According to SPER Market Research, the Global AI in Healthcare Market is estimated to reach USD 165.78 billion by 2034 with a CAGR of 49.38%.
The aging population and rise of chronic diseases necessitate early disease detection, particularly for conditions like dementia and heart problems. Analyzing medical images using AI/ML can help identify patterns and personalize treatment plans. This, combined with increasing demand for AI-powered healthcare and government support, is driving the adoption of AI tools in Healthcare Industry. However, Strict data privacy laws are impeding the adoption of AI in healthcare. Security issues, such as breaches and hacks, make it difficult to access and aggregate patient data for AI development. These problems damage patient confidence and may have serious legal and reputational repercussions for all parties.
By Platform: Key investments and product launches are fueling the expansion of the AI healthcare sector. The solutions segment dominated in 2023, driven by innovations like Microsoft Fabric, which integrates various technologies to enhance data analysis. Meanwhile, the services segment, though growing at a slower pace, is benefiting from advancements such as virtual care solutions. An example is Sensely's Virtual Primary Care, which connects patients with healthcare teams through voice-enabled virtual assistants.
By Application: Robot-Assisted Surgery Segment Leads the Market at Highest CAGR
The robot-assisted surgery segment led the market, driven by technological advancements like Medtronic's Hugo RAS system approval in Europe for urological and gynecological procedures in 2023. AI tools' benefits, including improved efficiency and enhanced decision-making in surgeries, further contributed to the segment's growth.
By Technology: Machine Learning Technology Dominates the Healthcare Market
In 2023, the ML technology segment dominate the market, as machine learning effectively analyzes vast healthcare data, such as EHRs, medical imaging, and genomic data. This enables data-driven decisions, early disease detection, personalized treatments, and improved patient outcomes through accurate and timely interventions.
By End User: Healthcare Companies and Healthcare Providers Segment Expected to Expand with AI Advancements
The market dominated by healthcare companies in 2023, thanks to the use of AI in clinical trials, medication research, and genomic data, which allowed for more effective trials and individualized therapies. AI speeds up the drug-discovery process as well. The segment for healthcare providers is anticipated to expand as a result of AI-powered medical imaging that improves early disease detection and diagnostic accuracy and predictive analytics that improves hospital management, resource allocation, and patient care.
By Region: North America has the highest revenue of AI in Healthcare Market.
North America led the AI in healthcare market with over 45% of the revenue share, driven by advancements in IT infrastructure, increased healthcare spending, AI/ML adoption, government support, funding, and key players. Europe is expected to be the second-largest market, benefiting from improved drug discovery and streamlined healthcare delivery.
Market Competitive Landscape
The AI in Healthcare Market is moderately fragmented. Some of the market key players are Amazon Web Services, Cognizant, Epic Systems Corporation, GE Healthcare, Google, Johnson & Johnson, Koninklijke Philips N.V., Medtronic, Microsoft, Merative (formerly IBM Watson Health), NVIDIA Corporation, Oracle, Riverian Technologies, Siemens Healthineers AG, SOPHiA GENETICS, TeraRecon, Tempus, 3M, Veradigm LLC, Viz.ai, and others.
Recent Developments:
- Microsoft and NVIDIA partnered in March 2024 to expedite computing capabilities and foster AI innovation. Together with NVIDIA's DGX Cloud and Clara suite, this partnership takes advantage of Microsoft Azure's global reach and cutting-edge computing to spur innovation and enhance patient care.
- Koninklijke Philips N.V. and Vestre Viken Health Trust in Norway partnered in November 2023 to implement the AI Manager platform, which improved radiology workflows. Radiologists were able to concentrate on challenging patients by using the AI-enabled bone fracture program to speed diagnostics.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Platform, By Application, By Technology, By End-User.
