PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532784
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532784
Artificial Intelligence in Biomedical Market size was valued at USD 3,890.43 Million in 2023, expanding at a CAGR of 23.90% from 2024 to 2032.
Artificial Intelligence (AI) in biomedicine harnesses machine learning, natural language processing, and other AI methodologies to analyze intricate biomedical data. This technology plays a pivotal role in diagnosing diseases, forecasting patient outcomes, tailoring treatment plans, and discovering novel drugs. By processing extensive datasets derived from medical records, genetic profiles, and clinical trials, AI identifies patterns and insights that may evade human observation. AI-powered tools significantly enhance accuracy and efficiency across medical imaging, pathology, and genomics. By facilitating more precise decision-making and automating routine tasks, AI strives to advance healthcare delivery, elevate patient care standards, and expedite biomedical research initiatives.
Artificial Intelligence in Biomedical Market- Market Dynamics
Rapid expansion of healthcare data, sourced from electronic health records (EHRs) to propel market demand
The rapid expansion of healthcare data, sourced from electronic health records (EHRs), medical imaging scans, wearable devices, and genomic sequencing, presents substantial opportunities for AI-powered solutions to extract actionable insights and support clinical decision-making. The global shortage of healthcare workers, projected to reach 10 million by 2030 according to World Economic Forum estimates from May 2023. Government initiatives, coupled with the impact of COVID-19 and increased technological collaborations and mergers & acquisitions (M&A) activities, have accelerated the adoption of AI in healthcare. AI and ML algorithms are increasingly utilized for swift and accurate diagnostics, including the detection of COVID-19-positive cases using personalized patient data. For example, a study by NCBI in 2020 demonstrated that AI-based algorithms accurately identified 68% of COVID-19-positive cases initially missed by healthcare professionals. The integration of AI and ML technologies aims to improve patient care, reduce operational downtime, and lower healthcare costs, thus propelling market growth. The pandemic has notably expedited the implementation of AI-based solutions across various healthcare domains, including diagnostics, patient management, medication monitoring, claims processing, workflow optimization, machine integration, and cybersecurity.
Artificial Intelligence in Biomedical Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 23.90% over the forecast period (2024-2032)
Based on Component segmentation, Software Solutions was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Machine Learning was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Artificial Intelligence in Biomedical Market is segmented on the basis of Component, Technology, Application, End Use, and Region.
The market is divided into three categories based on Component: Hardware (Processor, Memory, and Network), Software Solutions (AI platform, AI Solutions), and Services (Deployment & Integration, Support & Maintenance, and Others). In the healthcare AI market, the Software Solutions segment is currently dominating. This segment includes AI platforms and specific AI solutions tailored for healthcare applications. The dominance of Software Solutions is driven by the increasing demand for advanced AI technologies capable of analyzing and interpreting vast amounts of healthcare data. AI platforms provide the foundation for developing and deploying AI models that support clinical decision-making, disease diagnosis, patient monitoring, and personalized treatment planning. Moreover, specialized AI solutions designed for various medical specialties and applications further bolster the market for Software Solutions. The flexibility and scalability of these software offerings allow healthcare providers to integrate AI seamlessly into their existing workflows, enhancing operational efficiency and patient care outcomes. As AI continues to evolve, driven by innovations in machine learning and deep learning, the Software Solutions segment is poised to maintain its dominance by enabling transformative advancements in healthcare delivery.
The market is divided into four categories based on Technology: Natural Language Processing, Machine Learning, Context-aware Computing, and Computer Vision. In 2023, the Machine Learning technology segment emerged as the dominant force in the healthcare AI market. This segment holds the largest share due to its exceptional ability to analyze vast and diverse datasets generated by the healthcare industry, including Electronic Health Records (EHRs), medical imaging, genomic data, and wearable device data. ML excels in extracting valuable insights from these datasets, enabling healthcare providers to make informed, data-driven decisions that enhance patient outcomes. ML technology is extensively integrated into healthcare solutions for disease diagnosis, prognosis, and treatment planning. By leveraging patterns and correlations in patient data, ML models can detect early disease indicators, predict patient outcomes, and recommend personalized treatment strategies. This capability significantly improves the accuracy, efficiency, and timeliness of medical interventions.
Artificial Intelligence in Biomedical Market- Geographical Insights
This market operates on a global scale, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Customer nations further refine the market based on their location. North America dominated the healthcare AI market in 2023, capturing the largest revenue share. This leadership is attributed to advanced healthcare IT infrastructure, substantial healthcare expenditures, widespread adoption of AI and ML technologies, supportive government initiatives, robust funding opportunities, and the presence of numerous key industry players. Factors such as the aging population, changing lifestyles, rising prevalence of chronic diseases, increasing demand for value-based care, and growing awareness of AI-based technologies further drive market growth in North America.
The Healthcare AI market is marked by continuous technological innovation, driven by rapid advancements in machine learning (ML), deep learning, natural language processing (NLP), and computer vision. These advancements are pivotal in evolving AI-powered solutions for healthcare. For example, in June 2023, Saama introduced two innovative ML and AI-based solutions tailored for clinical trials.Mergers and acquisitions (M&As) significantly shape the landscape of the healthcare AI market. Companies pursue M&A activities to expand their AI software and service offerings, extend their market presence, or acquire specialized technologies and expertise.
In January 2023GE Healthcare's announced acquisition of MIM Software Inc., enhancing their capabilities in AI-based imaging analysis software for radiology.
GLOBAL ARTIFICIAL INTELLIGENCE IN BIOMEDICAL MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Microsoft
IBM
NVIDIA Corporation
Intel Corporation
Itrex Group
GE Healthcare
Medtronic
Oracle
Medidata
Merck
IQVIA
Others