How the Artificial Intelligence In Medicine Market Will Grow: Key Trends, Market Size, and Opportunities Beyond 2025
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Drivers Are Shaping the Growth and Development of theArtificial Intelligence In Medicine Market?
The rise in the usage of real-time remote patient monitoring (RPM) systems is predicted to spur the expansion of the artificial intelligence sector within the medical field. An RPM system is an innovative healthcare method aimed at examining patient health outside the usual healthcare environment. The field of medicine has greatly benefited from the introduction of artificial intelligence, particularly in the area of remote patient monitoring, where it uses complex algorithms to scrutinize abundant patient data, providing predictive insights and facilitating personalized treatment. For instance, as per Statistics Canada, a Canadian government agency, data from November 2024 reveals that residents of British Columbia (73.8%) and Newfoundland and Labrador (70.7%) were the most likely to have had a virtual consultation in the year leading up to the 2022 survey. In contrast, residents of Prince Edward Island (36.9%) and Quebec (37.6%) were the least likely to utilize this technology. Consequently, the escalating interest in real-time remote patient monitoring (RPM) systems is stimulating the growth of artificial intelligence in the medicine market.
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#What is the Anticipated CAGR of theArtificial Intelligence In Medicine Market, and What Factors Will Drive It?
There has been a substantial expansion in the market size of artificial intelligence in medicine in the recent past. It is projected to surge from $11.19 billion in 2024 to $15.66 billion in 2025, indicating a compound annual growth rate (CAGR) of 39.9%. The upswing during the historical period can be traced back to the amplified focus on safeguarding patient health, paired with a relative scarcity of doctors, a rise in the number of proficient healthcare professionals, and an increase in the processing capabilities of AI systems.
The market size of artificial intelligence in medicine is projected to witness a skyrocketing increase in the upcoming years. With an estimated worth of $58.37 billion by 2029 and a compound annual growth rate (CAGR) of 39.0%, the market shows promising expansion. Factors contributing to this projected growth during the forecast period include the increasing occurrence of chronic illnesses and a heightened focus on incorporating digital transformation methods. Important trends expected during this period encompass the creation of medical robots, the launch of patient management software with anticipated substantial growth, AI’s role in drug discovery, and the advancement of precision medicine.
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Which Cutting-Edge Market Trends Are Expected to Drive theArtificial Intelligence In Medicine Market’s Growth?
Leading corporations in the realm of artificial intelligence in medicine are keen on launching innovative solutions such as AI-driven platforms to offer trustworthy services to their clients. An AI-driven platform is a software solution that harnesses the power of artificial intelligence technologies to automate assignments, dissect data, and make forecasts. For instance, in April 2023, OM1 Inc., a digital health firm located in the US, introduced PhenOM. This platform utilizes real-world data and sophisticated analytics to recognize unique digital phenotypes linked with conditions and results, thereby establishing fingerprints for varied patient groups. PhenOM is skilled in analyzing data from each patient to predict potential risks, highlight intervention opportunities, and guide treatment decisions.
What Are the Leading Market Players Impacting theArtificial Intelligence In Medicine Market’s Growth Trend?
Major companies operating in the artificial intelligence in medicine market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Medtronic PLC, Nvidia Corporation, Novo Nordisk A/S, Siemens Healthineers AG, Philips Healthcare, Babylon Healthcare Services Ltd., Komodo Health Inc., Modernizing Medicine Inc., Viz.ai Inc., Butterfly Network Inc., Augmedix, AiCure LLC, HealthTap Inc., Welltok Inc., Enlitic Inc., PathAI Inc., Nano-X Imaging Ltd., Berg LLC, Insitro, Sense.ly Inc., Subtle Medical Inc., Medasense Biometrics Limited, Immunai, Atomwise Inc., Freenome Holdings Inc., CloudMedX Inc.
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How Are the Key Segments of the Artificial Intelligence In Medicine Market Driving Opportunities and Innovations?
The artificial intelligence in medicine market covered in this report is segmented –
1) By Type: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Processing, Computer Vision
3) By Application: Medical Administration And Support, Patient Management, Research And Development, Other Applications
4) By End User: Hospitals, Clinics, Research Institutions
Subsegments:
1) By Hardware: AI-Powered Imaging Devices, Robotics And Automation Devices, Wearable Health Devices, Servers And Computing Systems
2) By Software: Machine Learning Algorithms, Natural Language Processing (NLP) Tools, Image Analysis Software, Predictive Analytics Software, Clinical Decision Support Systems
3) By Services: AI Consulting Services, Integration Services, Maintenance And Support Services, Data Management Services, Training And Education Services
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What Regions Are At the Forefront of #What Drivers Are Shaping the Growth and Development of theArtificial Intelligence In Medicine Market?# Market Expansion?
North America was the largest region in the artificial intelligence in medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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