According to the latest research report titled, “Artificial Intelligence in Healthcare Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated to grow at a CAGR of 42.2% during the forecast period.   

Artificial intelligence (AI) technologies are used in four main fields: patient monitoring and surveillance, screening and diagnostics, characterization and severity assessment, and prognostic forecasting in patients with COVID-19.  Research published in November 2022 in the Journal of Clinical Diagnostics (MDPI Diagnostics), AI systems are useful for complex medical diagnostics that conventional statistical methods cannot handle. 

Report Summary 

 

Report Attribute	Details
CAGR (2023 – 2028)	42.2%
Study Period	2023 – 2028
Fastest Growing Market	Asia Pacific
Largest Market	North America
Report Scope	Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
Key Market Drivers	Medical Imaging & Diagnostics to Hold Significant Share in the Market
	The rise in the prevalence of chronic diseases, along with product launches by market players, drives the segment.

 

Who are the top companies in the Artificial Intelligence in Healthcare Market? 

The healthcare market is characterized by a large number of players operating both domestically and internationally. As the use of AI continues to grow in healthcare, prominent players in the market are adopting strategies such as product innovations and mergers and acquisitions (M&A) to gain market share and accelerate growth.  

 

Some of the prominent players in the healthcare market 

• Oracle Corporation 
• Intel Corporation 
• Deep Genomics 
• Enlitic, Inc. 
• General Vision, Inc. 
• Google Inc. 
• IBM 
• Microsoft Corporation 
• Oncora Medical 
• Recursion Pharmaceuticals, Inc. 

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Key Highlights from the Artificial Intelligence in Healthcare Market Report 

1.  Medical Imaging and Diagnostics are Expected to Have a Big Presence in the Market  

• AI in imaging devices could make diagnosing more accurate, which could help the market grow over the next few years. In 2021, Roche released three AI-based deep learning image analysis research use only algorithms for breast cancer.   
• The growing physician shortage continues as the Association of American Medical Colleges (AAMC) reports the United States could see a need for 37,800 to 124,000 doctors by 2034. AI can support and increase the productivity of healthcare providers while enhancing patient outcomes with the capacity to identify those at the most risk. 
• Specialty Clinical Pathology Reference Cerba (CPCR) and Taliaz (Digital Health Organization) announced a strategic partnership in October 2022 to provide physicians with a precision psychiatry solution powered by artificial intelligence (AI) that quantifies treatment utility in depression. This test accelerates the time to therapeutic conclusion for physicians and accelerates the recovery of patients suffering from depression worldwide.  

2.  North America Holds a Significant Market Share 

The use of AI in North American healthcare is driven by the growing adoption of cutting-edge technology, like big data adoption, within healthcare systems. In August 2022 CHOP and Penn Medicine announced the launch of the big data-focused Penn-Chop Kidney Innovation Center. The center will support research to enhance the quality of care for adults and kids with kidney disease.  

According to the Association of American Medical Colleges, reported in August 2022 the United States spent USD 4 trillion on health care each year. In addition, the increasing number of chronic diseases across the region has increased the need for diagnostics and improved understanding of diseases in the early stages. According to the International Diabetes Federation (IDF), the number of diabetic patients is expected to rise to 3,288,2 thousand in 2022 and to 3,468,5 thousand in 2045.   

As a result, the region faces the challenge of reducing healthcare spending, which can be achieved through the application of AI in healthcare, thus driving AI in healthcare market growth. 

What are the latest developments in the Artificial Intelligence in Healthcare Market?   

• April 2023: OM1 has rolled out its new artificial intelligence-driven platform to provide personalized information on diagnosis, treatment, risk, use, and clinical trials. Dubbed PhenOM, the platform has been calibrated using OM1’s longitudinal health history database, which includes data from over 300 million patients. 
• June 2023: Stanford Medicine and Stanford Institute for Human-Centered Artificial Intelligence (HAI) launched Responsible AI for Safe and Equitable Health (RAISE-Health), intending to address critical ethical and safety issues regarding the technology.  
• February 2023: Google Cloud launched two new AI-powered tools to help biotech and pharmaceutical companies accelerate drug discovery and advance precision medicine.  
• October 2022: Google Cloud unveiled new AI-powered imaging technologies to aid the accessibility and interoperability of radiology and other imaging data.  

Mordor Intelligence report on the Artificial Intelligence in Healthcare Market segments the market based on product type, application, and geography:   

• By Technology (Market Size & Forecast based on CAGR value, 2023-2028)
• Natural Language Processing (NLP)
• Deep Learning 

• Context Aware Processing 
• Querying Method 
• Other Technology Types 

• By Application (Market Size & Forecast based on CAGR value, 2023-2028) 

• Robot Assisted Surgery 
• Virtual Nursing Assistants 
• Fraud Detection 

• Drug Discovery and Research 
• Dosage Error Deduction 
• Medical Imaging and Diagnostics  
• Wearables 
• Other Application Types 

• By Offering (Market Size & Forecast based on CAGR value, 2023-2028) 

• Hardware 
• Software 
• Services 

• By End User (Market Size & Forecast based on CAGR value, 2023-2028) 

• Healthcare Payers 
• Healthcare Providers 
• Pharmaceutical and Biotechnology Companies 
• Patients 
• Other End-user Types 

• By Geography (Market Size & Forecast based on CAGR value, 2023-2028) 

• North America  

• United States  
• Canada  
• Mexico  

• Europe  

• Germany  
• United Kingdom  
• France  
• Italy  
• Spain  
• Rest of Europe 

• Asia Pacific  

• China  
• Japan  
• India  
• Australia  
• South Korea 
• Rest of Asia-Pacific  

• Middle East and Africa  

• GCC 
• South Africa  
• Rest of the Middle East and Africa  

• South America  

• Brazil  

• Argentina  
• Rest of South America 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on AI in the healthcare industry. Get a glance at the Artificial Intelligence in Healthcare Market Report (2023 – 2028)  

About Mordor Intelligence: 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. 

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.  

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