Artificial Intelligence in Medicine Market Size, Share, Growth Analysis, By Therapeutic Applications(Oncology, Cardiology, Neurology, Respiratory), By Component(Software and Services), By End-User(Hospitals, Diagnostic Centers, and Others), By Region - Industry Forecast 2024-2031

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.