AI In Healthcare Market Size, Share & Trends Report

AI In Healthcare Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Application (Virtual Assistants, Connected Machines), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-951-7
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare
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GVR Report cover AI In Healthcare Market Size, Share & Trends Report

AI In Healthcare Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Application (Virtual Assistants, Connected Machines), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-951-7
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Market Size & Trends

The global AI in healthcare market size was estimated at USD 22.45 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 36.4% from 2024 to 2030. Growing datasets of patient health-related digital information, increasing demand for personalized medicine, and rising need to reduce care expenses are some major drivers of market growth. The rising global geriatric population, changing lifestyles, and increasing prevalence of chronic diseases have contributed to a growth in demand for diagnosing and improved understanding of diseases in their initial stages. Artificial Intelligence (AI) and machine learning (ML) algorithms are being widely adopted and integrated into healthcare systems to accurately predict diseases in their early stage based on historical health datasets.

U.S. AI In Healthcare market size and growth rate, 2024 - 2030

Furthermore, deep learning technologies, predictive analytics, content analytics, and natural language processing (NLP) tools are enabling care professionals to diagnose patient’s underlying health conditions at an earlier stage. The COVID-19 pandemic positively influenced the demand for AI technologies and unearthed the potential of these advanced technologies. Healthcare systems widely adopted these technologies in the rapid diagnosis and detection of different virus strains and utilized personalized information in improving the management of the outbreak. AI/ML algorithms were utilized in the diagnosis sector wherein these technologically driven modules were trained with datasets of chest CT images, symptoms, pathological findings, and exposure history to diagnose COVID-19-positive patients rapidly and accurately.

Market Dynamics

The growing shortage of healthcare workforce drove the adoption of AI/ML technologies. Therefore, AI algorithms can be trained to analyze patient health information, which further supports care providers in quickly diagnosing the condition and devising an accurate treatment regime. Supportive government initiatives, rising number of mergers and acquisitions and technological collaborations, and COVID-19 pandemic had a significant role in boosting the growth of the market and accelerating the adoption rate of AI in healthcare. AI/ML algorithms are being widely implemented in rapid and accurate diagnosis of medical conditions after the initial implementation in the detection of COVID-19 positive patients using personalized patient information and data consolidation.

As per an NCBI study in 2020, AI-based algorithms accurately detected 68% of COVID-19 positive cases in a dataset of 25 patients, which were diagnosed as negative cases by care professionals. The implementation of AI/ML technologies in enhancing patient care, reducing machine downtime, and minimizing care expenses are some of the driving forces of the market growth. Owing to the pandemic, AI-based technologies witnessed a significant boost in adoption and are set to experience a dramatic growth trajectory. Healthcare functions such as diagnostics, patient management, medication management, claims management, workflow management, integration of machines, and cybersecurity saw a remarkable surge in the integration of AI/ML technologies.

Growing penetration of AI technologies in healthcare applications led to key market participants focusing on product innovation and technological collaborations to expand their product portfolio and meet growing demands during the pandemic. For instance, in May 2020, MIT-IBM Watson AI Lab promoted the implementation of AI technologies in research projects studying the health and economic consequences of the pandemic. Similarly, Qventus introduced AI-based patient flow automation systems covering critical resource control, hospitalization duration optimization, COVID-19 scenario planner, and ICU capacity creation in its healthcare facilities.

The key market players are focusing on devising innovative product development strategies, partnership strategies, and mergers and acquisitions to expand their business footprint to cater to growing demand for early and accurate detection of diseases, curb rising care expenses, compensate for growing shortage of care providers, and deliver value-based care. For instance, in 2020 Aidoc and Imbio partnered to integrate AI technologies in medical image analysis for pulmonary embolism to improve detection and treatment regimes. Furthermore, growing number of startups specializing in AI-based technologies for the healthcare sector is witnessing recognition in the form of investments by private investors and venture capitalists. For instance, in 2019, Partners Healthcare collaborated with FUJIFILM Sonosite to develop AI-based ultrasound technology, improve the accessibility of this technology for the healthcare fraternity, and improve the quality of diagnostic care.

