With 48.1% CAGR, Artificial Intelligence (AI) in Healthcare Market Growth to Surpass USD 148.4 billion

The AI in Healthcare market is projected to grow from USD 20.9 billion in 2024 and is projected to reach USD 148.4 billion by 2029; it is expected to grow at a CAGR of 48.1% from 2024 to 2029. The growth of the AI in Healthcare market is driven by improving computing power and, declining hardware costs, and a rising number of partnerships and collaborations among different domains in the healthcare sector.

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Generative AI is reshaping healthcare by leveraging artificial intelligence to enhance diagnostics, offering personalized risk assessments based on genetic and medical history. The technology accelerates research and development by expediting drug discovery, simulating clinical trials, and providing individualized treatment plans. Furthermore, it improves patient care through virtual assistants, administrative efficiency, and medical education simulations. Challenges include data privacy, algorithm transparency, and ensuring equitable access. Despite these hurdles, Generative AI's potential to revolutionize healthcare remains significant, promising better health outcomes, streamlined processes, and an empowered patient experience, contingent on addressing ethical considerations and refining AI models.

The hospitals and healthcare providers segment hold the largest market share in terms of value in 2024, and this trend is expected to continue until 2029. Medical facilities in the US and Europe are incorporating AI to support patients during their hospital stay. Utilizing these tools empowers patients to request regular check-ups on their recovery progress. There is a notable surge in the adoption of technologies, particularly Electronic Medical Records (EMR) systems, by healthcare entities, resulting in a substantial accumulation of patient data. Analyzing extensive datasets for meaningful insights poses a challenge for hospitals and healthcare providers. Beyond data analysis, clinicians require actionable insights to aid decision-making. AI-based tools play a crucial role in assisting physicians by providing valuable support in clinical decision-making, allowing them to create well-informed and highly personalized care plans tailored to individual patients, leveraging the precision medicine approach. In November 2023, Koninklijke Philips N.V. (Netherlands), in collaboration with the Norwegian Vestre Viken Health Trust (Norway), successfully deployed an AI-enabled clinical care platform to enhance radiology services. The platform, including an AI-based bone fracture radiology application and accelerated diagnoses, provides faster and more efficient care to approximately half a million people across 22 Norwegian municipalities.

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North America stands at the forefront of the global AI in healthcare revolution, driven by key factors propelling its rapid growth and dominant market share. The region's high healthcare spending, particularly in the US, creates a conducive environment for substantial investments in innovative AI technologies. Surge in chronic diseases and aging population further boost the demand for efficient healthcare solutions, with AI playing a crucial role. Ongoing technological advancements fuelled by major tech companies and startups and strong government support through initiatives like the National Institutes of Health's BRAIN Initiative position North America as a thriving hub for AI in healthcare. Key growth areas encompass AI's contribution to early disease detection, precision medicine, drug discovery, and personalized care with remote monitoring, showcasing the region's dynamic evolution in healthcare innovation.

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