North America Artificial Intelligence In Healthcare Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.62 Billion |
| Market Size (2029) | USD 14.84 Billion |
| CAGR (2024 - 2029) | 26.27 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Artificial Intelligence In Healthcare Market Analysis
The North America Artificial Intelligence In Healthcare Market size is estimated at USD 4.62 billion in 2024, and is expected to reach USD 14.84 billion by 2029, growing at a CAGR of 26.27% during the forecast period (2024-2029).
Artificial intelligence (AI) in healthcare leverages data-driven insights and advanced algorithms to enhance clinical decision-making, optimize operations, and deliver more personalized, cost-effective healthcare solutions that improve patient outcomes. Factors such as growing demand for innovative healthcare solutions, rising uptake of digital healthcare, and increased emphasis on patient-centric care are projected to accelerate market growth over the forecast period.
Artificial intelligence has driven the healthcare space and is increasingly integrated into various medical applications like patient management, monitoring, and drug development. In addition, several benefits of artificial intelligence (AI) in healthcare operations are expected to accelerate market expansion over the forecast period. For instance, according to an article published by Clinical Pathology in January 2024, AI has a proven role in helping healthcare professionals in accurate, quick diagnosis and developing effective treatment plans as per patient’s condition. Thus, the important role of AI in healthcare is expected to fuel market growth over the forecast period.
In addition, the growing importance of artificial intelligence (AI) in healthcare decision-making is further projected to accelerate industry expansion over the study period. For instance, according to an article published by Health Service Research and Managerial Epidemiology in March 2024, AI plays a significant role in healthcare decision-making, including organizational, clinical, and shared decision-making, and increases the effectiveness of healthcare decisions. Thus, such an increased role of AI in healthcare is expected to foster industry uptake over the study period.
Moreover, several government initiatives to foster the uptake of digital health and artificial intelligence in healthcare are expected to accelerate market growth over the projection period. For instance, in May 2024, the US Department of Health and Human Services (HHS) announced funding programs for AI in healthcare for the fiscal year 2024. The funding will be aimed at developing innovative ways to improve healthcare data with the help of artificial intelligence (AI).
The presence of key players and several strategic initiatives undertaken by them are expected to drive market growth in North America. For instance, in April 2024, Google Cloud and Bayer AG collaborated to develop artificial intelligence (AI) based healthcare applications for radiologists. These applications help radiologists sophisticate their work and facilitate accurate diagnosis. Thus, such strategic events are expected to accelerate market expansion over the forecast period.
Furthermore, the introduction of advanced technological products by the market players is expected to propel the growth of the market. For instance, in September 2022, AGS Health, a revenue cycle management (RCM) solutions provider, launched the AGS AI Platform. This connected solution combined artificial intelligence (AI) and automation with human-in-the-loop services and professional support to maximize revenue cycle performance.
Thus, due to the increase in government initiatives to support digital health in North America and the rise in strategic activities by the key players, such as agreements and collaborations, the market studied is expected to witness significant growth over the forecast period. However, reluctance among traditional practitioners to adopt AI-based technologies is likely to hinder market growth over the forecast period.
North America Artificial Intelligence In Healthcare Market Trends
The Medical Imaging and Diagnostics Segment is Anticipated to Register Significant Growth Rate During the Forecast Period
- Artificial intelligence-based medical imaging and diagnostics support healthcare professionals in identifying problem areas or details that the human eye may miss. It enables healthcare providers to make the most appropriate treatment decisions for their patients. AI can be used to identify cancer, triage crucial discoveries in medical imaging, flag acute abnormalities, assist radiologists in prioritizing life-threatening patients, diagnose cardiac arrhythmias, forecast stroke outcomes, and assist with chronic disease management.
- Factors such as an increase in the adoption of AI-based medical imaging and diagnostic tools in hospitals, a rise in chronic diseases, and funding initiatives to develop AI-based imaging devices are expected to fuel the segment's growth over the forecast period. For instance, as per the American Cancer Society, the burden of breast cancer increased significantly in the United States, and the total number of cases ramped from 300,590 in 2023 to 313,510 in 2024. Thus, owing to the high prevalence and increase in the probability of acquiring breast cancer among females, the demand for AI-based medical imaging is likely to rise, fueling the segment growth over the forecast period.
