovery, Lifestyle Management & Remote Patient Monitoring, Virtual Assistants, Wearables, In-Patient Care & Hospital Management, Research, Emergency Room & Surgery, Mental Health, Healthcare Assistance Robots, Cybersecurity, Others

End-User

Hospitals & healthcare providers, Healthcare Payers, Pharmaceutical & Biotechnology Companies, Patients, Others

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Software to Remain Quintessential in Artificial intelligence (AI) in healthcare Market

AI software solutions are being quickly adopted in the healthcare industry to improve patient outcomes and reduce the increasing workload on medical professionals. Artificial intelligence (AI) in healthcare providers can invest in the development of novel AI software models that facilitate disease prediction, medical imaging, and personalized treatment recommendations based on patient data. Easy integration of AI software with existing hardware and healthcare infrastructure also allows this segment to hold a high market share.

Investing in the development of specialized hardware for AI solutions used in the healthcare industry will also help artificial intelligence (AI) in healthcare market players boost their revenue. High demand for better hardware with improved processing capabilities to handle advanced AI algorithms will also help artificial intelligence (AI) in healthcare market growth in the future. Increasing use of AI in healthcare will also create high demand for specialized services such as integration, maintenance, customization, etc. This is why AI in healthcare providers should also focus on the services sub-segment going forward.

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Deep Learning to Train AI Models for Healthcare Applications

Deep learning algorithms play a crucial role in training AI models for the ways of healthcare applications. Rising volume of patient and healthcare data is pushing the demand for advanced pattern analysis through deep learning algorithms and thereby creating opportunities for artificial intelligence (AI) in healthcare companies. Improved diagnostic accuracy and better treatment planning are some key benefits that the use of deep learning algorithms will provide. Better clinical decision-making is also supported by the deep learning sub-segment.

Context-aware processing can provide personalized treatment suggestions to patients based on patient data. Adoption of a more patient-centric care approach in the healthcare industry will also favor the demand for context-aware processing algorithms in the long run. Meanwhile, natural language processing (NLP) algorithms are slated to help streamline medical processes and also possibly ease automation potential as well. An increasing volume of unstructured healthcare data can also be sorted out using advanced algorithms to develop meaningful insights thereby creating a new business scope for artificial intelligence (AI) in healthcare companies.

Healthcare Providers to Take the Wheel in Terms of AI Adoption in Healthcare Space

The growing incidence of chronic diseases and the rising burden on healthcare institutions around the world have pushed healthcare providers to opt for advanced technologies. AI plays a crucial role in managing the workload of healthcare institutions by promoting proper resource utilization. Adoption of a patient-centric care approach will also help promote the use of AI in healthcare providers' sub-segment generating significant revenue.

To conclude, artificial intelligence (AI) in healthcare companies should definitely focus on the development of novel AI software for healthcare providers to maximize their revenue generation potential in the long run. New companies can focus on development of new AI solutions targeted towards patients and payers to penetrate the market.

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