Artificial Intelligence (AI) in Healthcare Sector Market size to record USD 11.827 billion growth from 2023-2027, New growing potential for AI-based tools in elderly care is one of the key market trends, Technavio

NEW YORK, April 26, 2024 /PRNewswire/ -- The global artificial intelligence (ai) in healthcare sector market size is estimated to grow by USD 11.827 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.

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Key Trends Fueling Growth

• New growing potential for AI-based tools in elderly care: 
  • The number of older people worldwide is going up fast. Between 2000 and 2050, the amount of people aged 60 and over will nearly triple. This rise is mostly seen in Europe, Japan, and China. In the US, by 2030, around 20% of people will be over 65. This change in who lives where might affect money, people, and health in different countries. To deal with this, new ways of giving healthcare are being made, focusing on older patients' needs. One way is by using AI to help with parts of their care.
  • AI can track health info and spot diseases early. It's making treatments better and keeping both patients and doctors happier. AI is being used in many ways, like smart gadgets, helping people at home, and spotting falls. Some examples include a company called CarePredict, which uses AI to watch for changes in how older people act for early signs of health problems.
  • Voice assistants from Amazon and Orbita also use AI to help older people with medicine and care. Lots of healthcare providers are starting to use AI more and make new tools for older people's care. Researchers are also using AI to make elderly care better. So, with more older people around, more companies are making things for them, which will make the market for these things grow more.

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Major Challenges:

• Physician and provider skepticism 
  • AI in healthcare can change how patients are treated by offering connected services. There aren't enough doctors, so AI is becoming important. But most doctors aren't sure about it. AI can help diagnose better and let doctors focus on serious cases. However, AI tools are still new and haven't become normal yet.
  • To make AI better, tech companies need to improve their products. Trust is important in healthcare, and AI might affect trust between patients and doctors. Doctors worry about AI tools handling private info. They don't trust biased results from tech companies. They prefer tools from hospitals or the government.
  • Even though AI can improve diagnoses and help with serious cases, doctors aren't comfortable using it yet. This could be because AI tools are still new and there are privacy and bias concerns. Doctors being unsure about AI could slow down its use in healthcare.

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Analyst Review

In the healthcare sector, Artificial Intelligence (AI) is revolutionizing patient care through Intelligent agents and Machine learning. AI applications, such as Artificial neural networks, are used to analyze vast amounts of Patient health details and Chronic diseases data for Personalized medicines and Data analytics. Deep learning technology and computing power enable Medical imaging analysis, Predictive analytics, and Personalized treatment planning.

AI-powered solutions are also transforming Drug discovery and Healthcare data management. Wearable devices and Genomic sequencing data are integrated into AI systems for comprehensive Health monitoring and Medication management. Companion robots and Virtual assistants assist in Personalized care plans, while AI technology is used for Clinical decision-making and Medical imaging scan interpretation. Overall, AI is a game-changer in the healthcare sector, offering Big data analytics, personalized care, and improved patient outcomes.

Market Overview

Artificial Intelligence (AI) is revolutionizing the healthcare sector with its advanced capabilities. The AI market in healthcare is growing significantly, with applications ranging from patient monitoring and diagnosis to treatment plans and drug discovery.

AI technologies like machine learning, deep learning, and natural language processing are used to analyze medical data, identify patterns, and make informed decisions. AI-powered systems can help healthcare providers deliver personalized care, improve patient outcomes, and reduce costs.

The future of AI in healthcare is bright, with potential applications in telemedicine, mental health, and elderly care. The market for AI in healthcare is expected to reach new heights in the coming years, as technology continues to advance and healthcare needs evolve.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• Application 
  • Medical Imaging And Diagnostics
  • Drug Discovery
  • Virtual Assistants
  • Operations Management
  • Others
• Component 
  • Software
  • Hardware
  • Services
• Geography 
  • North America
  • Europe
  • APAC
  • South America
  • Middle East And Africa

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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