Component Insights

In 2023, the software solutions segment dominated the market with the largest revenue share of 40.5% owing to the rapidly growing adoption rate of AI-based software solutions amongst healthcare providers, payers, and patients. For instance, in September 2019, GE Healthcare partnered with five Chinese local software developers namely, 12Sigma Technologies, Biomind, Shukun Technology, Yizhun Medical AI, and YITU Technology to collaboratively work on developing the Edison AI platform and support the smooth digital transformation of GE Healthcare.

However, the software solutions segment is anticipated to grow lucratively from 2024 to 2030. This dramatic growth rate is attributable to rising penetration of AI-based technologies in several healthcare applications such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dosage error reduction, and fraud detection. Moreover, a growing number of strategic initiatives such as partnerships and seed investments undertaken by key players are contributing to the growth potential. Key players in this segment are IBM Corporation, NVIDIA Corporation, Intel Corporation, and BioSymetrics.

Application Insights

Based on application, the robot-assisted surgery segment dominated the market in 2023 with the largest revenue share of 24.5% and it is anticipated to witness the fastest CAGR of 39.2% from 2024 to 2030. The increase in the number of robot-assisted surgeries and a rising investment in the development of new AI platforms are among a few key factors supporting the penetration of AI in robot-assisted surgeries. A study has stated that around 1,000 robot-assisted procedures were performed globally in 2000, while in 2018, this number greatly grew to over 1 million. Moreover, as per a study published in JAMA Network Open, robot-assisted surgeries amounted to 15.1% of overall general surgeries in 2018, which was a substantial increase from 1.8% in 2012.

Global AI In Healthcare market share and size, 2023

In addition, in August 2019, the Clinical Robotic Surgery Association was inaugurated in India, which focuses on providing training to young surgeons in the field of robotic surgery, which indicates the surging demand for robotic surgeries. The adoption of AI technology is expected to increase owing to lack of skilled surgeons.

Regional Insights

North America dominated the market in 2023 and held the largest revenue share of 57.7%, owing to advancements in healthcare IT infrastructure, growing care expenditures, widespread adoption of AI/ML technologies, favorable government initiatives, lucrative funding options, and presence of several key market players. Moreover, growing geriatric population, changing lifestyles, increasing prevalence of chronic disorders, growing demand for value-based care, and rising awareness levels towards the implementation of AI-based technologies are bolstering the market growth in North America.

AI in Healthcare Market Trends, by Region, 2024 - 2030

Moreover, the Asia Pacific region is anticipated to register the fastest CAGR of 40.1% over the forecast period. This growth rate is attributable to the rapid innovations and development in the IT infrastructure and entrepreneurship ventures specializing in AI-based technologies. Increasing investments by private investors, venture capitalists, and non-profit organizations to enhance clinical outcomes, improve data analysis and data security, and reduced costs are driving the adoption rates. Favorable government initiatives supporting and promoting healthcare organizations and care providers to readily adopt AI-based technologies are some of the key factors driving the growth of the Asia Pacific market.

Key Companies & Market Share Insights

Increasing investments in R&D, innovative product developments and launches, rising number of technological collaborations, and service differentiation are the key strategies, players are focusing on to gain a competitive edge in the market. Moreover, emergence of AI-based startups and recognition of the same is boosting the market growth.

Key AI In Healthcare Companies:

  • Nuance Communications, Inc.
  • IBM Corporation
  • Microsoft
  • NVIDIA Corporation
  • Intel Corporation
  • DeepMind Technologies Limited

Recent Developments

  • In January 2023, Amazon Web Services and Slalom, LLC entered a strategic collaboration agreement. Through this collaborative effort, the two companies would strategize and develop AI-powered solutions for healthcare, life science, entertainment, and financial services industries.

  • In March 2022, Microsoft announced the acquisition of Nuance Communications, a leader in ambient intelligence and conversational AI across various fields. The partnership will help to improve the product offerings to the patients by providing affordable, accessible, and effective healthcare solutions.

  • NVIDIA Corporation launched Nuance Precision Imaging Network, an AI-based cloud platform that delivers patient-specific insights and data from diagnostic imaging into existing administrative & clinical workflows across the healthcare systems.

