Artificial Intelligence In Healthcare Market Size, Trends, Growth, Report 2022 to 2030, Latest Nova one advisor Study

According to Nova one advisor’s latest research report on the global Artificial Intelligence in Healthcare market size was estimated at USD 10.9 billion in 2021 and is expected to surpass around USD 209.1 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 39.4% during the forecast period 2022 to 2030.

The growing demand for personalized medicine, rising demand for value-based care, growing datasets of patient health-related digital information, advancements in healthcare IT infrastructure, penetration of smartphones, improved internet connectivity, and shortage of care providers is propelling the growth of the market over the forthcoming years.

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In addition, changing lifestyles, the growing geriatric population, rising prevalence of chronic diseases have contributed to the need for faster and accurate disease detection and improving the understanding of the disease in the early stage, thereby driving the adoption of technologies based on Artificial Intelligence (AI) in healthcare. The ongoing Covid-19 pandemic positively impacted the adoption of AI-based technologies and unearthed the potential they withhold. Healthcare systems began adopting AI-based technologies in faster and early diagnosis & detection of diseases and quicker & accurate clinical trials.

Furthermore, AI-based technologies were implemented in virtual assistants, robot-assisted surgeries, claims management, cybersecurity, and patient management. AI algorithms were trained with patient health datasets to optimize the diagnosis and detection of diseases at an early stage, to begin with, an optimum treatment regime. Supportive government initiatives, a growing number of investments from private investors and venture capitalists, and the emergence of AI-specialized startups across the globe are driving the market growth. Software solutions dominated in 2021, owing to the rapidly rising adoption rates of software solutions in healthcare systems and the growing penetration of these technologies in various applications.

The clinical trials segment dominated in 2021, owing to the adoption of these technologies in clinical trial designing, study adherence, patient recruitment, and minimized patient dropout. North America region dominated in 2021, owing to the availability of optimum IT infrastructure, technological literacy, presence of key players & local developers, and lucrative funding options. Key players are focusing on devising innovative product development strategies through mergers & acquisitions and collaborations to expand their product portfolio and cater to larger business geographies.

Report Scope of the Artificial Intelligence In Healthcare Market

Key Takeaways:

•  By Component, the U.S. artificial intelligence in healthcare market was valued at USD 5.9 Billion in 2021 and expected to witness growth at a CAGR of 37.4% from 2022 to 2030.

• The software solutions segment dominated the global market in 2021, due to the widespread adoption of AI-based software solutions amongst care providers, payers, and patients.
• The clinical trials segment dominated the market in 2021, owing to the growing demand for faster and accurate clinical trials with enhanced accuracy and reliability
• North America dominated in 2021, owing to advancements in healthcare IT infrastructure, readiness to adopt advanced technologies, presence of several key players, growing geriatric population, and rising prevalence of chronic diseases

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Component Insights

In 2021, the software solutions segment dominated the market for artificial intelligence in healthcare and accounted for the largest revenue share of 39.11% owing to the rapidly growing adoption rate of AI-based software solutions amongst healthcare providers, payers, and patients. For instance, in September 2019, GE Healthcare partnered with five Chinese local software developers namely, 12Sigma Technologies, Biomind, Shukun Technology, Yizhun Medial AI, and YITU Technology to collaboratively work on developing Edison AI platform and support the smooth digital transformation of GE Healthcare.

However, the software solutions segment is anticipated to grow lucratively over the forecast period. This dramatic growth rate is attributable to the rising penetration of AI-based technologies in several healthcare applications such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dosage error reduction, and fraud detection. Moreover, the growing number of strategic initiatives such as partnerships and seed investments undertaken by key players are contributing to the growth potential. Key players in this segment are IBM Corporation, NVIDIA Corporation, Intel Corporation, and Biosymetrics.

Application Insights

By application, the clinical trials segment dominated the AI in the healthcare market in 2021 and accounted for the largest revenue share of 24.6% owing to the growing number of patent expirations, rising demand for faster and accurate clinical trials to cater to the need for new drug discoveries and drug development. Although, prior to the pandemic AI-technologies in clinical trials were still in a nascent stage, now with the growth in demand for faster clinical trials supporting trial designing, study adherence, minimizing dropout rates, and patient recruitment, AI-based technologies in clinical trials has witnessed a surge in adoption. Decreasing the amount of time required in performing clinical trials and enhancing the accuracy and reliability of the clinical trial are expected to boost the market growth. Life science organizations, government regulatory authorities, and healthcare start-ups are beginning to support and adopt AI-empowered solutions in their processes. For example, Deep6AI is an AI monitoring system that enhances the patient recruitment process and reduces the time and expenses involved.

For instance, as per studies, the mean Return On Investment (ROI) for new drug development reduced from 10.5% in 2010 to 1.9% in 2018. On the other hand, the virtual assistant segment is anticipated to register the fastest growth over the forecast period. The rapid growth and penetration of AI-based technologies in the virtual assistant segment is attributable to the growing shortage of skilled professionals, increasing penetration of smartphones, and improved internet connectivity. In addition, to the virtual assistant’s segment, the robot-assisted surgeries segment is expected to grow lucratively and possess a promising potential over the forthcoming years. This significant growth rate is attributable to the increasing number of partnerships between surgical robot manufacturers and AI technology providers.

Regional Insights

North America dominated the AI in healthcare market in 2021 and accounted for the largest revenue share of 58.9%, owing to advancements in healthcare IT infrastructure, growing care expenditures, widespread adoption of AI/ML technologies, favorable government initiatives, lucrative funding options, and presence of several key market players. Moreover, the growing geriatric population, changing lifestyles, increasing prevalence of chronic disorders, growing demand for value-based care, and rising awareness levels towards the implementation of AI-based technologies is bolstering the market growth in North America.

On the other hand, Asia Pacific region is anticipated to register the fastest growth over the forecast period. This growth rate is attributable to the rapid innovations and development in the IT infrastructure and entrepreneurship ventures specializing in AI-based technologies. Increasing investments by private investors, venture capitalists, and non-profit organizations to enhance clinical outcomes, improved data analysis and data security, and reduced costs are driving the adoption rates. Favorable government initiatives supporting and promoting healthcare organizations and care providers to readily adopt AI-based technologies are some of the key factors driving the growth of the Asia Pacific market.

Some of the prominent players in the Artificial Intelligence In Healthcare Market include:

• Nuance Communications, Inc.
• IBM Corporation
• Microsoft
• NVIDIA Corporation
• Intel Corporation
• DeepMind Technologies Limited

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Artificial Intelligence In Healthcare market

• By Component
  • Software Solutions
  • Hardware
  • Services
• By Application
  • Robot-Assisted Surgery
  • Virtual Assistants
  • Administrative Workflow Assistants
  • Connected Machines
  • Diagnosis
  • Clinical Trials
  • Fraud Detection
  • Cybersecurity
  • Dosage Error Reduction

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

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Objectives of the Study

• To define, describe, and forecast the Artificial Intelligence In Healthcare market based on type, technology, application, end user, and region
• To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the market segments with respect to five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
• To profile key market players and comprehensively analyze their product portfolios, market shares, and core competencies
• To track and analyze competitive developments, such as product launches, expansions, acquisitions, agreements, and collaborations in the Artificial Intelligence In Healthcare market

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