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Artificial Intelligence in Healthcare Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Artificial Intelligence in Healthcare Market Trends
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According to The Business Research Company's, The artificial intelligence in healthcare market size has grown exponentially in recent years. It will grow from $13.48 billion in 2023 to $17.96 billion in 2024 at a compound annual growth rate (CAGR) of 33.3%. The growth in the historic period can be attributed to growing number of collaborations and partnerships, rising prevalence of chronic diseases, increasing implementation of ai in radiology, growing adoption of artificial intelligence for cost efficient drug discovery, rising funding in artificial intelligence in healthcare.
The artificial intelligence in healthcare market size is expected to see exponential growth in the next few years. It will grow to $52.2 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The growth in the forecast period can be attributed to increase in geriatric population, growing adoption of digital transformation in healthcare, increasing government initiatives for supporting artificial intelligence in healthcare. Major trends in the forecast period include use of ai for clinical trials, ai for rare diseases treatment, ai for drug adherence, ai in target selection, leveraging ai based models in pre-clinical studies, investments in ai driven biotech firms, rise in merger and acquisition activity, emerging role of cros in ai ecosystems, introduction of new artificial intelligence (ai) tools, introduction of ai innovation labs.
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Market Drivers and Trends:
The increase in the adoption of precision medicine is one of the driving factors of artificial intelligence in the healthcare market. Precision medicine uses information about an individual's genes, and environmental and lifestyle changes to design and improve the diagnosis and therapeutics of the patient. It is widely used for oncology cases, and due to the rising prevalence of cancer and the number of people affected by it, the demand for AI in precision medicine will increase going forward. According to research published in the Lancet Oncology, the global cancer burden is set to increase by 75% by 2030.
Entities operating in the artificial intelligence (AI) for the healthcare market are witnessing the introduction of new AI tools that are highly beneficial for pharma companies. Large companies are focusing on launching new AI-enabled tools in the drug discovery market. Scientific communities in major firms are working hard to introduce new novel tools that will support the global effort in the development of COVID-19 treatment. For instance, in July 2022, the Aster Innovation and Research Centre, the innovation hub of the Aster DM Healthcare Group, teamed up with the Intel Corporation and AI platform provider, CARPL.ai, to develop and roll out an AI-powered health data platform in India.
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Major Key Players of the Market:
Ravenpack International SL, 1010data, Inc, Vortexa Ltd., Eagle Alpha Ltd., Audit Analytics,Thinknum Inc., Thasos Group, Yewno, Inc., Advan Research Corporation, Exante Data, LLC., Eoitek,, Sam Technology, WakeData, Oracle, Microsoft, IBM, SAP, Plaxonic, Teradata, Amazon Web Services, Quiver Quantitative, S&P Global, AlphaSense, Kantar, Quandl, InfoTrie, Running Alpha, Unity, Maxilect, Caretta, Exceed Team, Quexopa, Inventale,Analytics, Tableu Software, Deep Data Science, Experion Technologies, Clariba Consulting, Nice Software solutions, Sigma Data Systems, Preqin Ltd
Artificial Intelligence in Healthcare Market 2024 Key Insights:
• The artificial intelligence in healthcare market size is expected to see exponential growth in the next few years. It will grow to $52.2 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%.
• Precision Medicine Adoption Fuels The Growth Of Artificial Intelligence In Healthcare
• AI Tools Transforming Drug Discovery In The Healthcare Market
• North America was the largest region in the Artificial Intelligence in the Healthcare market in 2023
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