USD 800 million
Report ID:
SQMIG35A2865 |
Region:
Global |
Published Date: April, 2024
Pages:
220
|Tables:
90
|Figures:
73
Global Artificial Intelligence in Medicine Market size was valued at USD 800 million in 2022 and is poised to grow from USD 996.8 Million in 2023 to USD 5790.98 Million by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).
Rapid advances in AI algorithms and computing power drive artificial intelligence in the market. Advances in machine learning, deep learning, and natural language processing (NLP) enable sophisticated AI models capable of analyzing vast amounts of medical data with unprecedented accuracy and speed and flow thus, high-performance computing systems, cloud-based conferencing, and graphical user interfaces. units (GPUs) and the availability of specialized hardware accelerators such as tensor-processing units (TPUs) accelerate the deployment of AI solutions in medical diagnostics, research and treatment planning. The increasing adoption of Artificial Intelligence for the interpretation of medical images is a major factor in the emergence of AI in the medical market. AI algorithms can analyze medical images such as X-rays, MRI scans, CT scans and pathology slides to help radiologists and pathologists diagnose, identify abnormalities and monitor treatment response AI-powered medical imaging solutions provide diagnostic accuracy, faster Provides benefits such as reducing image analysis and interpretation errors, thereby increasing patient care and operational efficiency in healthcare settings. The shift towards personalized medicine and precision healthcare is increasing the demand for AI-driven decision support tools and predictive analytics solutions.
Global Market Size
USD 800 million
Largest Segment
Oncology
Fastest Growth
Neurology
Growth Rate
24.6% CAGR
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Based on therapeutic applications, the global market has been further segmented into oncology, cardiology, neurology, respiratory, and others. Based on Component, the Artificial Intelligence in Medical Diagnostics Market is segmented into Software and Services. Based on End User, the Artificial Intelligence in Medical Diagnostics Market is segmented into Hospitals, Diagnostic Centers, and Others. Based on Region, Artificial Intelligence in Medical Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Component
Wide adoption of AI-driven software solutions for precision medicine by organizations, providers and patients is expected to boost the software segment In September 2019, GE Healthcare and several local software companies in China, Shukun Technology, 12 Sigma Technologies, YTU Technology partnered , Biomind and Yizhun Medical AI , to develop the Edison AI platform and provide a seamless digital transformation for GE Healthcare.
Moreover, the software segment is estimated to grow at the fastest CAGR of 36.2% during the forecast period. Increasing adoption of AI-based software solutions for precision medicine by healthcare payers, organizations, providers and patients is expected to accelerate the growth of the software segment in this sector Healthcare application types such as cybersecurity, error reduction, automated assistants, robot-assisted surgery, clinical trials, fraud detection and telemedicine Due to the increasing availability of AI based technologies. Furthermore government. Actions from the private sector and players are expected to boost the growth of the sector.
The services division plays a key role in artificial intelligence (AI) in the pharmaceutical market, providing critical support, management and customization services to healthcare organizations and stakeholders to adopt AI-powered solutions.
The consulting firm, which specializes in healthcare and technology, provides advice to healthcare providers, pharmaceutical companies, and medical device manufacturers interested in applying AI to medicine. Consultants will provide insights into industry trends, regulatory requirements, and best practices to guide organizations in aligning AI strategies with their clinical business objectives.
Analysis by Therapeutic Application
Oncology emerged as the dominant segment and accounted for 30.4% revenue share by 2022. This segment will continue to dominate throughout the forecast period AI integrated in oncology for faster and more accurate cancer diagnosis, a improves patient outcomes, is set to drive the continued growth of this sector over the forecast period AI in oncology is contributing to faster and more accurate cancer diagnosis, resulting in improved patient outcomes, and monitoring allowing the segments to expand over the forecast period.
Increasing incidence of cancer and increasing access to healthcare is one of the most important factors expected to drive the growth of the segments. The increasing number of cancer patients and incidence worldwide is expected to put pressure on the expected improvement of the healthcare system. On the other hand, the neurology segment is expected to register the fastest CAGR of 36.8% during the forecast period. The increasing incidence of neurological diseases such as epilepsy, epilepsy, brain tumor, dementia, Alzheimer's disease etc. is expected to boost the neuroscience segment Technological advancements and the need for early diagnosis of neurological disorders is fueling the market expansion.
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North America continued to dominate the market by 2023 and is expected to hold the largest market share in medicine during the forecast period. North America is an important player in AI in the medical industry, along with the US. The country and Canada are the main contributors to the development of the sector. There has been a significant investment in AI in medicine in this area. Venture capital firms and government programs have continued to support startups aiming to develop AI solutions to advance healthcare.
The healthcare industry in North America has embraced digital transformation, including the adoption of AI technology to improve patient outcomes, reduce costs and increase efficiency The region benefits from access to more healthcare data, which is critical for training and validation of AI systems. I have checked the account details of the student and can see that the student has not enrolled for the course yet. AI in medicine can deliver personalized and patient-centered care, in line with the growing focus on precision medicine and personalized treatment plans.
The market is expected to grow at the highest rate in Asia-Pacific during the forecast period. Increasing diversity of chronic & infectious diseases, increasing number of AI-based start-ups especially in China and India, increasing funding, and tremendous potential of AI to fill the gap in the healthcare sector of the region are all contributing factors to the growth of the market.
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Drivers
Improving Diagnostic Accuracy and Patient Care
Rapid Technological Advances in AI Algorithms and Computing Power
Restraints
Data Privacy and Security Issues
Challenges to Integration and Resisting Adoption
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The global market for medical diagnostics is highly competitive and somewhat fragmented. Different growth strategies are constantly being used by key industry players to maintain a competitive edge. Innovation, mergers, acquisitions, collaborations and partnerships make these players successful in a competitive market. Leading market players have also focused on ongoing R&D to deliver highly effective and affordable solutions for the industry.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Artificial intelligence in the medicine market is gaining momentum due to improved diagnostic accuracy and patient care enabled by AI algorithms. However, the market faces data privacy and security concerns, as well as integration challenges, and resistance to adoption among health systems. Despite these challenges, major players such as IBM Watson Health, Google Health, Microsoft Healthcare NExT, Siemens Healthineers, are developing strong AI -powered healthcare solutions to drive innovation in patients and management.
Intelligence (AI) in the medical market is rapidly evolving and changing, with advancements in AI algorithms, increased healthcare data, and growing demand for personalized healthcare solutions. AI technology is adapting to in various areas of medicine, including diagnosis, Treatment planning, drug discovery, patient and user education, deep learning, natural language processing (NLP), practical research in AI Solutions. AI Solution Assessment of Medical Date, to eliminate the extensive review of the doctrine, the main test of the assessment of the analytical product developed. As the healthcare industry continues to embrace AI-powered innovations, AI in the medical market is poised for further expansion by technologists, health care organizations and research institutes. It offers significant opportunities to improve outcomes, reduce healthcare costs and increase productivity.
Report Metric | Details |
---|---|
Market size value in Medicine | USD 800 million |
Market size value in 2031 | USD 5790.98 Million |
Growth Rate | 24.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Artificial Intelligence in Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence in Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence in Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Artificial Intelligence in Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Report ID: SQMIG35A2865
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