Press release
Artificial Intelligence in Medicine Market Set for Rapid Expansion by 2025, Driven by Patient Well-being and Revolutionizing Medical Robots
Artificial Intelligence In Medicine Market Size
What Is The Projected Market Size Of The Global Artificial Intelligence In Medicine Market And Its Growth Rate?
The artificial intelligence in medicine market is expected to undergo an exponential growth in the coming years:
•Market size growth from $11.19 billion in 2024 to $15.66 billion in 2025 at a compound annual growth rate (CAGR) of 39.9%
•Prediction to reach $58.37 billion in 2029, growing at a CAGR of 39.0%
•Historic period growth attributed to increased emphasis on patient well-being, a relative shortage of physicians, and an increase of skilled healthcare professionals
•Forecast period growth due to rising prevalence of chronic diseases and growing emphasis on digital transformation
What Is Driving The Growth In The Artificial Intelligence In Medicine Market?
The increasing interest in real-time remote patient monitoring (RPM) systems is propelling the growth of artificial intelligence in the medicine market. Remote patient monitoring involves technology-driven healthcare solutions designed to keep track of a patient's health outside of traditional healthcare settings. The adoption of AI in these systems has remarkably revolutionized RPM by using advanced algorithms to analyze extensive patient data, offering predictive insights allowing personalized care. For example, in the 12 months leading up to a 2022 survey by Statistics Canada, it was found that Canadians residing in British Columbia and Newfoundland were most likely to have utilised a virtual consultation, thereby proving the key role of RPM systems in driving the growth of AI in the medical market.
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Who Are the Key Players Driving The Artificial Intelligence In Medicine Market Growth?
Key players in the artificial intelligence in medicine market include:
•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.
What Are The Key Trends In The Artificial Intelligence In Medicine Market?
Key trends include:
•Development of medical robots
•Introducing patient management application to witness significant growth
•AI in drug discovery and advance precision medicine
What Are The Segments Of The Global Artificial Intelligence In Medicine Market?
Key segments in the global artificial intelligence in medicine market include:
1.By Type: Hardware, Software, Services
2.By Technology: Machine Learning, Natural Language Processing, Context-Aware Processing, Computer Vision
3.By Application: Medical Administration And Support, Patient Management, Research And Development, Other Applications
4.By End User: Hospitals, Clinics, Research Institutions
Which Region Leads in the Artificial Intelligence In Medicine Market?
North America was the largest region in the artificial intelligence in medicine market in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. Other notable regions covered in the report include Western Europe, Eastern Europe, South America, Middle East and Africa.
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What Is Covered In The Artificial Intelligence In Medicine Global Market Report?
- Market Size Analysis: Analyze the Artificial Intelligence In Medicine Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Artificial Intelligence In Medicine Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Artificial Intelligence In Medicine Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Artificial Intelligence In Medicine Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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