Artificial Intelligence In Medicine Growth Trajectory: Key Forecasts and Strategic Insights
Discover trends, market shifts, and competitive outlooks for the artificial intelligence in medicine industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
What is the Anticipated CAGR of the Artificial Intelligence In Medicine Market, and What Factors Will Drive It?
Recent years have witnessed substantial growth in the size of the artificial intelligence in medicine market. It is set to expand from a size of $11.19 billion in 2024 to a whopping $15.66 billion in 2025, with a compound annual growth rate (CAGR) of 39.9%. This significant growth observed in the historic period is mainly due to a greater focus on guaranteeing patient well-being and a relative insufficiency of doctors, along with an increase in the number of proficient healthcare professionals and a boost in the processing capacity of AI systems.
The market for artificial intelligence in medicine is predicted to undergo substantial expansion in the coming years, with a projected value of $58.37 billion by 2029 and a compound annual growth rate (CAGR) of 39.0%. This anticipated increase during the forecast period is tied to an escalating incidence of chronic illnesses and a growing focus on implementing digital transformation strategies. Key trends anticipated for this period include the creation of medical robots, introduction of patient management applications expected to foster considerable growth, the application of AI in drug discovery and the advancement of precision medicine.
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Which Factors and External Forces Are Driving Demand in the Artificial Intelligence In Medicine Market?
The growing appeal of real-time remote patient monitoring (RPM) systems is anticipated to accelerate the expansion of the artificial intelligence (AI) in the medicine market in the future. RPM systems are tech-enabled healthcare solutions that facilitate the tracking of patient health beyond standard healthcare facilities. Today, AI in medicine has revolutionised remote patient monitoring by employing sophisticated algorithms to examine comprehensive patient data, deliver predictive analysis, and promote personalised treatment. For example, as per Statistics Canada in November 2024, during the 12 months preceding the 2022 survey, residents of British Columbia (73.8%) and Newfoundland and Labrador (70.7%) had the highest probability of using a virtual consultation. Conversely, those in Prince Edward Island (36.9%) and Quebec (37.6%) had the least chance of using one. As a result, the rising demand for real-time remote patient monitoring (RPM) systems is fueling the growth of the AI in medicine market.
Which Segments in the Artificial Intelligence In Medicine Offer the Most 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
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What Are the Fastest-Growing Geographies 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.
Which Cutting-Edge Market Trends Are Expected to Drive the Artificial Intelligence In Medicine Market’s Growth?
In the field of artificial intelligence in medicine, leading corporations are concentrating on the creation of novel solutions, such as platforms powered by AI, to offer dependable services to their clients. AI-powered platforms refer to software solutions that make use of artificial intelligence technologies to automate tasks, analyse data and provide forecasts. For example, in April 2023, OM1 Inc., a digital health firm based in the US, introduced PhenOM. This platform utilises real-world data and sophisticated analytics to distinguish distinct digital phenotypes linked with conditions and outcomes, thus establishing fingerprints for diverse patient groups. PhenOM has the ability to examine individual patient data in order to forecast risks, pinpoint opportunities for intervention, and guide treatment choices.
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What Are the Key Elements That Define 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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