AI in Healthcare Market Report Scope

                   Report Attribute

                                           Details

Market size value in 2024

USD 32.3 billion

Revenue forecast in 2030

USD 208.2 billion

Growth Rate

CAGR of 36.4% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

Report updated

November 2023

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; Italy; Spain; Russia; China; India; Japan; Australia; Singapore; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

Nuance Communications, Inc; IBM Corporation; Microsoft; NVIDIA Corporation; Intel Corporation; DeepMind Technologies Limited

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global AI in Healthcare Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the global AI in healthcare market report based on component, application, and region:

Global AI in Healthcare Market Report Segmentation

  • Component Outlook (Revenue, USD Million, 2018 - 2030)

    • Software Solutions

    • Hardware

    • Services

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Robot-Assisted Surgery

    • Virtual Assistants

    • Administrative Workflow Assistants

    • Connected Machines

    • Diagnosis

    • Clinical Trials

    • Fraud Detection

    • Cybersecurity

    • Dosage Error Reduction

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • Singapore

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentin

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

Frequently Asked Questions About This Report

Table of Contents

Chapter 1 Artificial Intelligence In Healthcare Market: Research Methodology & Scope
                   1.1 Market Segmentation and Scope
                   1.2 Market Definition
                   1.3 Research Methodology
                       1.3.1 Information Procurement
                           1.3.1.1 Purchased database:
                           1.3.1.2 GVR’s internal database
                       1.3.2 Primary Research:
                   1.4 Research Scope and Assumptions
                   1.5 List of Data Sources
Chapter 2 Artificial Intelligence In Healthcare Market: Executive Summary
                   2.1 Market Outlook
                   2.2 Segment Outlook
                   2.3 Competitive Insights
                   2.4 Global Artificial Intelligence in Healthcare Snapshot
Chapter 3 Artificial Intelligence In Healthcare Market: Variables, Trends, & Scope
                   3.1 Artificial Intelligence In Healthcare Market Lineage Outlook
                       3.1.1 Parent market outlook
                       3.1.2 Related/ancillary market outlook
                   3.2 Penetration and Growth Prospect Mapping
                   3.3 User Perspective Analysis
                       3.3.1 Consumer behavior analysis
                       3.3.2 Market influencer analysis
                   3.4 List of Key End-users
                   3.5 Technology Overview
                   3.6 Regulatory Framework
                   3.7 Market Dynamics
                       3.7.1 Market Driver Analysis
                       3.7.2 Market Restraint Analysis
                       3.7.3 Industry Challenges
                   3.8 Global Artificial Intelligence In Healthcare Market Analysis Tools
                       3.8.1 Industry Analysis - Porter’s
                           3.8.1.1 Bargaining power of the suppliers
                           3.8.1.2 Bargaining power of the buyers
                           3.8.1.3 Threats of substitution
                           3.8.1.4 Threats from new entrants
                           3.8.1.5 Competitive rivalry
                       3.8.2 PESTEL Analysis
                           3.8.2.1 Political landscape
                           3.8.2.2 Economic and Social landscape
                           3.8.2.3 Technology landscape
                           3.8.2.4 Legal landscape
                           3.8.2.5 Technology landscape
                   3.9 Major Deals & Strategic Alliances Analysis
                       3.9.1 Joint Ventures
                       3.9.2 Mergers & Acquisitions
                       3.9.3 Licensing & Partnership
                       3.9.4 Technology Collaborations
                   3.10 Impact of COVID-19 Pandemic on Artificial Intelligence In Healthcare Market
Chapter 4 Artificial Intelligence In Healthcare Market: Component Estimates & Trend Analysis
                   4.1 Definitions & Scope
                   4.2 Market: Component Market Share Analysis, 2023 and 2030
                   4.3 Software solutions
                       4.3.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   4.4 Hardware
                       4.4.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   4.5 Services
                       4.5.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5 Artificial Intelligence In Healthcare Market: Application Estimates & Trend Analysis
                   5.1 Definitions & Scope
                   5.2 Market: Application Market Share Analysis, 2023 and 2030
                   5.3 Robot assisted surgery
                       5.3.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.4 Virtual assistants
                       5.4.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.5 Administrative workflow assistants
                       5.5.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.6 Connected machines
                       5.6.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.7 Diagnosis
                       5.7.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.8 Clinical trials
                       5.8.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.9 Fraud detection
