According to Arizton’s latest research report, artificial intelligence in healthcare market is growing at a CAGR of 48.50% during 2023-2029.
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Report Scope
Market Size (2029): $153.61
Market Size (2023): $14.33 Billion
CAGR (2023-2029): 48.50%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Component, Application, Technology, End-Users, and Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
Surge in AI Startups Revolutionizes Healthcare Industry
The rise of artificial intelligence (AI) in healthcare has spurred a significant increase in the number of new startups worldwide. These emerging companies are introducing innovative tools and technologies, transforming the healthcare landscape. Each year, the number of new AI healthcare startups has grown dramatically, from 12-15 annually in the past decade to over 70-110 in recent years. This surge is largely driven by the growing capability of these startups to offer remote treatment options, which is particularly beneficial in areas with limited medical facilities.
Investment in AI healthcare startups has also seen substantial growth. In 2021 alone, over $20 billion was invested in healthcare technologies, reflecting a sharp increase in funding compared to previous years. According to the AI Index Report 2023 by Stanford University, healthcare received the highest investment focus in 2022, with $6.1 billion invested globally. This is a significant rise from the $4 billion invested in 2019, which included over 350 deals.
The rising digitalization of healthcare, supportive government policies, and advancements in the field are creating ample opportunities for AI startups. Most of these new ventures are emerging from the US, Israel, India, and Europe. As a result, the growth of AI healthcare startups is set to continue, offering substantial market opportunities and advancements in healthcare delivery.
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Pharma & Biotech Segment in AI Healthcare Market Poised for Exponential Growth
Pharma & Biotech and Medical Device Companies Witnessing the Fastest Growth Rate
In 2023, the pharma & biotech, and medical device companies segment in the AI healthcare market was valued at $3.08 billion.
AI’s transformative impact on the pharmaceutical and biotech sectors is evident in its application across various functions, particularly in improving data processing and research and development (R&D). Deep learning technology has found innovative applications in real-world clinical settings, enhancing production processes, quality control, drug design efficiency, predictive maintenance, and waste reduction.
The biotech industry has notably benefited from AI advancements, which have accelerated drug discovery and reduced costs. The COVID-19 pandemic further accelerated AI adoption, highlighting its value in diagnostics, treatment development, and vaccine creation. AI’s role in drug discovery has led to several breakthroughs, streamlining processes and increasing efficiency.
In 2023, significant investments in AI by leading pharmaceutical companies underscore its growing importance. Sanofi is leveraging AI for mRNA research, AstraZeneca has invested approximately $840 million, and Boehringer Ingelheim partnered with Phemonic AI, committing $500 million. Pfizer is utilizing Google Cloud for its AI initiatives, while Novartis is focusing on generative AI and integrating AI into around 150 global clinical trials. These investments highlight AI’s critical role in advancing the pharma and biotech industries.
Recent Vendors Activities in the Global AI in Healthcare Market
- In 2024, Google Cloud launched a tool by generative AI that allows clinicians to search information across patient notes, clinical data, and scanned documents- Vertex AI. Furthermore, in 2023, Google introduced MedLM, a generative AI model for healthcare with two generative AI tools based on the language model Med-PaLM 2.
- In 2024, NVIDIA Healthcare launched new generative AI microservices for chemistry, biology, imaging, and healthcare information in each NVIDIA DGX Cloud.
- In 2024, Epic – a HER giant company, plans to launch new AI validation software for healthcare settings to test and monitor several procedures.
- In 2024, Salesforce launched an AI solution for health workers, which helps automate some administrative tasks that minimize physician burnout.
- In 2023, Microsoft launched a series of Health AI initiatives, including a partnership announcement with EPIC, and launched DAX ambient clinical noting with its Nuance subsidiary.
- In 2023, LeanTaas launched the iQueue Autopilot generative AI tool for hospital operators. This tool allows human-like conversation and actionable insight into patients and staffing.
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Key Vendors
- Google Health
- Intel Corporation
- Medtronic
- Microsoft
- NVIDIA Corporation
- Siemens Healthineers
- Amazon Web Services
- Merative
- Augmedix
- CloudMedx Health
- BioSymetrics
- Corti
- Butterfly Network, Inc.
- Enlitic
- TEMPUS
- Behold.ai
- oxipit.ai
- Clarius
- General Vision
- Koninklijke Philips N.V.
- Stryker
- Shimadzu Recursion Pharmaceuticals
- GE Healthcare
- Subtle Medical
- Sensely
- InformAI
- Clario
- Owkin
- Binah.AI
- Oncora Medical
- Qure.ai
- Lunit
- Caresyntax
- Anju Software
- DEEP GENOMICS
- MDLIVE
- Qventus
- WorkFusion
- Salesforce
- LeenTaaS
Segmentation & Forecast
Component
- Software & Services
- Hardware
Application
- Hospital Workflow Management
- Patient Management
- Medical Imaging and Diagnosis
- Drug Discovery and Precision Medicine
Technology
- Machine Learning
- Deep Learning
- Natural Language Processing
- Vision AI
- Other Technologies
End-user
- Healthcare Providers
- Pharma & Biotech and Medical Device Companies
- Payers
- Other End-users
Key Questions Answered in the Report:
How big is the global AI in healthcare market?
Which region dominates the global AI in healthcare market?
What is the growth rate of global AI in healthcare market?
What are the opportunities in the global AI in healthcare market?
Who are the major players in the global AI in healthcare market?
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