Artificial Intelligence In Medicine Market Size (2024 - 2029)

Artificial Intelligence in Medicine Market Analysis

The Artificial Intelligence In Medicine Market size is estimated at USD 21.88 billion in 2024, and is expected to reach USD 130.11 billion by 2029, at a CAGR of 42.84% during the forecast period (2024-2029).

Artificial Intelligence (AI) in the medical field is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare. Additionally, the market for artificial intelligence in the medical sector is anticipated to grow as opportunities in geriatric population care with the aid of AI technology and imaging and diagnostics to generate data for research development arise.

• Chronic illnesses such as diabetes, heart disease, and cancer pose significant healthcare challenges globally. These conditions often necessitate long-term care, regular monitoring, and advanced diagnostic tools. Artificial Intelligence (AI) enhances early detection and personalizes treatments to meet these requirements. For instance, AI-driven technologies like HeartFlow provide a non-invasive alternative to angiograms by analyzing coronary CT scans to identify blockages.
• The American Diabetes Association reported that over 37 million Americans were diagnosed with diabetes in 2023, underscoring the critical role of AI in effectively managing such health issues. 'The integration of AI in healthcare not only improves patient outcomes, optimizes resource allocation, and reduces overall healthcare costs but also enhances overall healthcare efficiency. As the prevalence of chronic diseases continues to rise, the adoption of AI technologies is expected to grow, driving innovation and efficiency in the healthcare sector.
• The digital revolution has profoundly transformed the healthcare sector. Notably, innovations and integrations have reshaped care delivery and system performance. As digital convergence paves the way for the seamless integration of technologies like AI, IoT, and machine learning (ML), the healthcare sector is poised for a new wave of transformation, steering towards a customer-centric business model.
• Artificial Intelligence (AI) in healthcare leverages technologies such as machine learning, natural language processing, and deep learning to improve experiences for both healthcare professionals and patients. With its data-processing and predictive capabilities, AI empowers healthcare professionals to optimize resource management and adopt a proactive stance in diverse healthcare facets, contributing to the emergence of smart healthcare systems.
• AI-enabled solutions hold significant promise, yet their implementation in clinical settings faces constraints. Clinicians need high-quality datasets to validate AI models both clinically and technically. Yet, the fragmentation of medical data across multiple electronic health records (EHRs) and software platforms complicates the collection of patient information, making it challenging to test AI algorithms.
• The ongoing conflict between Israel and Hamas, amid geopolitical complexities, threatens to disrupt the global semiconductor industry. Israel plays a significant role in Integrated Circuit (IC) production and innovation, which can impact the price and availability of devices worldwide used for AI in medicine solutions.
• Additionally, in June 2024, Intel Corp stopped building a new chip manufacturing plant worth USD 25 billion in Israel. This could indirectly lower the availability and production volume of semiconductor solutions and impact the global artificial intelligence in medicine market during the forecast period.

Artificial Intelligence in Medicine Industry Segmentation

Artificial intelligence in the medical sector uses machine learning models to enhance patient outcomes and medical research data. These methods support healthcare professionals by leveraging medical knowledge to deliver immediate services for various clinical and medical solutions. Electronic health records (EHRs) provide data that AI systems can use to deliver therapeutically relevant, timely, and high-quality information to doctors and researchers for immediate needs.

The studied Market is segmented by various applications such as Medical Administration and Support, Patient Management, and Research and Development among Hardware, Software, and Services types in multiple geographies. The impact of macroeconomic trends on the Market is also covered under the scope of the study. Further, the disturbance of the factors affecting the Market's evolution in the near future has been covered in the study regarding drivers and constraints. The market sizes and predictions are provided in terms of value in USD for all the above segments.

Artificial Intelligence in medicine market is segmented by application type (medical administration and support, patient management, research and development, other applications), by type (hardware, software, services), by geography (North America [United States, Canada], Europe [United Kingdom, Germany, France, the Nordics, Rest of Europe], Asia Pacific [China, India, South Korea, Singapore, Rest of the Asia Pacific], Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.