Artificial Intelligence in Medicine Global Market Report 2024

The artificial intelligence in medicine market size has grown exponentially in recent years. It will grow from $8.01 billion in 2023 to $11.19 billion in 2024 at a compound annual growth rate (CAGR) of 39.8%. The growth observed during the historical period can be attributed to several factors, including an increased emphasis on ensuring patient well-being and addressing the relative shortage of physicians, a rise in the number of skilled healthcare professionals, and an increase in the processing power of AI systems.

The artificial intelligence in medicine market size is expected to see exponential growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 39.3%. The anticipated growth in the forecast period can be attributed to the rising prevalence of chronic diseases and an increasing emphasis on the adoption of digital transformation practices in healthcare. Major trends expected in the forecast period encompass the development of medical robots, significant growth in patient management applications, and the application of AI in drug discovery and the advancement of precision medicine.

The growing interest in real-time remote patient monitoring (RPM) systems is poised to drive the growth of artificial intelligence in the medicine market in the foreseeable future. Remote patient monitoring systems, driven by technology, offer healthcare solutions designed to monitor patients' health outside traditional healthcare settings. Artificial intelligence (AI) in medicine plays a pivotal role in transforming remote patient monitoring by employing advanced algorithms to analyze extensive patient data. This approach provides predictive insights and enables the delivery of personalized care. As evidenced by a survey conducted by Vivalink, a U.S.-based digital healthcare company, the utilization of remote patient monitoring (RPM) by clinicians witnessed a significant increase, rising from 20% in 2021 to the current 81%, marking an impressive 305% increase. Therefore, the growing interest in real-time remote patient monitoring (RPM) systems is a driving force behind the growth of artificial intelligence in the medicine market.

Leading companies operating in the artificial intelligence in the medicine market are directing their efforts towards the development of innovative solutions, exemplified by AI-powered platforms, to deliver reliable services to customers. An AI-powered platform refers to a software solution that incorporates artificial intelligence (AI) technologies to automate tasks, analyze data, and make predictions. In April 2023, OM1 Inc., a U.S.-based digital health company, introduced PhenOM. Leveraging real-world data and advanced analytics, PhenOM identifies unique digital phenotypes associated with conditions and outcomes, creating distinct fingerprints for different patient groups. This platform analyzes individual patient data to predict risks, identify opportunities for intervention, and inform treatment decisions.

In December 2021, Sanofi, a France-based pharmaceutical and healthcare company, completed the acquisition of Amunix Pharmaceuticals, Inc. for an undisclosed amount. This strategic acquisition positions Sanofi to enhance and expedite its role in developing innovative treatments for cancer patients, bringing approximately 20 new molecules into their development pipeline. Amunix Pharmaceuticals Inc., based in the U.S., is an immune-oncology company integrating AI technology into the development of medicines.

Major companies operating in the artificial intelligence in medicine market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Medtronic PLC, Nvidia Corporation, Novo Nordisk A/S, Siemens Healthineers AG, Philips Healthcare, Babylon Healthcare Services Ltd., Komodo Health Inc., Modernizing Medicine Inc., Viz.AI Inc., Butterfly Network Inc., Augmedix, AiCure LLC, HealthTap Inc., Welltok Inc., Enlitic Inc., PathAI Inc., Nano-X Imaging Ltd., Berg LLC, Insitro, Sense.ly Inc., Subtle Medical Inc., Medasense Biometrics Limited, Immunai, Atomwise Inc., Freenome Holdings Inc., CloudMedX Inc.

North America was the largest region in the artificial intelligence in medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) in the medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence (AI) in the medicine market consists of revenues earned by entities by providing services such as diagnostic assistance, drug discovery and development, patient management, and monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in the medicine market also includes sales of diagnostic imaging devices, smart medical devices, and genomic sequencing equipment. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Artificial intelligence in medicine involves the application of technologies such as machine learning and data analysis to improve diagnosis, treatment, and healthcare management. It facilitates faster and more accurate disease detection, personalized treatment plans, and increased overall efficiency in medical processes.

The primary types of artificial intelligence in medicine encompass hardware, software, and services. Hardware components, including multi-purpose computers, embedded motherboards, and fanless embedded systems, serve as crucial building blocks for medical devices relying on AI. Various technologies, such as machine learning, natural language processing, context-aware processing, and computer vision, find applications in medical administration and support, patient management, research and development, and other domains. These applications cater to diverse end-users, including hospitals, clinics, and research institutions.

The artificial intelligence in medicine market research report is one of a series of new reports that provides artificial intelligence in medicine market statistics, including artificial intelligence in medicine industry global market size, regional shares, competitors with artificial intelligence in medicine market share, detailed artificial intelligence in medicine market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence in medicine industry. This artificial intelligence in medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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