Steady Expansion Forecast for Artificial Intelligence in Healthcare Market, Projected to Reach $72.85 Billion by 2029

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What Will the Artificial Intelligence in Healthcare Industry Market Size Be by 2025?
The size of the artificial intelligence sector in healthcare has expanded significantly in the recent past. The market's value is projected to rise from $18.16 billion in 2024 to $24.18 billion in 2025, marking a compound annual growth rate (CAGR) of 33.2%. The substantial growth witnessed in the historical period is due to an increase in collaborations and partnerships, higher incidence of chronic illnesses, expanded use of AI in radiology, a rise in the adoption of artificial intelligence for affordable drug discovery, and an increase in funding for artificial intelligence in the healthcare sector.

What's the Long-Term Growth Forecast for the Artificial Intelligence in Healthcare Market Size Through 2029?
The market size for artificial intelligence in healthcare is projected to experience substantial growth in the coming years, escalating to a worth of $72.85 billion by 2029, with a compound annual growth rate (CAGR) of 31.7%. Factors contributing to this prospective growth in the forecast period encompass an increasing elderly population, the rising embracement of digital transformation within healthcare, and enhanced government efforts to support the integration of artificial intelligence in healthcare systems. Notable trends for the forecast period incorporate the application of AI in clinical trials, the utilization of AI in the treatment of rare diseases, AI's role in drug adherence, AI-assisted target selection, the use of AI-based models in pre-clinical studies, capital injections into biotech firms powered by AI, an upswing in merger and acquisition activities, the evolving role of Contract Research Organizations (CROs) within AI ecosystems, the launch of new AI tools, and the establishment of AI innovation labs.

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What Are the Key Growth Drivers Fueling the Artificial Intelligence in Healthcare Market Expansion?
The growth in the incorporation of precision medicine serves as a significant propellant for artificial intelligence's role in healthcare. Precision medicine works by utilizing personal data such as genetic variation, environmental influences, and lifestyle modifications to enhance and personalize the diagnostic and therapeutic procedures for the patient. It is distinctly prevalent in the field of oncology. As cancer rates rise and the number of individuals affected by it continues to escalate, the necessity for AI in precision medicine is also poised to rise. For example, in February 2024, the Personalized Medicine Coalition, a non-profit organization based in the U.S., stated that the FDA had authorized 16 unique personalized treatments for patients suffering from uncommon diseases in 2023, a major increase from only six in 2022. As such, the growing embracement of precision medicine is propelling the adoption of artificial intelligence in the healthcare sector.

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What Are the Key Trends Driving Artificial Intelligence in Healthcare Market Growth?
Companies active in the artificial intelligence (AI) space for healthcare are experiencing the emergence of novel AI tools that are greatly advantageous for pharmaceutical organizations. Big firms are laying emphasis on the introduction of new AI-integrated tools in the drug discovery sector. Major businesses' scientific communities are striving to present innovative instruments that will aid the global endeavors in creating a COVID-19 solution. For example, in July 2022, Aster Innovation and Research Centre, which is the innovation branch of the Aster DM Healthcare Group, collaborated with Intel Corporation and AI platform supplier, CARPL.ai, for developing and launching an AI-driven health data platform in India.

How Is the Artificial Intelligence in Healthcare Market Segmented?
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 Companies Are Leading the Charge in Artificial Intelligence in Healthcare Market Innovation?
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

Which Regions Are Leading the Global Artificial Intelligence in Healthcare Market in Revenue?
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.

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