- Furthermore, an increase in regulatory approvals for AI-based medical imaging tools is likely to drive the segment growth across North America. For instance, in May 2023, GE HealthCare received the US FDA 510(k) clearance of Precision DL. This novel deep learning-based image processing software is included in the company's Effortless Recon DL portfolio. Precision DL offers image quality performance benefits that are related to hardware-based time-of-flight (ToF) reconstruction, including improved contrast-to-noise ratio, contrast recovery, and quantitative accuracy.
- Similarly, in June 2022, Lunit AI Solutions received commercial approval from Health Canada for its artificial intelligence suite for radiology, Lunit INSIGHT. The approved product has provided an accurate AI solution for breast mammography. Thus, such growing regulatory approvals are projected to accelerate segment expansion over the projected period.
- Thus, owing to the increase in strategic activities by the key players and the rise in chronic diseases that require accurate medical imaging, the medical imaging and diagnostics segment is expected to witness significant growth over the forecast period.
The United States is Expected to Witness Significant Growth During the Forecast Period
- The United States is expected to witness significant market growth due to factors such as the advanced healthcare infrastructure, the presence of major industry participants, the high adoption of advanced healthcare technologies, supportive government legislation, and the launch of AI-based healthcare services.
- In June 2023, the National Institute of Standards and Technology (NIST) introduced a new public working group on artificial intelligence (AI) that built on the success of the NIST AI Risk Management Framework to understand the rapidly advancing technology. The team is also planning to explore the specific opportunities in generative AI technologies in areas such as health, environment, and climate change. Thus, such huge investments and strategic activities by the US government are expected to drive market growth over the forecast period.
- Moreover, the growing funding and investments to integrate AI in healthcare and increase its adoption are projected to accelerate the country’s market growth over the forecast period. For instance, in May 2024, Peterson Ventures funded Videra Health with USD 5.6 million to boost the development of AI-based tools for screening and monitoring mental health in the United States.
- In addition, in March 2024, Limbic AI raised USD 14 million to strengthen mental health artificial intelligence (AI) technology in the United States. Thus, such funding and investments are likely to bring new avenues for industry, which is anticipated to accelerate the country’s market growth over the study period.
- Moreover, key market players are engaged in partnerships, collaborations, acquisitions, mergers, and service launches to sustain themselves in the US market. For instance, in January 2023, HARMAN, a subsidiary of Samsung Electronics Co. Ltd, introduced its Intelligent Healthcare Platform designed to help healthcare and life sciences enterprises in their journey toward personalized customer-centric services.
- Similarly, in September 2022, California-based NVIDIA launched the NVIDIA IGX platform for high-precision edge AI to advance human-machine collaboration across manufacturing, logistics, and healthcare. Thus, such advanced healthcare service launches in the United States are likely to increase the demand for artificial intelligence in the industry, thereby contributing to the market growth over the forecast period.
- Therefore, due to rising government initiatives to support the digital healthcare industry in the United States and the surge in AI-based healthcare service launches, the country is expected to witness significant growth over the forecast period.
North America Artificial Intelligence In Healthcare Industry Overview
The North American artificial intelligence in the healthcare market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The key players operating in the market are engaged in several strategic initiatives to foster their business avenues. A few of the major companies in the market are IBM, GE Healthcare, Oracle, and Koninklijke Philips NV.
North America Artificial Intelligence In Healthcare Market Leaders
-
Oracle
-
GE Healthcare
-
Koninklijke Philips N.V.
-
IBM
-
Microsoft
*Disclaimer: Major Players sorted in no particular order
North America Artificial Intelligence In Healthcare Market News
- April 2024: ABOUT Healthcare acquired Edgility, an AI analytics platform that provides prescriptive and predictive analysis for patient progression solutions. This acquisition helped the company to expand its patient capacity offerings.
- March 2024: NVIDIA Healthcare launched generative AI microservices to foster advancements in medical technology, digital health, and drug discovery. This launch helped healthcare enterprises to take advantage of generative AI.
