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With 47.6% CAGR, Artificial Intelligence in Healthcare Market Growth to Surpass USD 102.7 billion

02-03-2023 08:46 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

With 47.6% CAGR, Artificial Intelligence in Healthcare Market

The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period. An increasing need to reduce healthcare costs is one of the primary factors for AI growth in the healthcare market. The rising need for improvised healthcare services due to the imbalance between the healthcare workforce and patients are factors driving the demand of AI in Healthcare. Growing potential for AI-based tools for elderly care will boost the growth potential for AI in Healthcare market in the coming years.

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GPU technology is transforming and advancing at a rapid pace. As the demand for accelerated computing rises, businesses and enterprises find it challenging to achieve the same through regular CPU-based servers due to on-premises hosting limitations. As a result, the adoption of on-demand GPU cloud computing-based solutions is increasing. These can run compute-intensive HPC workloads and offer bandwidth speeds comparable to those offered by on-premises GPU. Companies such as Microsoft, Amazon Web Services, and NVIDIA Corporation offer cloud GPU solutions in partnership with Nvidia and AMD. The advent of cloud gaming is further projected to improve the penetration of cloud GPUs as companies, such as Shadow, Google Inc., and NVIDIA Corporation, expand their online cloud gaming services to support real PC gameplay by using hardware-based GPU virtualization.

AI in Healthcare for virtual assistants application will grow with a CAGR of 55.7%. AI-enabled health assistance and medical management tools use ML, big data, as well as NLP, and voice recognition to assist patients between doctor visits and provide a strong decision-support system in-patient care. These customized monitoring services are designed to improve follow-up care, especially for patients with chronic diseases. The use of AI-based personal assistants can have an incredible impact on monitoring and assisting patients in the absence of clinical personnel. Moreover, a virtual assistant can offer discharged patients more flexibility by capturing data through their voices. By using NLP, virtual assistants can better understand patient needs and conditions and assist in-patient care.

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Asia Pacific is expected to witness the highest CAGR during the forecast period. The increasing geriatric population in Asia Pacific countries is one of the major drivers for the AI in Healthcare market growth. According to the UN's World Population Aging 2020 report, 727 million persons in the global population were aged 65 years or over. The number is expected to reach 1.5 billion by 2050. The percentage of the population aged 65 years or above has almost doubled in Eastern and South-Eastern Asia, rising from 6% in 1990 to 11% in 2020. Among the high-income countries, Japan had the world's highest old-age dependency ratio of 30% in 2020, which is expected to reach 81% by 2050.

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Mr. Aashish Mehra
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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