PUBLISHER: Grand View Research | PRODUCT CODE: 1404719
PUBLISHER: Grand View Research | PRODUCT CODE: 1404719
The global AI in healthcare market size is expected to reach USD 208.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 36.4% from 2024 to 2030. Growing demand for personalized medicine, rising demand for value-based care, growing datasets of patient health-related digital information, advancements in healthcare IT infrastructure, penetration of smartphones, improved internet connectivity, and shortage of care providers are propelling market growth.
In addition, changing lifestyles, growing geriatric population, and rising prevalence of chronic diseases have contributed to the need for faster and more accurate disease detection and enhanced understanding of diseases in the early stage, thereby driving the adoption of technologies based on Artificial Intelligence (AI) in healthcare. COVID-19 positively impacted the adoption of AI-based technologies and unveiled the potential they hold. Healthcare systems began adopting AI-based technologies for faster and early diagnosis & detection of diseases and quicker & accurate clinical trials.
Furthermore, AI-based technologies were implemented in virtual assistants, robot-assisted surgeries, claims management, cybersecurity, and patient management. AI algorithms were trained with patient health datasets to optimize the diagnosis and detection of diseases at an early stage, to begin with an optimum treatment regime. Supportive government initiatives, growing number of investments from private investors and venture capitalists, and emergence of AI-specialized startups globally are driving the market growth. Software solutions dominated in 2023, owing to its rising adoption rates in healthcare systems and growing penetration of these technologies in various applications.
The clinical trials segment dominated in 2023, owing to the adoption of these technologies in clinical trial designing, study adherence, patient recruitment, and minimized patient dropout. The North America region dominated in 2023, owing to the availability of optimum IT infrastructure, technological literacy, presence of key players & local developers, and lucrative funding options. Key players are focusing on devising innovative product development strategies through mergers & acquisitions and collaborations to expand their product portfolio and cater to larger business geographies.