North America Artificial Intelligence In Healthcare Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Growing Need to Reduce Increasing Healthcare Costs
- 4.2.2 Technological Advancements
- 4.2.3 Ability of AI to Improve Patient Outcomes and Growing Importance of AI-assisted Robot Surgery
-
4.3 Market Restraints
- 4.3.1 Reluctance Among Traditional Practitioners to Adopt AI-based Technologies
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
-
5.1 By Technology
- 5.1.1 Natural Language Processing (NLP)
- 5.1.2 Deep Learning
- 5.1.3 Context Aware Processing
- 5.1.4 Querying Method
- 5.1.5 Other Technologies
-
5.2 By Application
- 5.2.1 Robot-assisted Surgery
- 5.2.2 Virtual Nursing Assistants
- 5.2.3 Fraud Detection
- 5.2.4 Drug Discovery and Research
- 5.2.5 Dosage Error Reduction
- 5.2.6 Medical Imaging and Diagnostics
- 5.2.7 Wearables
- 5.2.8 Other Applications
-
5.3 By Offering
- 5.3.1 Hardware
- 5.3.2 Software
- 5.3.3 Services
-
5.4 By End User
- 5.4.1 Healthcare Payers
- 5.4.2 Healthcare Providers
- 5.4.3 Pharmaceutical and Biotechnology Companies
- 5.4.4 Patients
-
5.5 Geography
- 5.5.1 United States
- 5.5.2 Canada
- 5.5.3 Mexico
6. COMPETITIVE LANDSCAPE
-
6.1 Company Profiles
- 6.1.1 IBM
- 6.1.2 Oracle
- 6.1.3 Intel Corporation
- 6.1.4 DEEP GENOMICS
- 6.1.5 Enlitic Inc.
- 6.1.6 NVIDIA Corporation
- 6.1.7 Koninklijke Philips NV
- 6.1.8 Microsoft
- 6.1.9 Protenus Inc.
- 6.1.10 GE HealthCare
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNorth America Artificial Intelligence In Healthcare Industry Segmentation
Artificial intelligence in healthcare is an umbrella phrase for the use of machine-learning algorithms and software or artificial intelligence (AI) to simulate human cognition in the analysis, display, and comprehension of complicated medical and healthcare data. AI is the ability of computer algorithms to estimate conclusions based purely on input data.
The North American artificial intelligence in the healthcare market is segmented by technology, application, offering, end user, and geography. Based on technology, the market is segmented into natural language processing (NLP), deep learning, context-aware processing, querying methods, and other technologies. Based on application, the market is segmented into robot-assisted surgery, virtual nursing assistants, fraud detection, drug discovery and research, dosage error reduction, medical imaging and diagnostics, wearables, and other applications. By offering, the market is segmented into hardware, software, and services. Based on end user, the market is segmented into healthcare payers, healthcare providers, pharmaceutical and biotechnology companies, and patients. The report also covers the market sizes and forecasts for the market studied in major countries across North America. For each segment, the market size and forecast are provided in terms of value (USD).
| By Technology | Natural Language Processing (NLP) |
| Deep Learning | |
| Context Aware Processing | |
| Querying Method | |
| Other Technologies | |
| By Application | Robot-assisted Surgery |
| Virtual Nursing Assistants | |
| Fraud Detection | |
| Drug Discovery and Research | |
| Dosage Error Reduction | |
| Medical Imaging and Diagnostics | |
| Wearables | |
| Other Applications | |
| By Offering | Hardware |
| Software | |
| Services | |
| By End User | Healthcare Payers |
| Healthcare Providers | |
| Pharmaceutical and Biotechnology Companies | |
| Patients | |
| Geography | United States |
| Canada | |
| Mexico |
North America Artificial Intelligence In Healthcare Market Research FAQs
How big is the North America Artificial Intelligence In Healthcare Market?
The North America Artificial Intelligence In Healthcare Market size is expected to reach USD 4.62 billion in 2024 and grow at a CAGR of 26.27% to reach USD 14.84 billion by 2029.
What is the current North America Artificial Intelligence In Healthcare Market size?
In 2024, the North America Artificial Intelligence In Healthcare Market size is expected to reach USD 4.62 billion.
Who are the key players in North America Artificial Intelligence In Healthcare Market?
Oracle, GE Healthcare, Koninklijke Philips N.V., IBM and Microsoft are the major companies operating in the North America Artificial Intelligence In Healthcare Market.
Which is the fastest growing region in North America Artificial Intelligence In Healthcare Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in North America Artificial Intelligence In Healthcare Market?
In 2024, the North America accounts for the largest market share in North America Artificial Intelligence In Healthcare Market.
What years does this North America Artificial Intelligence In Healthcare Market cover, and what was the market size in 2023?
In 2023, the North America Artificial Intelligence In Healthcare Market size was estimated at USD 3.41 billion. The report covers the North America Artificial Intelligence In Healthcare Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Artificial Intelligence In Healthcare Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Artificial Intelligence In Healthcare Industry Report
Statistics for the 2024 North America Artificial Intelligence In Healthcare market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Artificial Intelligence In Healthcare analysis includes a market forecast outlook for 2024 to 2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
