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Emerging Trends Influencing The Growth Of The Artificial Intelligence In Medicine Market: Advanced Robotic Tools By Smith & Nephew Transforming Orthopedic Practices
Artificial Intelligence In Medicine
How Big Is the Artificial Intelligence In Medicine Market Size Expected to Be by 2034?
The market for artificial intelligence in medicine has seen a significant expansion in the past few years. The market, which is anticipated to grow from $11.19 billion in 2024 to $15.66 billion in 2025, reflects a compound annual growth rate (CAGR) of 39.9%. The spectacular growth during the historic era can be ascribed to the heightened focus on patient health, the relative scarcity of medical doctors, the rise in proficient healTH*Care professionals, and the surge in the computational capabilities of AI systems.
Expectations suggest that the market size of artificial intelligence in medicine will undergo significant growth in the upcoming years, reaching $58.37 billion in 2029 with a compound annual growth rate (CAGR) of 39.0%. Several factors contributing to this predicted growth during the forecast period include an increase in chronic diseases, and a growing focus on implementing digital transformation practices. Key trends expected to surface during the forecast period comprise medical robot development, the introduction of patient management applications for notable growth, the implementation of AI in drug discovery and enhanced precision medicine.
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What Are the Emerging Segments Within the Artificial Intelligence In Medicine Market?
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 Long-Term Drivers Are Shaping Artificial Intelligence In Medicine Market Trends?
The escalating curiosity in real-time remote patient monitoring (RPM) systems is projected to boost the expansion of the artificial intelligence in the medical sector. Remote patient monitoring systems are modern healTH*Care solutions, largely driven by technology, developed to keep a record of patients' health outside conventional healTH*Care environments. Artificial intelligence's (AI) role in medicine has considerably revolutionized remote patient monitoring, harnessing sophisticated algorithms to examine in-depth patient information, providing predictive understanding, and facilitating personalized healTH*Care. For example, data from Statistics Canada in November 2024 revealed that, in the 12 months leading up to the 2022 survey, Canadians living in British Columbia (73.8%) and Newfoundland and Labrador (70.7%) were most likely to partake in a virtual consultation. In contrast, those in Prince Edward Island (36.9%) and Quebec (37.6%) were less likely to take part. Thus, the intensifying intrigue in real-time remote patient monitoring (RPM) systems is fuelling the progression of artificial intelligence in the medical industry.
Who Are the Top Competitors in Key Artificial Intelligence In Medicine Market Segments?
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 HealTH*Care, Babylon HealTH*Care 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.
What Artificial Intelligence In Medicine Market Trends Are Gaining Traction Across Different Segments?
Leading corporations functioning within the realm of artificial intelligence in the medical market are putting efforts into creating innovative solutions including AI-driven platforms to offer trustworthy services to their clientele. The AI-driven platform is a software solution that integrates artificial intelligence technologies to streamline tasks, scrutinize data, and make future predictions. For instance, in April 2023, OM1 Inc., an American digital healTH*Care enterprise, introduced PhenOM. This platform leverages real-time data and sophisticated analytics to discern unique digital phenotypes linked to various conditions and results, thus generating fingerprints for diverse patient categories. PhenOM has the capability to assess individual patient data to forecast risks, emphasize opportunities for intervention, and contribute to treatment planning decisions.
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Which Regions Are Becoming Hubs for Artificial Intelligence In Medicine Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence In Medicine Market?
2. What is the CAGR expected in the Artificial Intelligence In Medicine Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence In Medicine Industry?
4. Which Region Is Leading the Artificial Intelligence In Medicine Market?
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