                       5.9.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.10 Cybersecurity
                       5.10.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
                   5.11 Dosage error reduction
                       5.11.1 Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6 Artificial Intelligence In Healthcare Market: Regional Estimates & Trend Analysis, By Component, and Application
                   6.1 Market: Regional Movement Analysis
                   6.2 North America
                       6.2.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.2.2 U.S.
                           6.2.2.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.2.3 Canada
                           6.2.3.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                   6.3 Europe
                       6.3.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.3.2 UK
                           6.3.2.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.3.3 Germany
                           6.3.3.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.3.4 France
                           6.3.4.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.3.5 Italy
                           6.3.5.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.3.6 Spain
                           6.3.6.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.3.7 Russia
                           6.3.7.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                   6.4 Asia Pacific
                       6.4.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.4.2 Japan
                           6.4.2.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.4.3 China
                           6.4.3.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.4.4 India
                           6.4.4.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.4.5 Australia
                           6.4.5.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.4.6 South Korea
                           6.4.6.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.4.7 Singapore
                           6.4.7.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                   6.5 Latin America
                       6.5.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.5.2 Brazil
                           6.5.2.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.5.3 Mexico
                           6.5.3.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.5.4 Argentina
                           6.5.4.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                   6.6 MEA
                       6.6.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.6.2 Saudi Arabia
                           6.6.2.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.6.3 South Africa
                           6.6.3.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
                       6.6.4 UAE
                           6.6.4.1 Market estimates and forecasts by component, and application 2018 - 2030 (USD Million)
Chapter 7 Competitive Analysis
                   7.1 Recent Developments & Impact Analysis, By Key Market Participants
                   7.2 Company/Competition Categorization (Key innovators, Market leaders, Emerging Players)
                   7.3 Vendor Landscape
                       7.3.1 List of key distributors and channel partners
                   7.4 Public Companies
                       7.4.1 Company Market Position Analysis (Geographic Presence, Product Portfolio, Key Alliance, Industry Experience)
                   7.5 Private Companies
                       7.5.1 List of Key Emerging Companies /Technology Disruptors/Innovators
                       7.5.2 Company Market Position Analysis (Geographic Presence, Product Portfolio, Key Alliance, Industry Experience)
Chapter 8 Artificial Intelligence In Healthcare Market: Technology Qualitative Trend & Dynamic Analysis
                   8.1 Qualitative Trend & Dynamic Analysis
                       8.1.1 Machine Learning
                       8.1.2 Natural Language Processing
                       8.1.3 Computer Vision
                       8.1.4 Context Aware Processing
Chapter 9 Company Profiles
                   9.1 IBM Corporation
                       9.1.1 Company overview
                       9.1.2 Financial performance
                       9.1.3 Product benchmarking
                       9.1.4 Strategic initiatives
                   9.2 Microsoft
                       9.2.1 Company overview
                       9.2.2 Financial performance
                       9.2.3 Product benchmarking
                       9.2.4 Strategic initiatives
                   9.3 Intel Corporation
                       9.3.1 Company overview
                       9.3.2 Financial performance
                       9.3.3 Product benchmarking
                       9.3.4 Strategic initiatives
                   9.4 NVIDIA Corporation
                       9.4.1 Company overview
                       9.4.2 Financial performance
                       9.4.3 Product benchmarking
                       9.4.4 Strategic initiatives
                   9.5 Nuance Communications, Inc.
                       9.5.1 Company overview
                       9.5.2 Financial performance
                       9.5.3 Product benchmarking
                       9.5.4 Strategic initiatives
                   9.6 DeepMind Technologies Limited
                       9.6.1 Company overview
                       9.6.2 Financial performance
                       9.6.3 Product benchmarking
                       9.6.4 Strategic initiatives
                   9.7 List of Other Players


