Artificial Intelligence (AI) in Healthcare Market is Predicted to Grow at a CAGR of ~45% During 2023-2033; Significant Decrement in the Number of Physicians and Rising Prevalence of Neurological Disorders to Elevate Growth – Research Nester

New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on ‘Global Artificial Intelligence (AI) in Healthcare Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:

• Market growth over the forecast period
• Detailed regional synopsis
• Market segmentation
• Growth drivers
• Challenges
• Key market players and their detailed profiling

Global Artificial Intelligence (AI) in Healthcare Market Size:

The global artificial intelligence (AI) in healthcare market is projected to gain robust revenue by the end of 2033 by growing at a CAGR of ~45% over the forecast period. Additionally, the market generated remarkable revenue in the year 2022. The growth of the market can be ascribed to the rising number of elderly people and their growing need for assisted living facilities. National Library of Medicine data shows that about 1.5 million geriatrics live in nursing homes and nearly 1 million spend their lives in assisted living facilities. In addition to this, global artificial intelligence (AI) in healthcare market trends including growing healthcare expenditure and skyrocketing spending on artificial intelligence are projected to influence the growth of the market positively over the forecast period. In 2021, AI funding across the world was estimated to be around USD 18 billion which was a significant increase from about USD 650 million in 2011.

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Global Artificial Intelligence (AI) in Healthcare Market: Key Takeaways

• Asia Pacific region gains the largest portion of the revenue
• Hospitals segment to dominate the revenue graph
• Virtual assistance sub-segment remains prominent in the application segment

Significant Decrement in the Number of Physicians and Rising Prevalence of Neurological Disorders to Boost Market Growth

During the upcoming years, the world is projected to face a shortage of physicians and doctors on account of the constant growth in the population. Therefore, AI becomes the mandatory requirement to fill this gap by providing the required medical services to the people. It was found that the America has observed a shortage of physicians between 35,000 and 100,000 in recent years. Additionally, many applications including, end-to-end drug discovery, diagnosis, consulting, storing, and transcribing medical documents can be initiated with the adoption of AI in healthcare, and all these applications are further estimated to boost the market growth during the forecast period.

Furthermore, the increasing number of cases of neurological disorders across the globe is anticipated to propel market growth over the forecast period. On account of mental disorders, mainly Parkinson’s disorder, Alzheimer’s, and dementia, in such conditions, patients are advised to have a full-time caretaker or physician with them for treatment and care. Hence considering all these factors, the requirement for AI in healthcare is estimated to accelerate over the ensuing years. As per the World Health Organization, more people worldwide are becoming disabled, bedridden, and dying from Parkinson’s disease (PD) than from any other mental disorder. In the last 25 years, PD prevalence has doubled.

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Global Artificial Intelligence (AI) in Healthcare Market: Regional Overview

The global artificial intelligence (AI) in healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Growing Geriatric Population to Drive Growth in the Asia Pacific Region

The market in Asia Pacific region is projected to hold the largest share by the end of 2033. The growth of the market can be ascribed to the growing geriatric population, rising neurological disorders among elders, and rising healthcare infrastructure in the region. For instance, in the Asia Pacific region, one in four persons will be older than 60 by 2050 and in progressive countries including Singapore and Thailand, there are an estimated 1.2 million seniors with dementia and 2.12 million elders living with depression. Furthermore, the rising adoption of AI technology in the healthcare sector is also anticipated to hike the growth of the market over the forecast period.

Rising Prevalence of Mental Disorders to Drive Growth in the North America Region

On the other hand, the market in North America region is estimated to gain noteworthy market share over the forecast period owing to rising cases of mental disorders in the region. It was found that an estimated 52.9 million persons in the United States who were 18 or older had a mental disorder in 2020. In addition to this, increasing investment in research and development activities in the region is expected to drive market growth during the forecast period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:

• North America (U.S., Canada)
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
• Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Global Artificial Intelligence (AI) in Healthcare Market, Segmentation by Application

• Virtual Assistance
• Drug Discovery
• Medical Imaging
• Electrocardiography
• Medical Research
• Personalized Medicine

Out of these, the virtual assistance segment is predicted to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the growing utilization of virtual assistance for medical consulting. It is believed that more than 7 billion digital voice assistants will be functioning across the globe by 2024.  In addition to this, increasing investment by healthcare sector in to the segment is anticipated to drive segment’s growth during the forecast time period.

Global Artificial Intelligence (AI) in Healthcare Market, Segmentation by End-User

• Clinics
• Diagnostic Labs
• Hospitals

Among these, the hospital segment is expected to hold a notable market share over the forecast period owing to the increasing investment by hospitals in to AI, people’s strong desire to be surrounded by highly skilled medical personnel and the existence of a huge patient pool in a hospital facility, which in turn is estimated to increase the overall spending in the health-care sector. As per the World Health Organization, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching US$ 8.5 trillion in 2019 and 9.8% of GDP (up from 8.5 percent in 2000). Moreover, the increasing awareness among people regarding mental disorders the and the rising geriatric population, who are more tend to stay in hospital care are estimated to drive the segment growth over the forecast period.

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Global Artificial Intelligence (AI) in Healthcare Market, Segmentation by Technology

• Context-Aware Processing
• Natural Language Processing
• Speed Recognition, Machine Learning
• Others

Few of the well-known market leaders in the global artificial intelligence (AI) in healthcare market that are profiled by Research Nester are NVIDIA Corporation, Philips International B.V., Micron Technology, Inc., Siemens Healthcare GmbH, Crunchbase Inc., Genger.io, Inc., Welltok, Inc., Google LLC, Medtronic plc, General Electric Company, and others.

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Recent Developments in the Global Artificial Intelligence (AI) in Healthcare Market

• In September 2022, Philips International B.V. to demonstrate the clinical solution and data with enhanced efficiency at TCT 2022. These solutions are primarily designed to promote clinical assurance.
• In July 2022, Siemens Healthcare GmbH to introduce a study that has been conducted to evaluate and monitor the accuracy of diagnosis of non-contrast flatdetector CT.

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