Healthcare Artificial Intelligence Market to be Worth $176.4 Billion by 2031

Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography–Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global healthcare artificial intelligence market is projected to reach $176.4 billion by 2031, at a CAGR of 31.3% from 2024–2031. The growth of the healthcare artificial intelligence market is driven by the growing demand for personalized therapy, the rise in the volume and complexities associated with healthcare datasets, and the rising need to reduce healthcare costs. However, reluctance to adopt AI technologies due to a lack of trust restrains the growth of this market. Moreover, the growing potential of AI-based tools in the treatment of chronic and infectious diseases and the rising incorporation of AI in clinical trials to accelerate new drug launches are expected to generate market growth opportunities. However, discrepancies arising due to upgrades and human barriers to AI adoption are major challenges for market stakeholders. Additionally, growing AI-based clinical decision support systems (CDSS) to identify patient risk are prominent trends in this market.

The global healthcare artificial intelligence market is segmented by offering (software, hardware, and services [installation & integration and support & maintenance]), technology (machine learning, natural language processing, context-aware processing, and querying method), application (drug discovery, hospital workflow management, patient data & risk analytics, medical imaging & diagnosis, patient management, precision medicine, and other applications), end user (hospitals & diagnostic centers, pharmaceutical & biotechnology companies, healthcare payers, patients, and other end user). The study also evaluates industry competitors and analyzes the market at geographical levels.

Based on offering, the global healthcare artificial intelligence market is segmented into software, hardware, and services. In 2024, the software segment is expected to account for the largest share of the global healthcare artificial intelligence market. The large market share of this segment is attributed to the growing ability to reduce operational or administrative complexity, the growing need to accelerate data analysis with high accuracy, the rise in the software launches by healthcare IT companies, and the increasing need for healthcare specialists to track the disease progression and recovery.

However, the services segment is projected to register the highest CAGR during the forecast period due to the rising incorporation of AI services in clinical trials to accelerate new drug launches, the rising adoption of AI services to help reduce human error, assist medical professionals and staff, the increasing need for analyzing data to identify potential health issues, and the rising use of AI services for personalized medication guidance and 24/7 support.

Based on technology, the global healthcare artificial intelligence market is segmented into machine learning, natural language processing, context-aware processing, and querying method. In 2024, the natural language processing segment is expected to account for the largest share of the global healthcare artificial intelligence market. The large market share of this segment is attributed to the ability to collect large amounts of data and handle big data, the rising need to organize physician documentation, the increasing use of efficient back-end coding to optimize billing procedures, and the increasing need to predict the risk of any health-related complication at an early stage.

Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on application, the global healthcare artificial intelligence market is segmented into drug discovery, hospital workflow management, patient data & risk analytics, medical imaging & diagnosis, patient management, precision medicine, and other applications. In 2024, the hospital workflow management segment is expected to account for the largest share of the global healthcare artificial intelligence market. The large market share of this segment is attributed to the growing amount of healthcare data generated to manage medical records and assemble and evaluate patient data generated in the hospitals, the increasing use of chatbots for customer service engagement, the growing adoption of automated tasks, improved patient care coordination, reduced costs, and the increasing use of AI in hospitals to improve patient experience and care.

Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on end user, the global healthcare artificial intelligence market is segmented into hospitals & diagnostic centers, pharmaceutical & biotechnology companies, healthcare payers, patients, and other end user. In 2024, the hospitals & diagnostic centers segment is expected to account for the largest share of the global healthcare artificial intelligence market. The large market share of this segment is attributed to the growing need to improve the speed and accuracy of patient visits, leading to faster and more personalized care, the rising use of AI for automating routine tasks such as maintaining records, data entry, and scan analysis, the growing adoption of AI to improve accuracy, reduce costs, and save time compared to traditional diagnostic methods.

Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on geography, the healthcare artificial intelligence market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global healthcare artificial intelligence market. The healthcare industry in North America has swiftly used AI to increase efficiency, productivity, and consumer experiences. The growing use of AI in the healthcare industry to assist diagnostic processes, predictive analytics, patient care, and drug discovery, the rising incorporation of AI in clinical trials to accelerate new drug launches, and the growing demand for personalized therapy supports the growth of this regional market.

However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by the growing need for coordination between healthcare workforce & patients, the rise in adoption of precision medicine, the growing prevalence of diseases, and remarkable growth in venture capital investments, the significant use of big data in the healthcare sector, and the rising technological innovation.

The key players operating in the healthcare artificial intelligence market are NVIDIA Corporation (U.S.), Google LLC (U.S.) (A Subsidiary of Alphabet Inc.), Intel Corporation (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), GE HealthCare Technologies Inc. (U.S.), Amazon.com, Inc. (U.S.), Verint Systems Inc. (U.S.), General Vision, Inc. (U.S.), Siemens Healthineers AG (Germany), CloudMedx Inc. (U.S.), AltexSoft Inc. (U.S.), IQVIA Holdings Inc. (U.S.), Welltok, Inc. (U.S.), and iCarbonX (China).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of offering, technology, application, and end user?
What is the historical market size for the global healthcare artificial intelligence Market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global healthcare artificial intelligence market?
Who are the major players in the global healthcare artificial intelligence market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global healthcare artificial intelligence market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global healthcare artificial intelligence market, and how do they compete with other players?

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