Artificial Intelligence in Healthcare Market To Reach USD 194.4 Billion By 2030 at a CAGR of 38.1% - Valuates Reports

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Jul 28, 2022, 10:00 ET

BANGALORE, India, July 28, 2022 /PRNewswire/ -- Artificial Intelligence in Healthcare Market by Offering (Software, Hardware, & Services), Algorithm (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others), and End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, and Payer): Global Opportunity Analysis and Industry Forecast, 2021 - 2030. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.

The Artificial Intelligence in healthcare market size was valued at USD 8.23 billion in 2020 and is projected to reach USD 194.4 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.

Major Factors Driving The Growth of The Ai in Healthcare Market

The increasing volume of healthcare data and rise in complexities of datasets will drive the growth of the market during the forecast period.

The surge in technological advancements and increase in the need for innovative solutions to enhance various healthcare applications will fuel market growth in the coming years.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL AI IN HEALTHCARE MARKET

Robot-assisted surgeries provide sophisticated treatment with less downtime. It uses specialized technology to navigate hard-to-reach areas. They deliver precise care and treat conditions related to the heart, digestive system, bladder, prostate, and more. Robots' presence in OR is continuously growing in turn fueling the demand for artificial intelligence in healthcare market. They have a lasting impact on surgical teams and are used in all types of surgeries like neck surgeries, prostatectomies, laparoscopic surgery, thoracic, etc. This ultimately leads to shorter hospital stays, less blood loss, and quicker recovery time.

Misdiagnosis or delayed diagnosis can be a critical issue. AI-powered virtual assistants deliver personalized experiences to patients. The healthcare assistant not only provides medical advice about common ailments or complaints but also aids in scheduling appointments with a doctor or a specialist. It is being deployed extensively in the medical industry to increase patient engagement. This will drive the expansion of artificial intelligence in healthcare market. Most importantly, it provides answers in real-time with 24/7 assistance thereby keeping patients updated on their latest health status.

Hospital administrative tasks like record maintenance and discharge formalities are repetitive and time-consuming. The use of NLP in healthcare is rising due to its potential to analyze mammoth amounts of datasets. It provides insights into understanding the quality and improving patient health outcomes. NLP processes medical records through computer-assisted coding to compile the content of long chart notes into just important points. It scans the clinical text within seconds to identify what needs to be extracted. This frees up physician and staff resources so that they can focus more on complex matters. It will bolster the growth of artificial intelligence in healthcare market. Earlier, organizations had to spend weeks, months, or even years identifying the crucial data. However, medical staff can reduce the time spent on redundant policies.

The increasing digitization of health and the emergence of telehealth platforms has made it easier for fraudsters to operate thereby increasing health insurance fraud. AI-built models are used to identify suspicious claims and provider patterns by using past data. This is projected to increase the growth of the artificial intelligence healthcare market One model builds a baseline for each provider-their volume of claims, the total amount of claims submitted and money billed. Specific claims are checked to understand whether they are appropriate as per the diagnosis, procedure billing codes, and medical billing history. Providers have to adhere to coding standards, guidelines, and principles. This increases the operational efficiency of insurance companies and decreases instances of fraud or wastage.

AI-enabled medication safety systems are used by nurses to prevent prescription or medication errors. Failure to communicate drug orders, confusion over similar packaging or names, and illegible handwriting increase the chances of dosage errors. Equipped with a scanner for pills and capsules it verifies medication administration by utilizing visual recognition and machine learning against hospital information systems to check the accuracy.

AI-powered tools are being used rapidly to combat the spread of the covid 19 pandemic. It is helpful in detecting and diagnosing the virus by providing personalized information that aids in preliminary diagnosis. The advanced capabilities of the technology will boost the expansion of artificial intelligence in healthcare market. They offer precise and exact diagnosis.

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AI IN HEALTHCARE MARKET SHARE ANALYSIS

Based on offering, the software segment is expected to dominate in the AI in healthcare market share due to continuous innovations catering to the needs of the healthcare industry. While the hardware segment will grow the fastest at a CAGR of 39.5% owing to the rising need for AI hardware systems.

Based on application, the robot-assisted surgery segment will grow the highest generating 2.42 billion in 2020 and is expected to reach USD 50.98 billion in 2030 at a CAGR of 36.6% due to the huge demand for minimally invasive surgeries through AI-assisted systems. The dosage error reduction segment will grow the fastest at a CAGR of 40%.

Based on end users, the healthcare providers segment will witness significant growth at a CAGR of 37.2% due to rising use for improving patient outcomes, and maintaining EHR.

Based on the algorithm, the natural language processing segment will grow at a CAGR of 36.9% due to its use in data mining, image recognition, and being a crucial part of AI protocols.

Based on region, North America is expected to be the largest with a CAGR of 35.6% due to having a well-developed healthcare infrastructure and favorable government support. On the other hand, the Asia-Pacific will grow the fastest at a CAGR of 44.5% due to the rapid adoption of healthcare IT solutions, rising investments in AI development, and extensive R&D initiatives.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

Welltok, Inc.
Intel Corporation
Nvidia Corporation
Google Inc.
IBM Corporation
Microsoft Corporation
General Vision, Inc.
Enlitic, Inc.
Next IT Corporation
iCarbonX

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