Artificial Intelligence (AI) in Healthcare Market is Expected to Witness a CAGR of 34-36% from 2024 to 2029
The global AI in healthcare market is expected to grow 34-36% in the next 5 years. The rising need to reduce escalating healthcare costs, availability of large datasets with rising adoption of EHR, need to manage chronic diseases and long-term care more effectively, rising demand for enhanced diagnostic accuracy and patient experience, and rapid advancements and commercialization in AI technology are some of the key factors driving the AI in the healthcare market. To learn more about the research report, download a sample report.
Report Overview
Artificial Intelligence (AI) is the simulation of human intelligence processes such as learning, problem-solving, decision-making, etc. by computers and machines. It is a powerful tool that enhances the speed and efficiency of healthcare systems and empowers clinicians to manage complex and challenging health conditions effectively. By analyzing large volumes of datasets in real time, AI can help accelerate clinical and nonclinical decision-making, improve operational efficiency by automating administrative tasks, reduce human errors and costs, predict patient outcomes, provide personalized treatment, and optimize imaging and diagnostic accuracy.
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Huge amount of data being generated and digitized in healthcare to propel market growth
Healthcare generates ~30% of the world’s data and up to 97% of this data goes unused, which provides an immense, largely untapped pool of data that could be used to transform healthcare operations and patient care. Moreover, with the regulatory push, rapid growth in the adoption of EHRs and EMRs in the last decade, new imaging technologies including video capture and digital pathology, and data from wearable devices and ambient sensors, the healthcare industry has witnessed growing digitization of data. The eventual digitization of data has led to a strong foundation for the successful implementation of advanced technologies like AI especially in developed countries thereby boosting market growth.
Technological advancements and growing commercialization in AI driving the market growth
Advances in AI have generated powerful models that integrate text, images, and other sensory data. As healthcare data is multi-dimensional, the development and application of multimodal AI systems that provide faster and more accurate diagnosis, enhanced interpretation, and user experience, showcase promising growth opportunities. Moreover, the transition of AI technologies from predictive AI to deep learning to generative AI over decades of research and the increasing availability of usable or tangible AI products and services for healthcare applications is likely to further drive market growth. For instance, there has been exponential growth seen in FDA-approved AI/ML medical devices since 2000, with 30x as many approved devices in 2024 than in 2014.
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Competitive Landscape Analysis
The global AI in the Healthcare market is marked by the presence of established and emerging market players such as Philips, IBM, Google, Microsoft, NVIDIA, GE Healthcare, Medtronic, Johnson & Johnson, Tempus, Aidoc, and Siemens Healthineers; among others. Some of the key strategies adopted by market players include product innovation and development, strategic partnerships and collaborations, and geographic expansion.
Report Scope
| Report Scope | Details |
| Base Year Considered | 2023 |
| Historical Data | 2022 – 2023 |
| Forecast Period | 2024 – 2029 |
| Growth Rate | CAGR of 34-36% |
| Segment Scope | Technology, Application, End User |
| Regional Scope |
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| Key Companies Mapped | Philips, IBM, Google, Microsoft, NVIDIA, GE Healthcare, Medtronic, Johnson & Johnson, Tempus, Aidoc, and Siemens Healthineers; among others |
| Report Highlights | Market Size & Forecast, Growth Drivers & Restraints, Trends, Competitive Analysis |
Key Strategic Questions Addressed
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What is the market size & forecast of the AI in Healthcare market?
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What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the AI in Healthcare market?
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What are the key trends defining the market?
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What are the major factors impacting the market?
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What are the opportunities prevailing in the market?
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Which region has the highest share in the global market?
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Which region is expected to witness the highest growth rate in the next 5 years?
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Who are the major players operating in the market?
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What are the key strategies adopted by players?