List of Tables

Table 1 List of key end users
Table 2 List of distributors and channel partners
Table 3 List of key emerging companies/technology disruptors/innovators
Table 4 List of key players, by region
Table 5 North America artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 6 North America artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 7 U.S. artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 8 U.S. artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 9 Canada artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 10 Canada artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 11 Europe artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 12 Europe artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 13 UK artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 14 UK artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 15 Germany artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 16 Germany artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 17 Spain artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 18 Spain artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 19 Italy artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 20 Italy artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 21 France artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 22 France artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 23 Russia artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 24 Russia artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 25 Asia Pacific artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 26 Asia Pacific artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 27 China artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 28 China artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 29 Japan artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 30 Japan artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 31 South Korea artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 32 South Korea artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 33 India artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 34 India artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 35 Australia artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 36 Australia artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 37 Singapore artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 38 Singapore artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 39 Latin America artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 40 Latin America artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 41 Brazil artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 42 Brazil artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 43 Mexico artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 44 Mexico artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 45 Argentina artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 46 Argentina artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 47 MEA artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 48 MEA artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 49 South Africa artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 50 South Africa artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 51 Saudi Arabia artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 52 Saudi Arabia artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 53 UAE artificial intelligence in healthcare market revenue estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 54 UAE artificial intelligence in healthcare market revenue estimates and forecasts, by component, 2018 - 2030 (USD Million)
Table 55 List of other major players


List of Figures

Fig. 1 Artificial Intelligence (AI) in Diagnostics market segmentation
Fig. 2 Market research process
Fig. 3 Information procurement
Fig. 4 Primary research pattern
Fig. 5 Artificial Intelligence (AI) in Diagnostics market summary, 2023 (USD Million)
Fig. 6 Artificial Intelligence (AI) in Diagnostics market trends & outlook
Fig. 7 Penetration & growth prospect mapping
Fig. 8 Market driver analysis (Current & future impact)
Fig. 9 AI in healthcare startups, 2020
Fig. 10 Value proposition of funded AI-based healthcare companies
Fig. 11 Market restraint analysis (Current & future impact)
Fig. 12 Artificial intelligence in the healthcare market, Component outlook key takeaways (USD Million)
Fig. 13 Artificial intelligence in healthcare market: Component movement analysis 2023 & 2030 (USD Million)
Fig. 14 Software solutions market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 15 Hardware market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 16 Services market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 17 Artificial intelligence in healthcare market, application outlook key takeaways (USD Million)
Fig. 18 Artificial intelligence in healthcare market: Application movement analysis 2023 & 2030 (USD Million)
Fig. 19 Artificial intelligence in robot assisted surgery market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 20 Artificial intelligence in virtual assistants market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 21 Artificial intelligence in administrative workflow assistants market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 22 Artificial intelligence in connected machines market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 23 Artificial intelligence in diagnostics market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 24 Artificial intelligence in clinical trials market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 25 Artificial intelligence in fraud detection market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 26 Artificial intelligence in cybersecurity market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 27 Artificial intelligence in dosage error deduction market revenue estimates and forecast, 2018 - 2030 (USD Million)
Fig. 28 Artificial intelligence in healthcare market, regional outlook key takeaways (USD Million)
Fig. 29 Artificial intelligence in healthcare market: Regional movement analysis 2021 & 2030 (USD Million)
Fig. 30 North America artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 31 U.S. artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 32 Canada artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 33 Europe artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 34 UK artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 35 Germany artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 36 Spain artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 37 Italy artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 38 France artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 39 Russia artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 40 Asia Pacific artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 41 China artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 42 Japan artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 43 South Korea artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 44 India artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 45 Singapore artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 46 Australia artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 47 Latin America artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 48 Latin America artificial intelligence in healthcare market share analysis by country (%)
Fig. 49 Brazil artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 50 Mexico artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 51 Argentina artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 52 MEA artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 53 MEA artificial intelligence in healthcare market share analysis by country (%)
Fig. 54 South Africa artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 55 Saudi Arabia artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 56 UAE artificial intelligence in healthcare market revenue estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 57 List of key emerging companies/technology disruptors/innovators
Fig. 58 Company market share analysis/Company market position analysis, 2023
Fig. 59 Company market share analysis/Company market position analysis for public players
Fig. 60 Company market share analysis/Company market position analysis for private players

