Artificial Intelligence In Medicine Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What is the Projected Compound Annual Growth Rate (CAGR) of the Artificial Intelligence In Medicine Market from 2025 to 2034, and What Factors Influence It?
The market size for artificial intelligence in medicine has experienced an exponential increase in recent times. There is an expected rise from $11.19 billion in 2024 to $15.66 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 39.9%. The notable growth during the historical phase can be traced back to a greater focus on patient wellness, a comparatively inadequate number of doctors, an influx of trained healthcare professionals, and an increase in the processing capacity of AI systems.
Expectations are high for considerable expansion in the artificial intelligence in medicine market size in the coming years. With a predicted compound annual growth rate (CAGR) of 39.0%, the market is set to reach $58.37 billion by 2029. This anticipated growth during the forecast period is due to various factors such as increasing incidence of chronic ailments, along with a heightened focus on incorporating digital transformation methodologies. The future trends to watch out for include the creation of medical robots, the significant growth in the introduction of patient management applications, the use of AI in drug discovery, and the advancements in precision medicine.
How Are the key drivers Contributing to the Expansion of the artificial intelligence in medicine Market?
The rise in fascination for real-time remote patient monitoring (RPM) systems is anticipated to fuel the advancement of artificial intelligence in the medical market. A remote patient monitoring system is essentially a tech-based healthcare methodology intended to supervise patients’ wellbeing outside conventional medical premises. Artificial intelligence (AI) in medical practice has notably revolutionized remote patient interventions by utilizing sophisticated algorithms to scrutinize extensive patient information, providing predictive observations and facilitating custom care. For example, Statistics Canada, a Canada-based government organization, reported in November 2024 that in the 12 months preceding the 2022 survey, Canadians living in British Columbia (73.8%) and Newfoundland and Labrador (70.7%) had the highest likelihood of using virtual consultation services, while residents of Prince Edward Island (36.9%) and Quebec (37.6%) have the lowest usage rates. Hence, the rising interest in real-time RPM systems contributes to the growth of artificial intelligence application in the sector of medicine.
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Who Are the Leading Players Fueling Growth in the Artificial Intelligence In Medicine Market?
Major companies operating in the artificial intelligence in medicine market report are:
• Google LLC_x000D_
• Microsoft Corporation_x000D_
• Intel Corporation_x000D_
• IBM Corporation_x000D_
• Medtronic PLC_x000D_
What Are the Emerging Trends Shaping the Future of the Artificial Intelligence In Medicine Market?
Leading firms in the domain of artificial intelligence in the medicine market are keen on creating innovative solutions such as AI-powered platforms, aiming to offer dependable services to their clients. Essentially, an AI-powered platform is a software solution that integrates artificial intelligence technologies for task automation, data analysis, and predictions. To illustrate, in April 2023, OM1 Inc., a digital health company based in the US, introduced PhenOM. This platform leverages real-world data along with advanced analytics to pinpoint distinctive digital phenotypes linked with conditions and outcomes, thus devising unique fingerprints for various patient groups. PhenOM is capable of scrutinizing individual patient data to anticipate risks, underscore intervention opportunities, and contribute to treatment decision-making processes.
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What Are the Core Segments of the Artificial Intelligence In Medicine Market, and How Do They Contribute to Growth?
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
Which Regions Are Driving Growth in the Artificial Intelligence In Medicine Market?
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.
What Are the Defining Features of the Artificial Intelligence In Medicine Market?
Artificial intelligence in medicine refers to the application of artificial intelligence technologies, such as machine learning and data analysis, to enhance diagnosis, treatment, and healthcare management. It aids in faster and more accurate disease detection, personalized treatment plans, and improved overall efficiency in medical processes.
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