PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397087
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397087
AI in Patient Engagement Market size was valued at USD 5,240.43 Million in 2022, expanding at a CAGR of 22.9% from 2023 to 2030.
The employment of artificial intelligence has gained significant traction in various industries in recent times. Notably, the healthcare sector has witnessed a substantial impact of AI, particularly in patient engagement. AI is being employed to engage patients through diverse means such as online support and education, automated reminders and alerts, and even predicting patient health outcomes. A patient engagement solution offers patients convenient access to their medical records, streamlined appointment scheduling, direct communication with staff and care coordination teams, and additional features. Therefore, an all-inclusive patient engagement platform powered by AI enhances the quality and effectiveness of healthcare, as well as boosts market share. A recent examination among 300 clinicians and health systems revealed that a significant majority, exceeding 70%, have less than half of their patients highly engaged.
The adoption of AI technologies in healthcare is anticipated to drive market growth.
The emergence of AI in healthcare is a notable technological trend, yet it is accompanied by apprehension and uncertainty. While AI solutions offer promising opportunities, they also present ethical and regulatory obstacles that can greatly affect the well-being and health of patients. The healthcare ecosystem is realizing the importance of AI-powered tools in the next-generation healthcare technology. However, The AI in healthcare market is estimated to grow to USD187.95 billion by 2030, according to AI in Healthcare Statistics. Also, according to International Business Machines Corporation Statistics, the artificial intelligence (AI) healthcare market, valued at USD11 billion in 2021, is projected to be worth USD187 billion in 2030. That significant boost means they will probably continue to see significant variations in how healthcare providers, pharmaceutical and biotechnology companies, hospitals, and others in the healthcare industry operate. Furthermore, it was found that 42% of these clinicians and health systems had a mere 25% of patients highly engaged. Furthermore, Improved Patient Experience and Enhanced Communication can provide growth opportunities for the market. However, Integrating AI solutions can be expensive, requiring investments in technology, which may hamper the market growth.
The Global AI in Patient Engagement Market is segmented on the basis of Product Type, Technology, Therapeutic Area, End-User, and Region.
The market is divided into three categories based on type: Cloud-based and On-premise. Cloud platforms provide flexible scalability, allowing healthcare organizations to adapt to changing demands without the continuous need for hardware investments. Although cloud solutions generally offer robust security, the sensitive nature of medical data leads some organizations to opt for the perceived added security of on-premises solutions.
The market is divided into two categories based on Technology: NLP (Natural Language Processing), Chatbots and Computer Vision. The chatbot segment dominates the market. Given the delicate nature of medical information, Chatbots crafted for the healthcare realm must place utmost emphasis on safeguarding patient confidentiality and securing data.
The market is divided into two categories based on Therapeutic areas: Health and wellness, Chronic Disease Management, and Others. Chronic Disease Management dominates the market. For numerous chronic conditions, dietary habits and lifestyle choices are key factors. AI's capability to sift through patient data allows it to offer tailored dietary and lifestyle suggestions, which can significantly influence the effective management of the disease.
The market is divided into two categories based on End-User: Payers, Providers, and Others. The provider's segment dominates the market. The incorporation of AI into the patient engagement sector, particularly with a focus on healthcare practitioners, presents a wide range of potential and benefits.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is anticipated to drive the growth of the market, due to the growing demand for personalized treatment plans. Healthcare providers in North America are witnessing a growing trend among patients who are actively pursuing customized treatment plans that consider their specific health information and personal preferences. The utilization of AI technology enables these providers to effectively customize treatment and engagement strategies according to the distinctive requirements of each patient. Personalized medications comprised 34% of new medicines approved by the US Food and Drug Administration in 2022, and were responsible for a minimum of 25% of approvals in any of the previous eight years. In the projection period, Europe is the second-biggest industry for AI in Patient Engagement, due to the increasing availability of healthcare data, which supports the implementation of artificial intelligence (AI) for statistical analysis.
The healthcare industry is in the midst of a remarkable technological revolution, and the integration of Artificial Intelligence (AI) into patient engagement has become a focal point for professionals and researchers alike. Notably, as the field advances rapidly, a significant trend has emerged where prominent tech and healthcare corporations are acquiring promising startups to fortify their product portfolios and accelerate development. Furthermore, venture capitalists and investors are increasingly acknowledging the vast potential of AI in patient engagement, leading to substantial investments in startups operating within this domain. For instance, over the previous years, healthcare analytics and AI have become increasingly important, helping healthcare providers make data-driven decisions that can help improve patient-centered outcomes.
On Oct. 26, 2023, Nowadays, Roche unveiled its new collaboration with Ibex Medical Analytics and Amazon Web Services. This partnership aims to empower pathology labs by integrating Ibex's cutting-edge AI-driven decision support tools into the Navify Digital Pathology software platform, bolstering clinician efforts in diagnosing breast and prostate cancer.