Press release
2025-2034 Artificial Intelligence In Medicine Market Roadmap: Insights for Competitive Advantage
Artificial Intelligence In Medicine
How Large Will the Artificial Intelligence In Medicine Market Size By 2025?
The market size of artificial intelligence in healthcare has seen a significant rise in the past few years. Its projection is estimated to expand from $11.19 billion in 2024 to $15.66 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 39.9%. The marked growth during the historical period can be traced back to a heightened focus on patient wellness, a relative lack of doctors, a rise in trained healthcare workers, as well as improved processing capabilities of AI systems.
How Big Is the Artificial Intelligence In Medicine Market Size Expected to Grow by 2029?
In the coming years, the market size for artificial intelligence in medicine is projected to experience a surge. There is an anticipation of its growth to $58.37 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 39.0%. The expansion during the forecast period can be credited to the increasing instances of chronic illnesses and a greater focus on adopting digital transformation methodologies. Noteworthy trends for the forecast period encompass the creation of medical robots, the implementation of patient management applications promising substantial growth, artificial intelligence in drug discovery, and the advancement in precision medicine.
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Which Key Market Drivers Powering Artificial Intelligence In Medicine Market Expansion and Growth?
The rise in attraction towards real-time remote patient monitoring (RPM) systems is anticipated to boost the expansion of the artificial intelligence in the medicine market. RPM is a technology-based healthcare system built to observe patients' health beyond conventional healthcare environments. Artificial intelligence (AI) in healthcare has notably revolutionized remote patient monitoring with the help of cutting-edge algorithms to evaluate in-depth patient information, providing predictive insights and facilitating customized care. For example, as per the November 2024 data from Statistics Canada, a governmental agency of Canada, in the period of 12 months before the 2022 survey, Canadians living in British Columbia (73.8%) and Newfoundland and Labrador (70.7%) showed the highest propensity for the use of virtual consultation. In contrast, the residents of Prince Edward Island (36.9%) and Quebec (37.6%) depicted the least utilization. Consequently, the rising fascination with real-time remote patient monitoring (RPM) systems is fueling the expansion of the artificial intelligence in the medicine market.
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Which Fast-Growing Trends Are Poised to Disrupt the Artificial Intelligence In Medicine Market?
Major firms in the artificial intelligence within the medical industry are concentrating their energies on product innovation, particularly with respect to AI-driven platforms, to offer dependable services to their clientele. AI-driven platforms are software solutions that integrate AI technologies to automate tasks, analyze information, and generate forecasts. As an illustration, in April 2023, OM1 Inc., a US-based company specializing in digital health, rolled out PhenOM. This product leverages real-world information along with sophisticated analytics to identify distinct digital phenotypes linked with conditions and outcomes, thus generating unique identifiers for multiple patient groups. With PhenOM, it is possible to scrutinize individual patient information in order to assess risks, pinpoint potential areas for intervention and contribute to informed treatment decisions.
What Are the Emerging Segments in 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Artificial Intelligence In Medicine Industry?
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.
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