Exploring Key Insights of the Artificial Intelligence In Medicine Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the artificial intelligence in medicine market size evolved in recent years?
The market for artificial intelligence in medicine has seen significant expansion in the past few years. Currently predicted to rise from $11.19 billion in 2024 to $15.66 billion in 2025, it boasts a compound annual growth rate (CAGR) of 39.9%. The unprecedented growth observed during earlier periods is credited to a heightened focus on patient health and a relative scarcity of doctors, amplified numbers of trained healthcare experts, and augmented processing capabilities of AI systems.
What are the predictions for the artificial intelligence in medicine market size in the coming years?
The market size of artificial intelligence in the field of medicine is anticipated to witness significant expansion in the coming years. It is estimated to reach $58.37 billion in 2029, expanding at a compound annual growth rate (CAGR) of 39.0%. The surge in growth during the projected period can be connected to an increase in chronic disease cases, and a greater focus on implementing digital transformation methodologies. Key trends in the anticipated period comprise the creation of medical robots, the introduction of patient management applications, and significant progress in AI-powered drug discovery and advanced precision medicine.
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What key factors are fueling the growth of the artificial intelligence in medicine market?
The rising attraction towards real-time remote patient monitoring (RPM) systems is predicted to drive the expansion of artificial intelligence in the medical field. RPM systems are medically engineered solutions that supervise patient health outside usual medical institutions. Artificial intelligence’s role in medicine has largely revolutionized remote patient monitoring through the use of intricate algorithms to process extensive patient-related data, provide predicting perceptions, and facilitate personalized care. For instance, Statistics Canada reported in November 2024 that in the year leading up to the 2022 survey, most Canadians living in British Columbia (73.8%) and Newfoundland and Labrador (70.7%) favourably adopted a virtual consultation. Still, those in Prince Edward Island (36.9%) and Quebec (37.6%) were less likely to avail of this service. Consequently, the climbing interest in real-time remote patient monitoring (RPM) systems is fostering the growth of artificial intelligence in the medicine market.
How is the global artificial intelligence in medicine market divided into key segments?
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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Who are the key firms paving the way for growth in the artificial intelligence in medicine market?
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.
Which trends are expected to transform the artificial intelligence in medicine market?
Leading corporations in the artificial intelligence in medicine market are concentrating on the creation of innovative products like AI-enabled platforms to offer reliable services to their clients. Such a platform uses artificial intelligence (AI) technology to automate tasks, scrutinize data, and predict outcomes. For example, in April 2023, a digital health organization based in the US, OM1 Inc., introduced PhenOM. This leverages real-world information and sophisticated analytics to identify distinct digital phenotypes linked to conditions and results, thereby establishing fingerprints for various patient categories. PhenOM has the capacity to evaluate data from individual patients to foretell risks, spotlight opportunities for intervention, and assist with treatment choices.
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What regions are contributing significantly to the growth of 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.
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