Global Artificial Intelligence in Healthcare Market to Reach $72.85 Billion by 2029, Growing at 31.7% CAGR

What industry-specific factors are fueling the growth of the artificial intelligence in healthcare market?
A surge in the utilization of precision medicine is a key catalyst for the promotion of artificial intelligence in the healthcare sector. Precision medicine, which employs information about an individual's genetic makeup, environmental influences, and lifestyle alterations to refine and enhance patient diagnosis and therapy procedures, is predominantly employed in oncology. With a rising cancer incidence rate and an increased number of individuals impacted by it, the requirement for AI in precision medicine is projected to grow in the future. For instance, the Personalized Medicine Coalition, a non-profit organization based in the U.S., reported that the FDA sanctioned 16 innovative personalized treatments for rare disease patients in 2023, a significant increase from six in 2022. Hence, the escalating uptake of precision medicine propels the use of artificial intelligence in the healthcare market.

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What Is the projected market size and growth rate for the artificial intelligence in healthcare market?
In the previous years, the market size of artificial intelligence in healthcare has seen an enormous growth. The market value is expected to jump from $18.16 billion in 2024 to $24.18 billion in 2025, experiencing a compound annual growth rate (CAGR) of 33.2%. The historic surge can be credited to a rise in collaborations and partnerships, an increase in chronic diseases, the implementation of AI in radiology, the adoption of AI for economical drug discovery, and enhanced funding in the sector.

The market size of artificial intelligence in healthcare is projected to witness a rapid expansion in the approaching years, increasing to $72.85 billion in 2029 with a compound annual growth rate (CAGR) of 31.7%. This substantial growth during the forecast duration can be credited to factors such as the rising aged population, the proliferation of digital transformation within the healthcare sector, and the escalation of government support for the integration of artificial intelligence in healthcare. Key trends anticipated during the forecast period consist of the application of AI in clinical trials, the employment of AI in treating rare diseases, the use of AI to ensure drug adherence, AI's role in target selection, the usage of AI-oriented models in pre-clinical investigations, financial influx in biotech firms powered by AI, an upsurge in merger and acquisition actions, the emerging significance of Contract Research Organizations (CROs) in AI ecosystems, the unveiling of advanced AI tools, and the creation of AI innovation labs.

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What new trends are reshaping the artificial intelligence in healthcare market and its opportunities?
Organizations functioning in the healthcare sector's artificial intelligence (AI) market are encountering the advent of new AI instruments that are extremely advantageous for pharmaceutical firms. Big corporations are concentrating on releasing new AI-integrated tools into the drug discovery market. Science groups from large firms are striving to release innovative new tools that will aid the international push for a COVID-19 cure. For instance, in July 2022, the Aster Innovation and Research Centre, the creative hub for the Aster DM Healthcare Group, collaborated with Intel Corporation and AI platform provider, CARPL.ai, for the creation and implementation of an AI-driven health data platform in India.

What major market segments define the scope and growth of the artificial intelligence in healthcare market?
The artificial intelligence in healthcare market covered in this report is segmented -

1) By Offering: Hardware, Software, Services
2) By Algorithm: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
3) By Application: Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis
4) By End-User: Hospitals And Diagnostic Centers, Pharmaceutical And Biopharmaceutical Companies, Healthcare Payers, Patients

Subsegments:
1) By Hardware: AI-Powered Imaging Devices, Wearable Health Monitoring Devices, Robotics And Surgical Devices
2) By Software: Diagnostic Software, Predictive Analytics Software, Natural Language Processing (NLP) Software
3) By Services: Consulting Services, Implementation Services, Maintenance And Support Services

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Which region dominates the artificial intelligence in healthcare market?
North America was the largest region in the Artificial Intelligence in the Healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the artificial intelligence in healthcare industry growth?
Major companies operating in the artificial intelligence in healthcare market include IBM Watson Health, Nuance Communications, Inc, Alphabet Inc, Concreto HealthAI, Nvidia Corporation, PathAI, XtalPi, Benevolent AI, Exscientia, OWKIN, LiveHealth, ChironX, Consure Medical, Predible Health, Lybrate, Artelus, OncoStem Qure.ai, Jiaxing Taimei Medical Technology, Ping An Health Medical Technology, YITU, iCarbonX, Insilico, Skin Analytics, Babylon Health, Cambridge Cognition, Renalytix AI, Iktos, Novartis, Gero, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, Atomwise Inc, Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Deep Genomics, Cyclica, IQVIA, Roche, Pfizer, PRA Healthscience, Gesto, Intensicare, Didoc, Betterfly, Deenty, Examedi, Dentalink, Cero, MedPass, Pixeon, Hi Technologies, Conexa Saude, Wuru, Yerbo, BioScience, Caecus, Epitrack, GE Healthcare, Oncora Medical, Recursion Pharmaceuticals Inc, Nucleai, Pepticom, AstraZeneca, Rology, HearX Group, DilenyTech, iNNOHEALTH Technology Solutions

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What Is Covered In The Artificial Intelligence in Healthcare Global Market Report?

•Market Size Forecast: Examine the artificial intelligence in healthcare market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the artificial intelligence in healthcare market for a structured understanding.
•Key Players Overview: Analyze major players in the artificial intelligence in healthcare market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence in healthcare market.
•Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence in healthcare market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence in healthcare market.
•Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence in healthcare market.
•Competitive Landscape: Review strategic developments in the artificial intelligence in healthcare market, including expansions, agreements, and new product launches.

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