Artificial Intelligence in Medicine Market Size & Share Analysis - Growth Trends & Forecasts (2024–2029)

 The Artificial Intelligence in Medicine Market is anticipated to experience a 25.83% CAGR from 2024 to 2029, with an estimated market size of USD 11.66 billion in 2024, expected to reach USD 36.79 billion by 2029. This growth is propelled by various factors including the global rise in geriatric population, lifestyle changes, and increased prevalence of chronic illnesses necessitating improved disease diagnosis at early stages.

Multiple factors contribute to the market surge, such as the need for more effective data handling in healthcare, cost optimization, expanding public-private partnerships, and rising healthcare expenditures worldwide. Moreover, opportunities in geriatric care, AI-assisted imaging, diagnostics, and research data generation are foreseen to drive the market forward. Notably, the Indian government allocated USD 10.76 billion to the Ministry of Health and Family Welfare in the Union Budget 2023–24.

AI significantly benefits small-molecule drug discovery by enabling new biological insights, higher success rates, enhanced or unique chemistry, and quicker and cost-effective discovery procedures. Notably, FDA approvals witnessed a surge, with 33 of the 50 novel medications approved being small molecules and the rest being biological products, indicating a growth driver for the market.

The digital revolution has brought a significant transformation to the healthcare sector, with innovations facilitating improved care delivery and system performance. The integration of new technologies like AI, IoT, and ML lays the groundwork for a consumer-driven healthcare model. Initiatives such as Dartmouth's Center for Precision Health and Artificial Intelligence (CPHAI) focus on leveraging AI and biomedical data for precision medicine and healthcare improvements, further driving market growth.

AI's integration into healthcare services and administrative procedures is revolutionizing patient care across payer, provider, and pharmaceutical organizations. Investments in AI offer transformative opportunities in life sciences; however, early-stage investment poses risks due to substantial cash injections required for R&D and specialist expertise.

The COVID-19 pandemic emphasized the need for novel techniques in early disease isolation, diagnosis, and treatment. AI, supported by multimodal data, played a pivotal role in providing advanced applications for disease identification, treatment, and target recognition during the pandemic.

Market Trends:

Patient Management Application Growth

Patient management applications streamline administrative tasks, maintaining patient records and improving practice efficiency. The increasing availability of electronic health data, coupled with AI and machine learning techniques, holds immense potential to provide cost-effective and superior healthcare services.

Smart wearables contribute significantly to healthcare transformation, monitoring heart rate, blood pressure, and step counts. AI processes and analyzes this data swiftly, offering interactive feedback and enhancing the capability to assess and interpret diverse health metrics.

Read Full Market Report

Comments

Post a Comment

Popular posts from this blog

Shipping Containers Market Projected to Reach USD 12.77 Billion by 2030, Driven by E-commerce Growth and Cold-Chain Expansion

  Introduction   The global shipping containers market is experiencing steady growth, with projections indicating an increase from USD 10.27 billion in 2025 to USD 12.77 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.46%. According to Mordor Intelligence Shipping Containers Market Report , this expansion is primarily fueled by the surge in e-commerce activities, the need for efficient cold-chain solutions, and advancements in intermodal transportation.   Key Trends   E-commerce Fulfillment   The rapid growth of e-commerce has significantly impacted on the shipping containers market. The demand for faster and more efficient delivery systems has led to increased use of standardized containers, particularly 40-foot units, which accounted for 52.64% of the market share in 2024.   Cold-Chain Expansion   The pharmaceutical and food industries' need for temperature-controlled transportation has driven the demand for refrigerated c...
Read more

DATA CENTER POWER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

  The IT industry requires on-premise private data storage and hyper-scale data centres for its operations, depending on the size of the organization. Additionally, the adoption of cloud storage has increased over the years due to growth among SaaS providers, enabling cloud storage providers to expand their capacities. Hence, the increasing data load requires more power. This creates a requirement for efficient power solutions in IT applications. According to the Data Center Survey recently published by Vertiv, 98% of the participants voted for IT utilization to be above 20% by 2025. This indicates that IT companies are focusing on deploying an efficient power source for their data centres and increasing their utilization rate. Cloud storage providers, like AWS, Microsoft, and Google, are expanding their storage capabilities to offer more efficient workflows in the cloud. These companies are making investments in hyperscale deals. For instance, in June last year, Amazon Web Service...
Read more

Second Hand Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Off-the-Shelf Second Hand Furniture Market is segmented into the distribution channel, which is further segmented into online and offline, out of which the offline segment, with a larger market share in 2021, is anticipated to have the largest share during the forecast period. However, with the rise of an increasing number of smartphone users and increasing penetration of internet users, the market share for the online segment is expected to grow at a higher rate over the forecast period. The Asia Pacific is expected to account for a larger share in terms of revenue during the forecast period. The increasing size of the online marketplace for second-hand goods is anticipated to drive the growth of the Asia Pacific regional market.  The Off-The-Shelf Second Hand Furniture Market size is estimated at USD 21.30 billion in 2023, and is expected to reach USD 29.28 billion by 2028, growing at a CAGR of 6.57% during the forecast period (2023-2028). The market is increasi...
Read more