The AI in healthcare market size will grow by USD 5.16 billion during 2019-2023. The market’s growth momentum will accelerate during the forecast period as there will be a steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (medical imaging and diagnostics, drug discovery, operations management, virtual assistants, and others) and geography (APAC, Europe, Middle East and Africa, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on many market vendors, including General Electric Co., Google LLC, IBM Corp., Microsoft Corp., and Siemens Healthineers AG.
Market Overview

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Artificial Intelligence Market in Healthcare Sector: Key Drivers and Trends

The healthcare sector has been recording increased penetration of IT-based processes, which have been simplifying the delivery of healthcare services. The advent of smartphones and the rising penetration of the Internet are further accelerating the digitalization of the healthcare sector, which is one of the market growth drivers. The stakeholders in the healthcare sector are recording increased revenue generation with the application of such technologies. As a result, the demand for advanced technologies is growing from the sector and has created growth opportunities for market vendors. AI and advanced analytics are helping healthcare providers in extracting patient-specific information from connected medical devices instead of having to analyze large datasets, which is time-consuming and cumbersome. Such patient-specific information can help them in offering personalized medicines and diagnostics. AI is also being used to develop new drugs.

Furthermore, AI-powered virtual assistants, conversational chatbots for assisting patients, and care providers will compensate for the shortage of medical professionals in the sector. These factors have propelled the need for AI-based systems in the healthcare sector. As a result, the AI in healthcare market growth will be substantial, with a CAGR over 28% during 2019-2023.

With the advent of advanced medical technologies, healthcare providers are increasingly deploying AI to develop AI-based equipment for elderly care. For instance, CarePredict Inc., a senior healthcare monitoring technology provider in the US, is using AI to detect changes in behavior and activity patterns for the early detection of health issues. The rising geriatric population, especially in Europe, Japan, China, and the US is increasing the need for advanced medical services. In addition to the digitalization of the healthcare sector, key AI in healthcare market trends such as the growing potential for AI-based tools in elderly care will also drive market growth.
Top Companies in Artificial Intelligence Market in Healthcare Sector

The artificial intelligence market in healthcare sector is moderately concentrated. To help clients improve their market positions, this report on AI in healthcare market forecast provides an analysis of the market's competitive landscape and offers information on the products and services offered by various companies. This report on AI in healthcare market analysis also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

The report offers a detailed analysis of leading companies, including:

General Electric Co.
Google LLC
IBM Corp.
Microsoft Corp.
Siemens Healthineers AG
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