Market Definition
Artificial intelligence (AI) in healthcare is a broad term that covers a wide range of applications and technologies. AI technologies can be used to help doctors and other healthcare professionals diagnose and treat diseases, make predictions about patient health, and improve the efficiency of care delivery. AI is also being used to develop new drugs and personalized treatments, and to create digital assistants that can help patients manage their health.
Market Outlook
The global Artificial Intelligence in Healthcare market was valued at USD 12.4 Billion in 2022 and it is anticipated to grow up to USD 45.6 Billion by 2032, at a CAGR of 13.9% during the forecast period.
The market is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare. Additionally, the market is anticipated to grow as opportunities in geriatric population care with AI technology, imaging, and diagnostics to generate data for research development arise. Moreover, 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.
Small-molecule drug discovery benefits from AI in four ways; access to new biology, improved or unique chemistry, higher success rates, and speedier and less expensive discovery procedures. For instance, FDA’s Center for Drug Evaluation and Research (CDER) approved 50 brand-new pharmaceutical and biological products in 2021. About 33 of the 50 novel medications and biological products approved for use had tiny molecules, while 17 were monoclonal antibodies and other large molecules. Such aforementioned factors boosting the growth of the market and accelerating the adoption rate of AI in healthcare.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Artificial Intelligence in Healthcare Market Segmentation
By Component
- Software Solutions
- Hardware
- Services
By Application
- Robot-Assisted Surgery
- Clinical Trials
- Hospital Workflow
- Therapy Planning
- Wearables
- Virtual Assistants
- Medical Imaging & Diagnosis
- Others
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Major Players in the Global Artificial Intelligence in Healthcare Market
The overall competitive rivalry remains moderately high in the market studied. The growing presence of big players in the industry is expected to intensify competitive rivalry during the forecast period. The global Bioactive Ingredients Market report includes players such as AiCure, APIXIO, Inc., Atomwise, Inc, Butterfly Network, Inc., Cyrcadia Health Inc, Enlitic, Inc, IBM Corporation, iCarbonX, Insilico Medicine Inc, NVIDIA Corporation, others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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