The global artificial intelligence in healthcare market is expected to reach $208.2 billion by 2030, as per a recent report. The increasing adoption of AI-powered solutions in various healthcare verticals, such as diagnostics, drug discovery, and clinical decision support, is driving the market growth.
Some of the key points of the report are:
- The global AI in healthcare market is expected to grow at a Compound Average Growth Rate of 37.5% from 2023 to 2030, driven by the increasing adoption of AI-powered solutions in various healthcare verticals such as diagnostics, drug discovery, and clinical decision support.
- The growing datasets of patient health-related digital information is a major driver for market growth. This is because AI algorithms can be trained on large datasets of patient data to improve the accuracy of diagnosis and treatment decisions.
- The increasing demand for personalized medicine is another growth factor. AI-powered solutions can be used to develop personalized treatment plans for patients based on their individual genetic makeup and medical history.
- The rising demand for reducing care expenses is also driving growth. AI-powered solutions can be used to automate tasks, such as scheduling appointments and managing patient records, which can help to reduce costs.
- North America is the largest market for AI in healthcare, followed by Europe and Asia Pacific.
- The diagnostics segment is the largest market for AI in healthcare, followed by drug discovery and clinical decision support.
However, there are also some challenges that could hinder the growth of the AI in healthcare market that include the lack of skilled professionals. Despite these challenges, the AI in healthcare market is expected to grow significantly in the coming years.
Photo credit : Tara Winstead / Pexels