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Market Segmentation

  • Artificial Intelligence in Healthcare Component Outlook (Revenue, USD Million, 2018 - 2030)
    • Software Solutions
    • Hardware
    • Services
  • Artificial Intelligence in Healthcare Application Outlook (Revenue, USD Million, 2018 - 2030)
    • Robot-Assisted Surgery
    • Virtual Assistants
    • Administrative Workflow Assistants
    • Connected Machines
    • Diagnosis
    • Clinical Trials
    • Fraud Detection
    • Cybersecurity
    • Dosage Error Reduction
  • Artificial Intelligence in Healthcare Regional Outlook (Revenue, USD Million, 2018 - 2030)
    • NorthAmerica
      • North America Artificial Intelligence in Healthcare Market, By Country
        • U.S.
        • Canada
      • North America Artificial Intelligence in Healthcare Market, By Component
        • Software Solutions
        • Hardware
        • Services
      • North America Artificial Intelligence in Healthcare Market, By Application
        • Robot Assisted Surgery
        • Virtual Assistants
        • Administrative Workflow Assistants
        • Connected Machines
        • Diagnosis
        • Clinical Trials
        • Fraud Detection
        • Cybersecurity
        • Dosage Error Reduction
      • U.S.
        • U.S. Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • U.S. Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Canada
        • Canada Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Canada Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
    • Europe
      • Europe Artificial Intelligence in Healthcare Market, By Component
        • Software Solutions
        • Hardware
        • Services
      • Europe Artificial Intelligence in Healthcare Market, By Application
        • Robot Assisted Surgery
        • Virtual Assistants
        • Administrative Workflow Assistants
        • Connected Machines
        • Diagnosis
        • Clinical Trials
        • Fraud Detection
        • Cybersecurity
        • Dosage Error Reduction
      • UK
        • UK Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • UK Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Germany
        • Germany Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Germany Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • France
        • France Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • France Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Italy
        • Italy Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Italy Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Spain
        • Spain Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Spain Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Russia
        • Russia Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Russia Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
    • Asia Pacific
      • Asia Pacific Artificial Intelligence in Healthcare Market, By Component
        • Software Solutions
        • Hardware
        • Services
      • Asia Pacific Artificial Intelligence in Healthcare Market, By Application
        • Robot Assisted Surgery
        • Virtual Assistants
        • Administrative Workflow Assistants
        • Connected Machines
        • Diagnosis
        • Clinical Trials
        • Fraud Detection
        • Cybersecurity
        • Dosage Error Reduction
      • China
        • China Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • China Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • India
        • India Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • India Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Japan
        • Japan Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Japan Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Australia
        • Australia Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Australia Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Singapore
        • Singapore Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Singapore Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • South Korea
        • South Korea Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • South Korea Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
    • Latin America
      • Latin America Artificial Intelligence in Healthcare Market, By Component
        • Software Solutions
        • Hardware
        • Services
      • Latin America Artificial Intelligence in Healthcare Market, By Application
        • Robot Assisted Surgery
        • Virtual Assistants
        • Administrative Workflow Assistants
        • Connected Machines
        • Diagnosis
        • Clinical Trials
        • Fraud Detection
        • Cybersecurity
        • Dosage Error Reduction
      • Brazil
        • Brazil Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Brazil Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Mexico
        • Mexico Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Mexico Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Argentina
        • Argentina Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Argentina Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
    • MEA
      • MEA Artificial Intelligence in Healthcare Market, By Component
        • Software Solutions
        • Hardware
        • Services
      • MEA Artificial Intelligence in Healthcare Market, By Application
        • Robot Assisted Surgery
        • Virtual Assistants
        • Administrative Workflow Assistants
        • Connected Machines
        • Diagnosis
        • Clinical Trials
        • Fraud Detection
        • Cybersecurity
        • Dosage Error Reduction
      • South Africa
        • South Africa Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • South Africa Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • Saudi Arabia
        • Saudi Arabia Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • Saudi Arabia Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction
      • UAE
        • UAE Artificial Intelligence in Healthcare Market, By Component
          • Software Solutions
          • Hardware
          • Services
        • UAE Artificial Intelligence in Healthcare Market, By Application
          • Robot Assisted Surgery
          • Virtual Assistants
          • Administrative Workflow Assistants
          • Connected Machines
          • Diagnosis
          • Clinical Trials
          • Fraud Detection
          • Cybersecurity
          • Dosage Error Reduction

