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Surge In Remote Patient Monitoring Boosts AI Adoption In Healthcare: A Key Factor Shaping the Future of the Artificial Intelligence In Medicine Market in 2025
Artificial Intelligence In Medicine Market
The growth of the artificial intelligence market in the medical sphere is expected to be bolstered by the rising interest in real-time remote patient monitoring (RPM) systems. These are tech-driven healthcare solutions designed for patient care beyond the typical medical facilities. The remote patient monitoring landscape has been revolutionized by AI in medicine, with complex algorithms deployed to analyze vast amounts of patient data, offering predictive insights and facilitating bespoke care. For example, data from Statistics Canada reveals that in the year leading up to the 2022 survey, residents of British Columbia (73.8%) and Newfoundland and Labrador (70.7%) had the highest percentage of virtual consultations while Prince Edward Island (36.9%) and Quebec (37.6%) recorded the lowest percentages. Hence, the escalating interest in real-time remote patient monitoring systems is fueling the expansion of AI in the medical industry.
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What growth opportunities are expected to drive the artificial intelligence in medicine market's CAGR through 2034?
In recent years, the market size of artificial intelligence in medicine has seen remarkable growth. Its value is predicted to increase from $11.19 billion in 2024 to a staggering $15.66 billion in 2025, with a compound annual growth rate (CAGR) of 39.9%. This phenomenal expansion during the historic period can be credited to the heightened focus on patient welfare and the relative dearth of doctors, an uptick in the quantity of proficient healthcare professionals, and the enhanced processing capacity of AI systems.
The market size for artificial intelligence in medicine is predicted to experience significant growth in the coming years, with estimates suggesting it will reach $58.37 billion in 2029, boasting a compound annual growth rate (CAGR) of 39.0%. This projected expansion during the forecast period can be associated with an increase in chronic illnesses, along with a growing focus on embracing digital transformation strategies. Notable trends anticipated during the forecast period are the creation of medical robots, the rollout of patient management applications expected to see substantial growth, the use of artificial intelligence in drug discovery, and the advancement of precision medicine.
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How are the latest trends influencing the growth of the artificial intelligence in medicine market?
Significant corporations engaged in the artificial intelligence within the medicine sector are striving to innovate solutions such as AI-empowered platforms to deliver dependable services to their clients. An AI-empowered platform is a software solution that includes artificial intelligence technologies to automate jobs, examine data, and project outcomes. For instance, the US-based digital health organization, OM1 Inc., debuted PhenOM in April 2023. Utilizing real-world statistics and superior analytics, it can single out digital phenotypes relating to conditions and results, thus devising distinctive fingerprints for separate patient categories. PhenOM is able to scrutinize patient-specific data to anticipate risks, spotlight possible interventions, and guide treatment choices.
Which growth-oriented segments of the artificial intelligence in medicine market are leading the industry's development?
The artificial intelligence in medicine market covered in this report is segmented -
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
Subsegments:
1) By Hardware: AI-Powered Imaging Devices, Robotics And Automation Devices, Wearable Health Devices, Servers And Computing Systems
2) By Software: Machine Learning Algorithms, Natural Language Processing (NLP) Tools, Image Analysis Software, Predictive Analytics Software, Clinical Decision Support Systems
3) By Services: AI Consulting Services, Integration Services, Maintenance And Support Services, Data Management Services, Training And Education Services
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What regions are leading the charge in the artificial intelligence in medicine market?
North America was the largest region in the artificial intelligence in medicine 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 medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the artificial intelligence in medicine market?
Major companies operating in the artificial intelligence in medicine 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.
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What Is Covered In The Artificial Intelligence In Medicine Global Market Report?
• Market Size Forecast: Examine the artificial intelligence in medicine market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence in medicine market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence in medicine market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence in medicine market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence in medicine market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence in medicine market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence in medicine market.
• Competitive Landscape: Review strategic developments in the artificial intelligence in medicine market, including expansions, agreements, and new product launches.
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