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What Is the Forecast for the Artificial Intelligence In Medicine Market Growth in 2025?
The market size of artificial intelligence in the medical field has witnessed substantial growth recently. It is projected to expand from $11.19 billion in 2024 to an astounding $15.66 billion in 2025, with an impressive compound annual growth rate (CAGR) of 39.9%. The extraordinary growth during the historic era is due to factors such as greater focus on patient care, relative lack of doctors, augmented number of adept healthcare professionals, and enhanced processing prowess of AI systems.
What Is the Forecast for the Artificial Intelligence In Medicine Market Size Through 2029?
Anticipations show significant expansion in the artificial intelligence in medicine market in the forthcoming years. It’s predicted that the market will escalate to reach $58.37 billion in 2029, with a compound annual growth rate (CAGR) of 39.0%. This growth during the projection period is likely driven by an increase in chronic disease cases and a heightened focus on adopting digital transformation methodologies. The key trends to watch for in this period comprise the evolution of medical robots, the introduction of patient management applications expected to experience remarkable growth, AI in the area of drug discovery, and advancements in precision medicine.
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What are the Key Market Players in Artificial Intelligence In Medicine Market and How They’re Evolving?
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.
What Are the Primary Growth Drivers in the Artificial Intelligence In Medicine Market?
The escalating focus on real-time remote patient monitoring (RPM) systems is anticipated to boost the expansion of the artificial intelligence in the medicine market in the future. A remote patient monitoring system is a tech-powered healthcare solution constructed for tracking patient’s health outside conventional healthcare environments. Artificial Intelligence (AI) in medicine has profoundly revamped remote patient monitoring by utilizing advanced algorithms to study extensive patient data, providing predictive insights and facilitating personalized care. For instance, in November 2024, as per the data from Statistics Canada, a governmental entity based in Canada, in the preceding 12 months up to the 2022 survey, Canadian inhabitant from provinces of British Columbia (73.8%) and Newfoundland and Labrador (70.7%) were the most likely to have made use of a virtual consultation, while those in Prince Edward Island (36.9%) and Quebec (37.6%) were least inclined to have done the same. Consequently, the escalating interest in real-time remote patient monitoring (RPM) systems is propelling the expansion of the artificial intelligence in the medicine market.
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What Are the Leading Segments in the Global Artificial Intelligence In Medicine Industry?
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
What Are the Key Market Trends in the Artificial Intelligence In Medicine Industry?
Leading businesses in the field of artificial intelligence in medicine are concentrating their efforts on the creation of innovative tools like AI-powered platforms, with an aim to deliver trustworthy services to their clientele. These AI-powered platforms are essentially software solutions that leverage artificial intelligence (AI) technology to carry out tasks automatically, analyze data and make forecastings. For illustration, OM1 Inc., a digital health firm based in the United States, unveiled PhenOM in April 2023. This platform utilizes real-world data and state-of-the-art analytic techniques to single out unique digital phenotypes related to different conditions and outcomes, thereby creating distinguishing markings for varying patient segments. PhenOM is designed to evaluate data of individual patients, thereby allowing it to predict potential risks, pinpoint opportunities for intervention and guide treatment choices.
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What Is the Regional Outlook for 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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This Report Delivers Insight On:
1. How big is the artificial intelligence in medicine market, and how is it changing globally?
2. Who are the major companies in the artificial intelligence in medicine market, and how are they performing?
3. What are the key opportunities and risks in the artificial intelligence in medicine market right now?
4. Which products or customer segments are growing the most in the artificial intelligence in medicine market?
5. What factors are helping or slowing down the growth of the artificial intelligence in medicine market?
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