The global demand for Artificial Intelligence in Medicine Market is presumed to reach the market size of nearly USD 84.76 Billion by 2032 from USD 9.98 Billion in 2023 with a CAGR of 26.83% under the study period 2024 - 2032.
AI in medicine is a technology that refers to the use of artificial intelligence technology / automated processes in the diagnosis and treatment of patients who required medical care. Artificial intelligence in medicine is deployed to analyze or examine complex medical data by approximating human perception with the help of algorithms and software. The development of novel pharmaceuticals and biologicals through clinical trials can take more than ten years and cost millions of dollars during that study period. AI technology can help to make this process faster and less expensive, which in turn is projected to help improve the efficiency of pharmaceutical and biotechnology companies.
Market Dynamics
The market is mainly driven by the rapidly rising adoption of cloud computing techniques that have promoted artificial intelligence solutions for mining large amounts of data to identify mistakes in the present scenarios and offer alternative solutions in complex situations. In addition, the lack of skilled healthcare workers and an increase in the processing power of AI systems are projected to help improve the efficiency of drug discovery and management of clinical trials. Further, the growth in importance of precision medicine and raising funding for the R&D activities of the use of AI in the medicine field are estimated to boost the growth of the market. However, limited adoption from healthcare professionals can hamper the growth of the market.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of artificial intelligence in medicine. The growth and trends of Artificial Intelligence in Medicine Industry provide a holistic approach to this study.
Market Segmentation
This section of the artificial intelligence in medicine market report provides detailed data on the segments by analyzing them at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Application Type
- Medical Administration and Support
- Patient Management
- Research and Development
- Other
By Type
- Hardware
- Software
- Services
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Artificial Intelligence in Medicine market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Artificial Intelligence in Medicine Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Artificial Intelligence In Medicine market include Atomwise Inc, Novo Nordisk A/S, Modernizing Medicine Inc, Nano-X Imaging Ltd, Medasense Biometrics Limited, Berg LLC, Sense.ly Corporation, AiCure LLC, Cyrcadia Health. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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