AI In Healthcare Market Dynamics

Drivers: Shortage of Public Health Workforce

The shortage of public health workforce has become a major concern in many countries around the world. This can mainly be attributed to the growing demand for physicians, which is higher than the supply of physicians. According to WHO, in 2019, there was a shortage of approximately 4.3 million nurses, doctors, and other healthcare professionals globally. In addition, the organization also predicts a shortfall of 15 million healthcare workers globally by 2030. As per a report published by the Association of American Medical Colleges (AAMC) in April 2019, the U.S. is anticipated to face a shortage of nearly 46,900 to 121,900 physicians by 2032. In the UK, the deficit is expected to be around 190,000 clinicians by 2027 and India already has a deficit of approximately 600,000 doctors and 2 million nurses. Globally, there have been several reforms to reduce the demand and supply gap. Easy practice policies for international medical graduates, faster physician licensing process, and increase in access to affordable medical facilities are among the few initiatives expected to reduce this gap to some extent. In addition, introduction of AI technologies in healthcare industry is expected to save millions of dollars. According to Accenture, with AI implementation, the U.S. can save nearly USD 150 billion by 2026 in healthcare industry.

Drivers: Increasing Application of AI in Various Healthcare Areas

Established countries, such as the U.S., Canada, Australia, and the UK, expend a large share of their GDP on healthcare facilities. In these nations, the cost and demand for care is rising promptly, therefore surging the requirement for digital technologies. In past years, the UK and the U.S. have implemented AI technologies to decrease the cost of care and enhance clinical services. In the U.S., AI has been adopted mainly due to shift to value-based care systems. In 2017, NHS deployed AI-based chatbots on the basis of trial in order to reduce the pressure on emergency triage procedure. Analytics coupled with AI technologies can significantly help in data mining of medical records, which may help in building an effective platform. AI technology is in early introduction phase and already has numerous applications in healthcare segments such as automated imaging, drug development & designing, and AI surgical robots. Technology giants are making use of past patient data, both structured and unstructured, by storing medical records. Furthermore, numerous national companies are investing in AI space by merging with smaller technology companies, which represents the growth potential of AI in the upcoming years. 

Restraint: High Implementation Cost

Procurement of AI systems and utilizing them on a commercial scale requires high investment. In 2018, a study projected that the cost of integrating AI in healthcare globally is expected to be approximately USD 36 billion. The cost of these systems is high due to the use of advanced technology and infrastructure required to support these systems. The price of the first IBM Watson system, which was showcased in the 2011 Jeopardy show, was estimated to be nearly USD 3 million and this accounts only for the cost of hardware components. The overall cost of the system, including cloud storage and other infrastructure, is expected to be much higher than USD 3 million. The potential end users of these systems are large-sized hospitals and pharmaceutical companies & other healthcare companies. Currently, these systems are less affordable, which may impede market growth, however, increase in adoption is expected to lower their cost.

What Does This Report Include?

This section will provide insights into the contents included in this AI in healthcare market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

AI in healthcare market qualitative analysis

  • Industry overview

  • Industry trends

  • Market drivers and restraints

  • Market size

  • Growth prospects

  • Porter’s analysis

  • PESTEL analysis

  • Key market opportunities prioritized

  • Competitive landscape

    • Company overview

    • Financial performance

    • Product benchmarking

    • Latest strategic developments

AI in healthcare market quantitative analysis

  • Market size, estimates, and forecast from 2018 to 2030

  • Market estimates and forecast for product segments up to 2030

  • Regional market size and forecast for product segments up to 2030

  • Market estimates and forecast for application segments up to 2030

  • Regional market size and forecast for application segments up to 2030

  • Company financial performance

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Research Methodology

A three-pronged approach was followed for deducing the AI in healthcare market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for AI in healthcare market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of AI in healthcare market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

AI In Healthcare Market Categorization:

The AI in healthcare market was categorized into four segments, namely component (Software Solutions, Hardware, Services), application (Robot-Assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cybersecurity, Dosage Error Reduction), and regions (North America, Europe, Asia Pacific, Latin America, MEA).