- Introduction
- Introduction
- Market Scope
- Market Definition
- Segments Covered
- Regional Segmentation
- Research Timeframe
- Currency Considered
- Study Limitations
- Stakeholders
- List of Abbreviations
- Key Conferences and Events (2024-2025)
- Research Methodology
- Secondary Research
- Primary Research
- Market Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Forecasting
- Executive Summary
- AI in Healthcare Market Snapshot (2024-2029)
- Segment Overview
- Regional Snapshot
- Competitive Insights
- Market Overview
- Market Dynamics
- Drivers
- Growing need to reduce escalating healthcare costs
- Availability of large datasets with rising adoption of EHR
- Need to manage chronic diseases and long-term care more effectively
- Rising demand for enhanced diagnostic accuracy and patient experience
- Rapid advancements and commercialization in AI technology
- Restraints
- Regulatory challenges
- Lack of skilled AI workforce
- Reluctance to adopt AI-based technologies among medical professionals
- Opportunities
- Growing potential in medical imaging, diagnostics, and personalized medicine
- Key Market Trends
- Drivers
- Unmet Market Needs
- Industry Speaks
- Market Dynamics
- Global AI in Healthcare Market Size & Forecast (2022-2029), By Technology, USD Million
- Introduction
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Deep Learning
- Generative AI
- Predictive Analytics
- Others
- Global AI in Healthcare Market Size & Forecast (2022-2029), By Application, USD Million
- Introduction
- Medical Imaging & Diagnostics
- Clinical Decision-Making
- Personalized Medicine
- Virtual Health Assistants
- Robotic Surgery
- Remote Monitoring & Telehealth
- Population Health Management
- Others
- Global AI in Healthcare Market Size & Forecast (2022-2029), By End User, USD Million
- Introduction
- Healthcare Providers
- Healthcare Payers
- Academic & Research Institutes
- Others
- Global AI in Healthcare Market Size & Forecast (2022-2029), By Region, USD Million
- Introduction
- North America AI in Healthcare Market Size & Forecast (2022-2029), By Country, USD Million
- US
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Canada
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- US
- Europe AI in Healthcare Market Size & Forecast (2022-2029), By Country, USD Million
- UK
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Germany
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- France
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Italy
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Spain
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Rest of Europe
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- UK
- North America AI in Healthcare Market Size & Forecast (2022-2029), By Country, USD Million
- Introduction
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- Asia Pacific (APAC) AI in Healthcare Market Size & Forecast (2022-2029), By Country, USD Million
- China
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Japan
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- India
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Rest of Asia Pacific
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- China
- Latin America (LATAM) AI in Healthcare Market Size & Forecast (2022-2029), USD Million
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Middle East & Africa (MEA) AI in Healthcare Market Size & Forecast (2022-2029), USD Million
- Market Size & Forecast, By Technology (USD Million)
- Market Size & Forecast, By Application (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Asia Pacific (APAC) AI in Healthcare Market Size & Forecast (2022-2029), By Country, USD Million
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- Competitive Landscape
- Key Players and their Competitive Positioning
- Key Player Comparison
- Segment-wise Player Mapping
- Market Share Analysis (2023)
- Company Categorization Matrix
- Dominants/Leaders
- New Entrants
- Emerging Players
- Innovative Players
- Key Strategies Assessment, By Player (2022-2024)
- New Product Launches
- Partnerships, Agreements, & Collaborations
- Mergers & Acquisitions
- Geographic Expansion
- Key Players and their Competitive Positioning
- Company Profiles*
(Business Overview, Financial Performance**, Products & Services Offered, Recent Developments)
- Royal Philips
- Microsoft
- NVIDIA
- GE Healthcare
- Siemens Healthineers
- Tempus
- Aidoc Medical
- Johnson & Johnson
- Medtronic
- Other Prominent Players
The study has been compiled based on extensive primary and secondary research.
Secondary Research (Indicative List)
Primary Research
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers, Others
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, Business Development Managers, Consultants, Others
Demand Side Stakeholders:
- Healthcare Providers, Healthcare Payers, Academic Research Institutes, Others
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down & Bottom-Up Approaches’ were used to derive market size estimates and forecasts
Data Triangulation
Research findings derived through secondary sources & internal analysis was validated with Primary Interviews, Internal Knowledge Repository and Company’s Sales Data
