Artificial Intelligence In Healthcare Market Growth Impact and Demand by Regions till 2030

Artificial Intelligence In Healthcare Industry Overview

The global artificial intelligence 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 expected to expand at a CAGR of 38.4% from 2022 to 2030. The 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 is propelling the growth of the market over the forthcoming years.

U.S. artificial intelligence in healthcare market size, by component, 2020 - 2030 (USD Billion)

Artificial Intelligence In Healthcare Market Segmentation

Grand View Research, Inc. has segmented the artificial intelligence in healthcare market report on the basis of component, application, and region:

Based on the Component Insights, the market is segmented into Software Solutions, Hardware and Services.

  • In 2021, the software solutions segment dominated the market for artificial intelligence in healthcare and accounted for the largest revenue share of 39.9% owing to the rapidly growing adoption rate of AI-based software solutions amongst healthcare providers, payers, and patients.
  • However, the software solutions segment is anticipated to grow lucratively over the forecast period. This dramatic growth rate is attributable to the 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. 

Based on the Application Insights, the market is segmented into Robot-Assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cybersecurity and Dosage Error Reduction.

  • By application, the clinical trials segment dominated the AI in the healthcare market in 2021 and accounted for the largest revenue share of 24.2% owing to the growing number of patent expirations, rising demand for faster and accurate clinical trials to cater to the need for new drug discoveries and drug development.
  • Although, prior to the pandemic AI-technologies in clinical trials were still in a nascent stage, now with the growth in demand for faster clinical trials supporting trial designing, study adherence, minimizing dropout rates, and patient recruitment, AI-based technologies in clinical trials has witnessed a surge in adoption. 
  • In addition, to the virtual assistant’s segment, the robot-assisted surgeries segment is expected to grow lucratively and possess a promising potential over the forthcoming years. This significant growth rate is attributable to the increasing number of partnerships between surgical robot manufacturers and AI technology providers.

Artificial Intelligence In Healthcare Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Key Companies Profile & Market Share Insights

Increasing investments in R&D, innovative product developments and launches, the rising number of technological collaborations, and service differentiation are the key strategies players are focusing on to gain a competitive edge in the market.

Some of the prominent players in the artificial intelligence in healthcare market include:

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

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