Global Artificial Intelligence (AI) in Healthcare Market: Key Drivers of 34-36% CAGR Growth by 2029

The global AI in healthcare market is expected to grow 34-36% in the next 5 years. The rising need to reduce escalating healthcare costs, availability of large datasets with rising adoption of EHR, need to manage chronic diseases and long-term care more effectively, rising demand for enhanced diagnostic accuracy and patient experience, and rapid advancements and commercialization in AI technology are some of the key factors driving the AI in the healthcare market. 

Artificial Intelligence (AI) is the simulation of human intelligence processes such as learning, problem-solving, decision-making, etc. by computers and machines. It is a powerful tool that enhances the speed and efficiency of healthcare systems and empowers clinicians to manage complex and challenging health conditions effectively. By analyzing large volumes of datasets in real time, AI can help accelerate clinical and nonclinical decision-making, improve operational efficiency by automating administrative tasks, reduce human errors and costs, predict patient outcomes, provide personalized treatment, and optimize imaging and diagnostic accuracy.

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Huge amount of data being generated and digitized in healthcare to propel market growth

Healthcare generates ~30% of the world’s data and up to 97% of this data goes unused, which provides an immense, largely untapped pool of data that could be used to transform healthcare operations and patient care. Moreover, with the regulatory push, rapid growth in the adoption of EHRs and EMRs in the last decade, new imaging technologies including video capture and digital pathology, and data from wearable devices and ambient sensors, the healthcare industry has witnessed growing digitization of data. The eventual digitization of data has led to a strong foundation for the successful implementation of advanced technologies like AI especially in developed countries thereby boosting market growth.

Technological advancements and growing commercialization in AI driving the market growth

Advances in AI have generated powerful models that integrate text, images, and other sensory data. As healthcare data is multi-dimensional, the development and application of multimodal AI systems that provide faster and more accurate diagnosis, enhanced interpretation, and user experience, showcase promising growth opportunities. Moreover, the transition of AI technologies from predictive AI to deep learning to generative AI over decades of research and the increasing availability of usable or tangible AI products and services for healthcare applications is likely to further drive market growth. For instance, there has been exponential growth seen in FDA-approved AI/ML medical devices since 2000, with 30x as many approved devices in 2024 than in 2014.

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Competitive Landscape Analysis

The global AI in the Healthcare market is marked by the presence of established and emerging market players such as Philips, IBM, Google, Microsoft, NVIDIA, GE Healthcare, Medtronic, Johnson & Johnson, Tempus, Aidoc, and Siemens Healthineers; among others. Some of the key strategies adopted by market players include product innovation and development, strategic partnerships and collaborations, and geographic expansion.

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

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