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Artificial Intelligence In Medicine Global Market Report 2024: Size, Share, Trends, Forecast to 2033
Artificial Intelligence In Medicine Market
According to The Business Research Company's, The artificial intelligence in medicine market size has grown exponentially in recent years. It will grow from $8.01 billion in 2023 to $11.19 billion in 2024 at a compound annual growth rate (CAGR) of 39.8%. The growth in the historic period can be attributed to increased emphasis on ensuring patient well-being and relative shortage of physicians, increase of skilled healthcare professionals, increase in the processing power of ai systems.
The artificial intelligence in medicine market size is expected to see exponential growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 39.3%. The growth in the forecast period can be attributed to rising prevalence of chronic diseases, growing emphasis on the adoption of digital transformation practices. Major trends in the forecast period include development of medical robots, introducing patient management application to witness significant growth, ai in drug discovery and advance precision medicine.
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Market Drivers and Trends:
The increasing interest in real-time remote patient monitoring (RPM) systems is expected to propel the growth of artificial intelligence in the medicine market going forward. A remote patient monitoring system is a technology-driven healthcare solution designed to monitor patients' health outside of traditional healthcare settings. Artificial intelligence (AI) in medicine has significantly transformed remote patient monitoring by leveraging advanced algorithms to analyze extensive patient data, offering predictive insights and enabling personalized care. For instance, in August 2023, according to a survey conducted by Vivalink, a US-based digital healthcare company, there was a significant increase in the use of remote patient monitoring (RPM) by clinicians, rising from 20% in 2021 to 81% currently, marking an increase of 305%. Therefore, the increasing interest in real-time remote patient monitoring (RPM) systems is driving the growth of artificial intelligence in the medicine market.
Major companies operating in the artificial intelligence in the medicine market are focused on developing innovative solutions, such as AI-powered platforms, to provide reliable services to customers. An AI-powered platform is a software solution incorporating artificial intelligence (AI) technologies to automate tasks, analyze data, and make predictions. For instance, in April 2023, OM1 Inc., a US-based digital health company, launched PhenOM. It uses real-world data and advanced analytics to identify unique digital phenotypes associated with conditions and outcomes, creating fingerprints for different patient groups. PhenOM can analyze individual patient data to predict risks, highlight opportunities for intervention, and inform treatment decisions.
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Major Key Players of the Market:
Major companies operating in the artificial intelligence in medicine market market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Medtronic PLC, Nvidia Corporation, Novo Nordisk A/S, Siemens Healthineers AG, Philips Healthcare, Babylon Healthcare Services Ltd., Komodo Health Inc., Modernizing Medicine Inc., Viz.ai Inc., Butterfly Network Inc., Augmedix, AiCure LLC, HealthTap Inc., Welltok Inc., Enlitic Inc., PathAI Inc., Nano-X Imaging Ltd., Berg LLC, Insitro, Sense.ly Inc., Subtle Medical Inc., Medasense Biometrics Limited, Immunai, Atomwise Inc., Freenome Holdings Inc., CloudMedX Inc.
Artificial Intelligence In Medicine Market 2024 Key Insights:
• The artificial intelligence in medicine market is expected to grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 39.3%.
• Surge In Remote Patient Monitoring Boosts AI Adoption In Healthcare
• Advanced Robotic Tools By Smith & Nephew Transforming Orthopedic Practices
• North America was the largest region in the artificial intelligence in medicine market in 2023
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