AI in Healthcare Market to Reach US$ 187.76 Billion by 2031, Expanding at a CAGR of 40.1%: TMR Report

WILMINGTON, DE / ACCESSWIRE / May 2, 2023 / Transparency Market Research Inc. - The global AI in healthcare market is projected to flourish at a CAGR of 40.1% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 187.76 billion is anticipated for the market in 2031. As of 2023, the market for AI in healthcare is expected to close at US$ 12.63 billion.

Artificial intelligence has embedded itself in practically most end use industries, and the healthcare domain is no exception. With medical science advancing, it is possible to prolong lives, raising life expectancy. However, accompanying it come the challenges of increasing costs and management of the workforce. Hence, healthcare providers are leveraging key technological advancements to help ease the burden of this increasing demand for good quality healthcare provision.

Worldwide, the geriatric population base continues to expand. By 2050, it is likely that at least one in four people across Europe and North America will cross the 65-year threshold. This implies that health systems will have to deal with more patients with complicated needs. Managing such patients is expensive and requires systems to shift from an episodic care-based philosophy to one that is much more proactive and focused on long-term care management.

Investments in AI in healthcare have surged massively. For instance, in March 2023, the United Kingdom government invested over US$ 17 million in AI research for cancer checks, diagnosis of rare diseases, identification of women at the highest risk of premature births, and improving overall diagnosis speed and accuracy. Likewise, in September 2022, the National Institutes of Health (NIH) announced an investment worth US$ 130 million over a period of 4 years to enhance AI use by biomedical and behavioural research communities.

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the AI in healthcare market was valued at over US$ 9 billion
• From 2023 to 2031, the market is expected to grow by nearly 15x
• By component, AI in healthcare software/platforms to enjoy high demand, accumulating over 40% revenue
• AI software for identifying clinical trial participants to be most preferred, account for over 1/5^th of all applications
• Hospitals & healthcare providers to be primary utilizers of AI in healthcare solutions

AI in Healthcare: Key Trends and Opportunistic Frontiers

• The healthcare industry is embracing artificial intelligence so as to optimize workflow, maintain patient data more effectively, and improve overall access to good quality healthcare services
• Advancements such as predictive analytics, deep learning technologies, and natural language processing, are penetrating the healthcare domain
• Service providers are likely to orient their focus on three core areas: improving population health management, improving operations, and strengthening innovation

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AI in Healthcare Market: Regional Profile

• Nearly 3 out of 5 AI in healthcare service providers are likely to consolidate their operations in the North American market
• Companies are also investigating expansion possibilities in the Asia Pacific, as healthcare infrastructure continues to strengthen. A CAGR of nearly 41% is expected for the APAC market
• Europe is likely to emerge as yet another opportunistic hub, thanks to unceasing efforts by healthcare companies to reduce healthcare costs and enhance operational efficiency

Competitive Landscape

The market for AI in healthcare is brimming with opportunities. From improving patient outcomes to reducing the cost of treatment, companies are leveraging a variety of technological advances. This is paving way for increased partnerships, collaborations, and the introduction of new approaches. Some key players in this field are as follows:

• IBM Corporation
• NVIDIA Corporation
• Microsoft Corporation
• Intel Corporation
• GE HealthCare
• Siemens Healthineers AG
• Medtronic Plc.
• Koninklijke Philips N.V.
• Google LLC
• CloudMinds Technology Inc.
• General Vision Inc.
• BenevolentAI

Key Developments in the AI in Healthcare Landscape:

• IBM Corporation announced a collaboration with Moderna Inc. in April 2023 to incorporate AI and quantum computing into mRNA development. The partnership will include investments in generative AI to improve product design. The companies will leverage the AI model MoLFormer to help optimize mRNA and lipid nanoparticles
• In March 2023, NVIDIA Corporation and Medtronic Plc. teamed up with Cosmo Pharmaceuticals to advance AI capabilities for enhancing colonoscopy procedures. Through this partnership, Medtronic intends to integrate NVIDIA's AI tech into its GI Genius Intelligent Endoscopy Module. Medtronic's latest partnership with Nvidia and Cosmo Pharmaceuticals provides the GI Genius AI Access platform intended to boost AI innovation for healthcare
• Microsoft Corporation entered the healthcare industry by acquiring Nuance Communications in 2021. The latter is an AI software specialist with a focus on healthcare. The deal was closed at a valuation of US$ 19.7 billion. The acquisition has helped the software giant double its total addressable market value to nearly US$ 500 billion

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AI in Healthcare Market- Key Segments

Component

• Software / Platform
• Services
• Managed Services
• Professional Services

Application

• Robot-assisted Surgery
• Virtual Nursing Assistants
• Administrative Workflow Assistance
• Fraud Detection
• Dosage Error Reduction
• Connected Machines
• Clinical Trial Participant Identifier
• Medical Imaging & Diagnostics
• Drug Discovery
• Others

End User

• Hospital & Healthcare Providers
• Pharmaceuticals & Biotechnology Companies
• Others

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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