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How has the artificial intelligence (ai) in hospital management market grown in recent years?
There has been a significant expansion in the artificial intelligence (AI) in hospital management market in the past few years. The market size is projected to increase from $3.32 billion in 2024 to $3.94 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 18.8%. Factors contributing to this historic growth include reduction in hardware costs, a surge in AI-based start-ups, enhancement in healthcare IT infrastructure, growth in government initiatives and the broadening scope of telemedicine.
How is the artificial intelligence (ai) in hospital management market size expected to evolve during the forecast period?
Expectations point towards a swift expansion in the market size of artificial intelligence (AI) in hospital management in the coming years, anticipating it to reach $7.77 billion in 2029 with a compound annual growth rate (CAGR) of 18.5%. The driving forces behind this projected growth include the increasing necessity to reduce healthcare costs, enhance patient results, decrease medical mistakes, use AI for detecting fraudulent transactions and billing inaccuracies, and leverage AI for streamlining clinical trial procedures. The forecast period is also likely to witness significant trends such as the integration of AI into imaging technology, predictive analytics, AI-fuelled virtual assistants, real-time analytics implementation, and the advent of AI-embedded wearable devices.
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Which key drivers are propelling the artificial intelligence (ai) in hospital management market’s growth?
As remote patient monitoring systems are increasingly adopted, it is anticipated that the growth of the market for artificial intelligence (AI) in hospital management will be accelerated. Remote patient monitoring systems are technology-based methods that allow healthcare professionals to consistently monitor and handle a patient’s health data from afar. This remote monitoring improves patient care by providing real-time data, timely interventions, and higher engagement. Further enhancing these systems, AI in hospital management offers enhanced data analytics, forecast insights, and custom treatment suggestions, all of which contribute to improved patient outcomes and operational efficiency. For example, a recent survey conducted by Vivalink, a healthcare technology firm based in the US, in August 2023 showed a 305% increase in the use of remote patient monitoring systems by clinicians, rising to 81% from 20% in 2021. The survey also revealed that 84% of all those who already use these systems plan to increase their utilization in 2024. Therefore, the escalating adoption of remote patient monitoring systems is fueling the growth of AI in the hospital management market.
What are the market segments in the artificial intelligence (ai) in hospital management industry?
The artificial intelligence (AI) in hospital management market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Technology: Computer Vision, Context-Aware Computing, Machine Learning, Natural Language Processing
3) By Deployment: Cloud-Based, On-Premises
4) By Application: Patient Care Management, Administrative Processes, Diagnostic Imaging And Radiology, Drug Discovery, Other Applications
5) By End-User: Healthcare Payers, Hospital And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Other End-Users
Subsegments:
1) By Software: AI-Based Clinical Decision Support Systems (CDSS), Patient Management Software, Medical Imaging Software, Natural Language Processing (NLP), Administrative Software, Population Health Management Software, AI-Driven Cybersecurity Tools
2) By Hardware: AI Servers, Wearables and IoT Devices, Medical Imaging Devices, Robotics Systems, AI Chips and Processors, Healthcare Robotics Hardware
3) By Services: AI Consulting Services, AI System Integration Services, AI Maintenance and Support Services, AI Training and Education Services, Managed AI Services, Analytics as a Service (AaaS)
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Which leading companies are shaping the growth of the artificial intelligence (ai) in hospital management market?
Major companies operating in the artificial intelligence (AI) in hospital management market are Google LLC, McKesson Corporation, Microsoft Corporation, Amazon Web Service, Johnson & Johnson Services Inc., Intel Corporation, Accenture plc, International Business Machines Corporation, Oracle Corporation, Medtronic plc, SAP SE, Micron Technology Inc., Nvidia Corporation, Capgemini SE, Siemens Healthineers AG, Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Zebra Medical Vision, Infor Inc., Change Healthcare, Epic Systems Corporation, Nuance Communications Inc., Veradigm Inc., Corti ApS
What key trends are currently impacting the artificial intelligence (ai) in hospital management market’s development?
Leading corporations in the AI in hospital management sector are creating AI-integrated solutions to elevate the precision and productivity of hospital functions, patient treatment, and administrative duties. These AI-based platforms utilize artificial intelligence to scrutinize data and automate tasks, supporting hospital administrators in augmenting operational competence, patient treatment, and decision-making strategies. For instance, in October 2023, a management consulting services company from the US, ZS Associates, unveiled ZAIDYN Connected Health. This AI-orchestrated platform boosts patient involvement and betters health outcomes via personalized interventions and insights derived from data. The solution includes three core elements: health insights, patient engagement, and connected research, which collaboratively function to fulfill unaddressed needs and refine care.
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Which geographic areas are influencing the growth of the artificial intelligence (ai) in hospital management market?
North America was the largest region in the artificial intelligence (AI) in hospital management market in 2024. The regions covered in the artificial intelligence (AI) in hospital management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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