Artificial Intelligence in Healthcare Market to Register a CAGR of 42.2% during the Forecast Period

Strategic Insights -

The healthcare market is expected to witness a significant growth in the adoption of artificial intelligence (AI) technologies, driven by the increasing need to reduce healthcare costs, the growing demand for big data in healthcare, and the ability of AI to improve patient outcomes and reduce diagnostic errors. The market is expected to reach a value of USD 42.2 billion by 2025, with a compound annual growth rate (CAGR) of 42.2% during the forecast period.

The use of AI in medical imaging and diagnostics is expected to hold a significant share in the market, driven by the increasing prevalence of chronic diseases and the need for accurate diagnosis and treatment. The market players are adopting various strategies to boost the segment's growth, including product launches, partnerships, and investments in AI-based startups.

The North American region is expected to hold a significant market share, driven by the increasing adoption of advanced technology in healthcare systems, the growth in funding of AI-based startups, and the rising burden of chronic diseases in the country.

Key Takeaways:

  • The artificial intelligence in the healthcare market is expected to register a CAGR of 42.2% during the forecast period.
  • The medical imaging and diagnostics segment is expected to hold a significant share in the market, driven by the increasing prevalence of chronic diseases and the need for accurate diagnosis and treatment.
  • The market players are adopting various strategies to boost the segment's growth, including product launches, partnerships, and investments in AI-based startups.
  • The North American region is expected to hold a significant market share, driven by the increasing adoption of advanced technology in healthcare systems, the growth in funding of AI-based startups, and the rising burden of chronic diseases in the country.
  • Key companies mentioned in the report include Oracle Corporation, Intel Corporation, Deep Genomics, Enlitic, Inc. General Vision, Inc., Google Inc., IBM, Microsoft Corporation, and Oncora Medical.
  • The report highlights the growing need to reduce healthcare costs, the growing demand for big data in healthcare, and the ability of AI to improve patient outcomes and reduce diagnostic errors as key drivers of market growth.

Statistics:

  • The artificial intelligence in the healthcare market is expected to reach a value of USD 42.2 billion by 2025.
  • The medical imaging and diagnostics segment is expected to hold a significant share of 35.6% in the overall market.
  • The North American region is expected to hold a significant market share of 33.1% in 2025.
  • The report estimates that the global cancer burden is likely to increase by 70% in the next two decades, highlighting the need for accurate diagnosis and treatment.

Sources:

  • ResearchAndMarkets.com
  • American Cancer Society, Cancer Facts and Figures 2022
  • Roche, press release, December 2021
  • Arterys, press release, April 2022
  • LifeVoxel, press release, November 2021
  • Children's Hospital of Philadelphia (CHOP) and the University of Pennsylvania School of Medicine (Penn Medicine), press release, August 2022
  • Association of American Medical Colleges, press release, August 2022
  • Crawford & Company, press release, December 2021
  • My Intelligent Machines (MIMs), press release, June 2022
  • Insilico Medicine, press release, June 2022