The AI in healthcare market size is expected to reach USD 431.05 billion by 2032, according to a new study by Polaris Market Research. The report “AI In Healthcare Market Share, Size, Trends, Industry Analysis Report, By Platform (Hardware, Software, Services); By Technology; By Application; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
AI in healthcare refers to the application of artificial intelligence (AI) technologies and techniques in the field of healthcare to improve various aspects of patient care, diagnosis, treatment, and overall healthcare operations.
The ongoing digitization of healthcare primarily propels the CAGR of the healthcare artificial intelligence market. The market's upward trajectory is expected to be further boosted by increased investments in artificial intelligence (AI) within the healthcare sector, particularly by pharmaceutical and MedTech companies, as they seek to enhance their operational efficiency. Research conducted by PwC highlights the efficacy, speed, and cost-effectiveness of AI in executing operational tasks, contributing to its widespread adoption.
Artificial intelligence plays a crucial role in facilitating early detection and diagnosis of ailments, providing valuable support to medical professionals. Factors such as the expanding utilization of precision medicine, the growing significance of big data in healthcare, the imperative to optimize healthcare expenditures, and the decreasing costs of hardware collectively contribute to the robust expansion of the healthcare AI market.
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AI enables remote monitoring of patients with chronic conditions. Continuous data collection helps healthcare providers track patient progress, intervene early, and prevent hospital readmissions. The escalating shortage of healthcare professionals has spurred the integration of AI/ML technologies. Consequently, AI algorithms can undergo training to analyze patient health data, aiding healthcare providers in swiftly diagnosing conditions and formulating effective treatment plans.
However, Market growth and the accelerated adoption of AI in healthcare are fueled by supportive government initiatives, heightened mergers and acquisitions, technological collaborations, and the persistent impact of the COVID-19 pandemic. Initially employed for detecting COVID-19-positive cases by leveraging personalized patient information and data consolidation, AI/ML algorithms are now widely applied for the prompt and precise diagnosis of various medical conditions. These factors contribute significantly to the expansion of the market.
AI in Healthcare Market Report Highlights
Polaris Market Research has segmented the AI in Healthcare market report based on platform, technology, application, end-use, and region:
AI in Healthcare, Platform Outlook (Revenue - USD Billion, 2019 - 2032)
AI in Healthcare, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
AI in Healthcare, Application Industry Outlook (Revenue - USD Billion, 2019 - 2032)
AI in Healthcare, End-Use Industry Outlook (Revenue - USD Billion, 2019 - 2032)
AI in Healthcare, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 32.34 billion |
Revenue forecast in 2032 |
USD 431.05 billion |
CAGR |
38.2% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments covered |
By Platform, By Technology; By Application, By End-Use, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
For Specific Research Requirements |