Segment Market Methodology:

The AI in healthcare market was segmented into product, component, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The AI in healthcare market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and MEA, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Russia; China; India; Japan; Australia; Singapore; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; and UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

AI in healthcare market companies & financials:

The AI in healthcare market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • IBM Corporation (IBM Watson Health) - IBM Corporation is an American multinational company that operates in various categories and provides products & services pertaining to cognitive solutions, global business services, technology services & cloud platform, and system & global financing. It provides IBM cloud solutions to healthcare stakeholders through Watson Health, which integrates both cognitive and cloud solutions to optimize performance and manage patient health. IBM Watson Health operates in six key areas—imaging, oncology & genomics, life sciences, government, value-based care, and consumers. IBM Watson has served over 100,000 patients & consumers worldwide. 

  • Microsoft - Microsoft is a technology solutions provider that develops and offers various software, services, and solutions. It operates through six business segments and caters a wide range of services, including product development, licensing, vendor support, and cloud-based solutions. Its product offerings include operating systems, business solution applications, cross-device productivity applications, server applications, software development tools, video games, and others. Moreover, Microsoft designs and manufactures consumer electronics such as Xbox and mobiles, among others. The company operates in over 200 countries across the globe. 

  • NVIDIA Corporation - NVIDIA Corporation functions as a visual computing company across the world. The company operates through two segments: GPU and Tegra processor. GPU segments offers processors including GeForce for mainstream PCs and PC gaming. GeForce NOW offers cloud-based game streaming service, whereas Tesla offers AI using deep learning, accelerated computing, and generalpurpose computing. Tegra processor segment offers processors that are primarily designed to allow branded platforms such as DRIVE and SHIELD. NVIDIA has several partners that have adopted NVIDIA’s AI platform, such as GE Healthcare, ImFusion, SUBTLE MEDICAL, Imagia, Nuance, ARTERYS, Infer VISION, and 12 Sigma Technologies. 

  • Nuance Communications, Inc. - Nuance Communications, Inc. offers voice recognition and natural language understanding solutions. The company operates through four segments including Healthcare, Mobile, Enterprise, and Imaging. The company also offers AI including machine learning and cognitive sciences to create smarter, more natural experiences with technology. The company sells its technologies across the globe through dedicated sales force, e-commerce website, and also through global network of resellers, including independent software vendors, system integrators, value added resellers, distributors, vendors, hardware, and telecommunication carriers. Furthermore, the company’s healthcare customers and partners include McKesson, UPMC, Cerner, Cleveland Clinic, Siemens, and the Mayo Clinic. The company was acquired by Microsoft in March 2022. 

  • DeepMind Technologies Limited (Alphabet Inc. - DeepMind Technologies, acquired by Google in 2014, works as a subsidiary of the Alphabet group. The company develops AI systems and is currently pushing the boundaries of AI by developing programs that can learn to solve complex programs on its own. The company launched Deepmind Health, one of the most advanced technologies in the UK. DeepMind Ethics & Society is a research unit dedicated to carry out interdisciplinary research aimed at exploring key ethical challenges facing the field of AI. 

  • Intel Corporation - Intel Corporation offers networking, data storage, computing, and communication solutions across the globe. The company caters to various industries, such as health & life sciences, telecommunications, retail, energy, government, financial services, and media & entertainment. The company further operates through various groups including client computing, data center, internet of things, non-volatile memory solutions, programmable solutions, and all other segments. The company develops computer vision, data analysis, localization, machine learning, and mapping for technologically progressive driver assistance systems and autonomous driving. The company’s platforms are used in notebooks, systems, and desktops. The company serves original equipment & design manufacturers, industrial & communication equipment manufacturers, and cloud service providers. Intel is investing in its data-related processors and providing them to growing markets, such as data centers, 5G communications, cloud computing, AI, and autonomous driving.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

AI In Healthcare Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

AI In Healthcare Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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