Artificial Intelligence in Healthcare Market Size worth USD 164.10 billion by 2029.

• Insights
• Trends
• Factors

Artificial Intelligence (AI) in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Platform (Solutions and Services), By Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Clinical Trials, Preliminary Diagnosis, and Others), By End-user (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Contract Research Organization (CRO), and Others), and Regional Forecasts, 2022-2029.

Insights

The global Artificial Intelligence (AI) in healthcare market size was valued at USD 10.54 billion in 2021. The market is projected to grow from USD 13.82 billion in 2022 to USD 164.10 billion by 2029, exhibiting a CAGR of 42.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global AI in healthcare market exhibited a higher growth of 42.4% in 2020 as compared to 2019.

Fortune Business Insights says that the global market size was USD 10.54 billion in 2021 and is projected to reach USD 164.10 billion by 2029.

Business cases

Artificial Intelligence (AI) in healthcare is used to analyze the medical data that helps doctors and medical providers to deliver accurate diagnosis and treatment to their patients. AI in healthcare assists doctors, nurses, and other healthcare workers to enhance their productivity. This advancement helps patients in treatment and improve their quality of life. Also, according to an article published by GE Healthcare, it is found that healthcare professionals are already using AI to improve data analysis that has enabled them to diagnose their patients in a better way with proper predictions for the treatment and decrease the time spent by the medical staff on administrative functioning.

Trends

The increase in advancement in new technology that helps in assisting diagnosis and treatments of pharmacological disorders is likely to propel the growth of the market. Also, virtual assistant cans be used to transform the delivery of the care to patients by improving patient symptom checking, providing e-consultation, tracking patient health and sending medication alerts, and many more.

Factors

Increase in investments by the pharmaceutical and MedTech companies in Artificial Intelligence (AI) in healthcare to expand their business is likely to propel the growth of the market. According to the PwC, Artificial Intelligence (AI) is efficient, quick, and performs operational activities at much lower cost. Also, the AI assists medical professionals for early diagnosis and detection of any disease. This has led to a rise in investments by majority of healthcare providers working in the industry.