Need for Efficiency Drives Healthcare AI Market
Financial News Media reported on November 20 that the healthcare AI market exhibits a high degree of innovation, characterized by ongoing technological advancements. “Rapid developments in machine learning (ML), deep learning, natural language processing (NLP), and computer vision are driving the evolution of AI-powered healthcare solutions.”
A report by Grand View Research concluded that the global Artificial Intelligence (AI) in healthcare market size is expected to continue to grow. “One primary factor driving market growth is the increasing demand in the healthcare sector for enhanced efficiency, accuracy, and better patient outcomes.”
Researchers also noted that the shortage of healthcare workers is another factor in embracing AI technology. Furthermore, the pandemic helped accelerate the adoption of AI-based technologies.
According to the report, another influence on the shaping of AI in healthcare is mergers and acquisitions (M&A). Companies involved expand their market reach or acquire specialized technology.
In 2023, the market size was estimated at $19.27 billion. Researchers said this is expected to grow at a compound annual growth rate (CAGR) of 38.5 percent from 2024 to 2030. “AI technologies hold transformative potential in various areas including medical imaging analysis, predictive analytics, personalized treatment planning, and drug discovery, potentially transforming conventional healthcare practices,” Grand View Research noted.
