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At 42.4% CAGR, Artificial Intelligence in Healthcare Market to Witness Huge Growth by 2029


The global Artificial Intelligence in healthcare market size was valued at USD 10.54 billion in 2021 and is expected to reach a valuation of USD 13.82 billion in 2022. The market is expected to reach USD 164.10 billion by 2029 with a CAGR of 42.4% during the forecast period. Growing instances of investments in the healthcare industry by government and private companies for artificial intelligence is projected to observe a positive market progress. Advancement in the fields of medicines, research, innovation, and technology is expected to shape the market course. Use of AI for assistance to medical professionals is expected to aid market development. Fortune Business Insights™ shares this information in its report titled “Artificial Intelligence (AI) in Healthcare Market, 2022-2029.

Key Industry Development

March 2022 – NVIDIA Corporation launched Clara Holoscan MGX, a device that is used to accelerate the innovation in the medical industry. It uses real-time AI.

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Drivers and Restraints

Integration of Artificial Intelligence in Healthcare to Fuel Market Progress

Use of artificial intelligence and robotics in diagnosing and treating pharmacological disorders is estimated to drive the Artificial Intelligence (AI) in healthcare market growth. Use of virtual assistant can help in transform delivery of care for improving patient care and help in tracking patient health. In January 2021, Nuance launched a new virtual assistant platform to simplify the use of AI to connect the patients. The new platform addresses the need of the healthcare providers and patients and delivers solutions of care.

However, growing complications, high costs, and data breaches in Artificial Intelligence (AI) in healthcare are anticipated to hamper market development.

Segments

Solutionsto Lead Due to Increasing Number of Investments by Market Players

On the basis of platform, the market is segmented into solutions and services. The solutions segment is expected to hold a major market share. The dominance is due to increase in investments by the key players. Initiatives taken by governments to enhance AI in the healthcare infrastructure have surged the demand for AI.

Robot-Assisted Surgeryto Dominate Due to Technological Innovations

Based on application, the market is segmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, clinical trials, preliminary diagnosis, and others. The robot-assisted surgery segment dominated the segment in 2021 due to increase in technological innovations and advancements. The preliminary diagnosis segment is also anticipated to have a moderate CAGR due to positive results generated from AI-based diagnostics tools.

Hospitals & Clinicsto be the Prime Segment Due to Increasing Number of Collaborations by Market Players

Based on end-user, the market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies, Contract Research Organization (CRO), and others. The hospitals & clinics segment is estimated to have a dominant part in 2021 due to the adoption of new technologies and increasing collaborations amongst market players.

Geographically, the market is divided into North America, Europe, Asia Pacific, and Latin America.

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Regional Insights

North America to Govern Market Due to Adoption of AI in Medical Facilities

North America is projected to lead the Artificial Intelligence (AI) in healthcare market share and is estimated to have highest part due to growing adoption of new AI-based medical equipment. Surge in the number of machine learning- based clinical trials in the region which offers accurate results is expected to drive market growth.

Europe is estimated to hold the second-largest position owing to enhancement in the process of drug discovery.

Asia Pacific is projected to have a noticeable share due to the demand from developing countries such as China, India, and Japan. Growing number of investments in the medical devices that are AI-based is expected to boost market size.

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