|
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. |
| Companies Covered | Amazon Web Services, Cognizant, Epic Systems Corporation, GE Healthcare, Google, Johnson & Johnson, Koninklijke Philips N.V., Medtronic, Microsoft, Merative (formerly IBM Watson Health), NVIDIA Corporation, Oracle, Riverian Technologies, Siemens Healthineers AG, SOPHiA GENETICS, TeraRecon, Tempus, 3M, Veradigm LLC, Viz.ai, and others. |
Key Topics Covered in the Report:
- Global AI in Healthcare Market Size (FY’2023-FY’2030)
- Overview of Global AI in Healthcare Market
- Segmentation of Global AI in Healthcare Market By Platform (Solution, Services)
- Segmentation of Global AI in Healthcare Market By Application (Robot-assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Medical Devices, Medical Imaging & Diagnostics, Clinical Trials, Fraud Detection, Cybersecurity, Dosage Error Reduction, Precision Medicine, Drug Discovery & Development, Lifestyle Management & Remote Patient Monitoring, Others)
- Segmentation of Global AI in Healthcare Market By Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision)
- Segmentation of Global AI in Healthcare Market By End-User {(Healthcare Providers (Hospitals, Outpatient Facilities, and Others), Healthcare Payers, Healthcare Companies (Pharmaceutical, Biotechnology, Medical Devices), Patients, Others}
- Statistical Snap of Global AI in Healthcare Market
- Expansion Analysis of Global AI in Healthcare Market
- Problems and Obstacles in Global AI in Healthcare Market
- Competitive Landscape in the Global AI in Healthcare Market
- Impact of COVID-19 and Demonetization on Global AI in Healthcare Market
- Details on Current Investment in Global AI in Healthcare Market
- Competitive Analysis of Global AI in Healthcare Market
- Prominent Players in the Global AI in Healthcare Market
- SWOT Analysis of Global AI in Healthcare Market
- Global AI in Healthcare Market Future Outlook and Projections (FY’2023-FY’2030)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global AI in Healthcare Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global AI in Healthcare Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global AI in Healthcare Market
7. Global AI in Healthcare Market, By Platform (USD Million) 2023-2030
7.1. Solution
7.2. Services
8. Global AI in Healthcare Market, By Application (USD Million) 2023-2030
8.1. Robot-assisted Surgery
8.2. Virtual Assistants
8.3. Administrative Workflow Assistants
8.4. Connected Medical Devices
8.5. Medical Imaging & Diagnostics
8.6. Clinical Trials
8.7. Fraud Detection
8.8. Cybersecurity
8.9. Dosage Error Reduction
8.10. Precision Medicine
8.11. Drug Discovery & Development
8.12. Lifestyle Management & Remote Patient Monitoring
8.13. Others
9. Global AI in Healthcare Market, By Technology (USD Million) 2023-2030
9.1. Machine Learning
9.1.1. Deep Learning
9.1.2. Supervised
9.1.3. Unsupervised
9.1.4. Others (Reinforcement Learning, Semi-supervised)
9.2. Natural Language Processing
9.2.1. Smart Assistance
9.2.2. OCR (Optical Character Recognition)
9.2.3. Auto Coding
9.2.4. Text Analytics
9.2.5. Speech Analytics
9.2.6. Classification & Categorization
9.3. Context-aware Computing
9.4. Computer Vision
10. Global AI in Healthcare Market, By End-User (USD Million) 2023-2030
10.1. Healthcare Providers (Hospitals, Outpatient Facilities, and Others)
10.2. Healthcare Payers
10.3. Healthcare Companies (Pharmaceutical, Biotechnology, Medical Devices)
10.4. Patients
10.5. Others
11. Global AI in Healthcare Market Forecast, 2023-2033 (USD Million)
11.1. Global AI in Healthcare Market Size and Market Share
12. Global AI in Healthcare Market, By Region, 2023-2030 (USD Million)
12.1. Asia-Pacific
12.1.1. Australia
12.1.2. China
12.1.3. India
12.1.4. Japan
12.1.5. South Korea
12.1.6. Rest of Asia-Pacific
12.2. Europe
12.2.1. France
12.2.2. Germany
12.2.3. Italy
12.2.4. Spain
12.2.5. United Kingdom
12.2.6. Rest of Europe
12.3. Middle East and Africa
12.3.1. Kingdom of Saudi Arabia
12.3.2. United Arab Emirates
12.3.3. Qatar
12.3.4. South Africa
12.3.5. Egypt
12.3.6. Morocco
12.3.7. Nigeria
12.3.8. Rest of Middle-East and Africa
12.4. North America
12.4.1. Canada
12.4.2. Mexico
12.4.3. United States
12.5. Latin America
12.5.1. Argentina
12.5.2. Brazil
12.5.3. Rest of Latin America
13. Company Profile
13.1. Amazon Web Services
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Cognizant
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Epic Systems Corporation
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. GE Healthcare
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Google
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Johnson & Johnson
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Koninklijke Philips N.V.
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Medtronic
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Microsoft
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Merative (formerly IBM Watson Health)
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. NVIDIA Corporation
13.11.1. Company details
13.11.2. Financial outlook
13.11.3. Product summary
13.11.4. Recent developments
13.12. Oracle
13.12.1. Company details
13.12.2. Financial outlook
13.12.3. Product summary
13.12.4. Recent developments
13.13. Riverian Technologies
13.13.1. Company details
13.13.2. Financial outlook
13.13.3. Product summary
13.13.4. Recent developments
13.14. Siemens Healthineers AG
13.14.1. Company details
13.14.2. Financial outlook
13.14.3. Product summary
13.14.4. Recent developments
13.15. SOPHiA GENETICS
13.15.1. Company details
13.15.2. Financial outlook
13.15.3. Product summary
13.15.4. Recent developments
13.16. TeraRecon
13.16.1. Company details
13.16.2. Financial outlook
13.16.3. Product summary
13.16.4. Recent developments
13.17. Tempus
13.17.1. Company details
13.17.2. Financial outlook
13.17.3. Product summary
13.17.4. Recent developments
13.18. 3M
13.18.1. Company details
13.18.2. Financial outlook
13.18.3. Product summary
13.18.4. Recent developments
13.19. Veradigm LLC
13.19.1. Company details
13.19.2. Financial outlook
13.19.3. Product summary
13.19.4. Recent developments
13.20. Viz.ai
13.20.1. Company details
13.20.2. Financial outlook
13.20.3. Product summary
13.20.4. Recent developments
13.21. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links