The market for artificial intelligence in healthcare is likely to thrive as a result of the need to reduce rising healthcare costs and the growing shortage of care providers.
That's according to Future Market Insights, who recently launched a report on Artificial Intelligence in the Healthcare Market.
The global artificial intelligence in healthcare market was valued at around US$7.0 billion at the end of 2021. The market is projected to register a 38.5% CAGR and top a valuation of US$181.8 billion by 2032.
Artificial intelligence (AI) is used in healthcare to interpret and analyse data in order to perform clinical diagnoses and propose suitable treatment strategies for a condition. It analyses disease patterns and symptoms using a variety of technologies and advanced algorithms while also giving healthcare professionals improved direction, criticism, and support. In addition, AI-powered systems can analyse healthcare data through wearable smart devices, offer patients digital and virtual consultations, and provide drug formulation and management services.
What are the Major Drivers Boosting the Demand for Artificial Intelligence in Healthcare Market?
One of the key factors driving the market's advancement is the growing use of robots in surgical and rehabilitation treatments in the healthcare sector. Neurological, orthopaedic, and laparoscopic minimally invasive (MI) surgery can be successfully carried out by robots. Additionally, the market is benefiting from the growing trend of digitisation and automation in the healthcare sector. AI is being used in a variety of medical systems and gadgets to facilitate and secure data handling. Additionally, this helps to produce patient-specific data that is used to provide specialised pharmaceutical and diagnostic services.
The ageing population and their increased dependency on healthcare services are other factors driving the market. Most elderly care products now use AI, including smart devices for aged care, fall detection, and virtual companions. While industrial robots are utilised in healthcare facilities to carry out numerous everyday activities, these empathetic robots may also care for patients who are physically and mentally challenged.
Due to improvements in healthcare IT infrastructure, rising healthcare expenses, and broad adoption of AI/ML technologies, North America dominated the AI in healthcare market and accounted for the major revenue share, the report shows.
The market is expanding in Europe due to rising awareness of the use of AI-based technologies and increasing demand for value-based services.
Over the projection period, the Asia Pacific region is expected to have profitable growth. This growth rate is due to the fast technological advancements and development as well as ventures concentrating on AI-based healthcare technology.
According the report, AI in healthcare encompasses various techniques and applications, including:
Medical Imaging and Diagnostics: AI algorithms can analyse medical images such as X-rays, CT scans, and MRIs to detect abnormalities, assist in early disease detection, and provide accurate diagnoses.
Predictive Analytics: AI models can analyse patient data to identify patterns, risk factors, and predict potential health outcomes, such as disease progression or patient deterioration. This helps in proactive intervention and personalised treatment planning.
Virtual Assistants and Chatbots: AI-powered virtual assistants and chatbots can interact with patients, answer their questions, provide basic medical advice, and assist in appointment scheduling, streamlining healthcare operations and improving patient experiences.
Drug Discovery and Development: AI algorithms can analyse large databases of genetic and molecular data to accelerate the discovery and development of new drugs, identify potential targets for treatment, and optimise clinical trials.
Electronic Health Records (EHR) Management: AI can automate the extraction, organisation, and analysis of information from electronic health records, improving documentation accuracy, and supporting efficient data-driven decision-making.
Robotics and Surgical Assistance: AI-powered robots can assist surgeons during complex procedures, enhancing precision, reducing invasiveness, and shortening recovery times.
Remote Patient Monitoring: AI-enabled devices can monitor patients remotely, collect real-time data, and alert healthcare providers to any concerning changes in vital signs or health conditions, enabling proactive interventions and reducing hospitalisations.
Overall, AI in healthcare holds the potential to improve patient outcomes, enhance the efficiency of healthcare delivery, enable personalised medicine, and contribute to medical research and innovation.