The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Artificial Intelligence In Medicine Global Market Report 2024, the artificial intelligence in medicine market is expected to show promising growth in the forecast period.

The artificial intelligence (AI) in medicine market has been experiencing rapid growth in recent years. With advancements in technology and a rising demand for efficient healthcare solutions, the market is poised for even greater expansion in the coming years.

Current Market Landscape

• Market Size in 2023: $8.01 billion
• Projected Market Size in 2024: $11.19 billion
• Compound Annual Growth Rate (CAGR): 39.8%

Key Growth Drivers

• Patient Well-being Focus: Increased emphasis on patient health and safety.
• Physician Shortage: A relative shortage of doctors driving the need for AI solutions.
• Skilled Healthcare Professionals: Growth in the number of professionals adept at utilizing AI.
• Processing Power: Enhanced processing capabilities of AI systems.

Future Market Projections

• Expected Market Size in 2028: $42.11 billion
• CAGR: 39.3%

Anticipated Growth Factors

• Chronic Disease Prevalence: Rising rates of chronic diseases necessitating advanced healthcare solutions.
• Digital Transformation: Greater emphasis on adopting digital practices in healthcare.

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Emerging Trends

• Medical Robots: Development and integration of robotic systems in medical practice.
• Patient Management Applications: Significant growth expected in AI-driven patient management tools.
• Drug Discovery: AI’s role in expediting and enhancing drug discovery processes.
• Precision Medicine: Advances in AI leading to more accurate and personalized treatment options.

Remote Patient Monitoring: A Catalyst for AI Adoption
Surge in Remote Patient Monitoring

• Real-time Monitoring: Increasing use of remote patient monitoring (RPM) systems.
• Survey Findings: According to Vivalink’s 2023 survey, RPM usage by clinicians rose from 20% in 2021 to 81%, a 305% increase.
• AI’s Role: Leveraging AI to analyze patient data, provide predictive insights, and enable personalized care.

Impact on AI in Medicine

• Growth Driver: The rising interest in RPM systems significantly boosts AI adoption in healthcare.

Innovations by Leading Companies
Advanced Robotic Tools

• Smith & Nephew: Transforming orthopedic practices with cutting-edge robotic tools.
• AI-Powered Platforms: Companies like OM1 Inc. are launching platforms like PhenOM, which uses real-world data and advanced analytics to identify unique digital phenotypes, predict risks, and inform treatment decisions.

Strategic Acquisitions

• Sanofi’s Acquisition of Amunix Pharmaceuticals:
  • Date: December 2021
  • Objective: Enhance Sanofi’s oncology portfolio and expedite the development of cancer treatments.
  • Impact: Acquisition brings about 20 new molecules into development.
  • Amunix’s Contribution: Utilizing AI technology to develop innovative medicines.

Market Segmentation
By Type

• Hardware
• Software
• Services

By Technology

• Machine Learning
• Natural Language Processing
• Context-Aware Processing
• Computer Vision

By Application

• Medical Administration and Support
• Patient Management
• Research and Development
• Other Applications

By End User

• Hospitals
• Clinics
• Research Institutions

Regional Insights

• North America: The largest region in the AI in medicine market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region in the forecast period.

Conclusion
The artificial intelligence in medicine market is on a remarkable growth trajectory, driven by advancements in technology, a growing emphasis on digital transformation, and the increasing prevalence of chronic diseases. As major companies continue to innovate and adopt AI-driven solutions, the future of healthcare looks poised for significant transformation, promising improved patient outcomes and more efficient medical practices.

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