Artificial Intelligence (AI) in Healthcare Market Set for 38.2% CAGR Surge, Reaching USD 259.11 billion by 2031 | SkyQuest Technology

June 06 09:49 2024
Artificial Intelligence (AI) in Healthcare Market Set for 38.2% CAGR Surge, Reaching USD 259.11 billion by 2031 | SkyQuest Technology
Skyquest Technology
Artificial Intelligence (AI) in Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Services, and Software), By Technology(Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), By Application(Medical Imaging & Diagnostics, Treatments, Drug discovery & manufacturing, Administrative Workflow Assistants), By Region – Industry Forecast 2024-2031

Rapidly increasing burden on healthcare establishments and advancements in AI technology are primarily promoting the demand adoption of artificial intelligence (AI) in healthcare. The growing digitization of the healthcare industry is also projected to play a key role in boosting the demand for artificial intelligence (AI) in healthcare.

 

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The launch of new artificial intelligence models capable of improving patient outcomes is predicted to augment the global artificial intelligence (AI) in healthcare market growth. Integration of AI with existing healthcare infrastructure is a trend that artificial intelligence (AI) in healthcare companies should target to generate more revenue. Automation of repetitive healthcare operations is also creating a new business scope for AI in healthcare providers going forward. Hospitals are partnering up with leading AI solution providers to improve the scope of applications for artificial intelligence.  Rising investments in healthcare infrastructure development around the world are also estimated to create new opportunities for artificial intelligence (AI) in healthcare companies in the long run.

 

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Generative AI Models for Healthcare to Gain Popularity in Future

Artificial intelligence in healthcare providers is focusing on the development and launch of new generative AI models to improve digital health adoption. Imaging and diagnostics are key healthcare applications where the use of artificial intelligence is expected to increase at a notable pace and create a new business scope for AI in healthcare providers.  The development of new AI-based healthcare tools and platforms to improve the operational efficiency of healthcare establishments will also alter market growth in the future. AI in healthcare providers can also turn toward strategies such as collaborations and partnerships to accelerate innovation and develop novel healthcare solutions. Use of AI in healthcare will also facilitate better clinical decision making with additional insights from healthcare professionals as well.

  • In May 2024, SK Telecom (SKM) and ATX Medical Solutions collaborated and launched a new AI-based veterinary diagnosis assistance service in Australia. This new service called X Caliber can analyze images of cats and dogs using AI in 15 seconds.
  • In May 2024, Wuhan Union Hospital based in China announced that it had partnered with Baidu Health to integrate artificial intelligence in its healthcare infrastructure. Both organizations aim to enhance patient experience and improve outpatient services.
  • In March 2024, NVIDIA, a leading name in the artificial intelligence business, launched new generative AI microservices for different healthcare applications. Digital health, drug discovery, and MedTech are key applications where these new AI microservices are intended to be utilized.
  • Google, a leading multinational tech organization based in the United States, announced the launch of new foundation models to help promote generative AI use in healthcare organizations in December 2023. MedLM is a suite of foundation AI models that are built on Google’s work in the healthcare space.

 

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Increasing emphasis on optimization of healthcare operations and growing penetration of digital technologies are slated to create an opportune setting for artificial intelligence (AI) in healthcare providers. Artificial intelligence companies have numerous opportunities in the healthcare industry varying from patient engagement, drug discovery, drug delivery, to telemedicine. The scope of business for artificial intelligence (AI) in healthcare market players in endless and with the right strategy any company could succeed in this marketplace.

 

Related Report:

Global Artificial Intelligence Market

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