As per our research report, the Global AI in Personalized Healthcare market size is estimated to be growing at a CAGR of 29.67% from 2023 to 2030.
AI in personalized healthcare is software that studies patients’ data such as genetic and medical data and provides recommendations to cure the ailment. This software enables doctors and healthcare professionals to study, analyze, and predict information related to chronic diseases and provide specialized solutions to patients based on their response to medical interventions. Moreover, AI has enabled healthcare professionals to identify and analyze biomarkers for chronic diseases. Furthermore, the increase in the geriatric population and rising consumer demand for smart healthcare solutions have contributed to the demand for AI in personalized healthcare in the market.
The pandemic had a positive impact on the AI in personalized healthcare market. The healthcare sector increasingly demands AI-enabled software to streamline healthcare workflow such as performing automated tasks, handling and storing patients’ data, and recommending medical strategies to overcome complex health issues by providing access to millions of medical databases online to healthcare professionals.
Furthermore, doctors used advanced analytics tools that were connected to the patient’s bed through IoT sensors or other smart sensors, providing 24-hour information about the patient’s health status through remote monitoring. Moreover, advanced technologies such as computer vision enabled healthcare professionals to analyze and auto-label the images and plan future strategies based on the data obtained. Additionally, researchers made use of machine learning models, specifically designed to predict healthcare-related information such as future virus outbreaks, high and low-risk region information, potential virus symptoms, and others.
Apart from this, wearable devices gained momentum during the pandemic due to increased demand for remote monitoring for elderly patients. These devices are equipped with advanced AI algorithms that assisted individual patients during the pandemic to self-cure themselves by understanding about various diseases available through online medical literature.
Post-pandemic, trends in telemedicine and teleconsultation are boosting the demand for AI in personalized healthcare in the market. Moreover, infusion with other smart technologies such as Big data analytics and others has further boosted the demand for AI-powered healthcare solutions in the market.
The restraints to this market include privacy and security issues and a lack of technical expertise.
Based on market segmentation by technology, Machine learning holds the highest share in the market. Machine learning-based software helps health professionals in analyzing complex health-related data and recommend treatment solutions. Further, it is widely used for diagnosing and forecasting potential anomalies in the patient’s body based on medical data collected. Furthermore, the computer vision segment is the fastest-growing segment during the forecast period. These are widely used to analyze the visual data gathered from scanning and imaging of diseases through X-rays, CT scans, and MRIs.
Based on market segmentation by end-user, hospitals & and clinics hold the highest share of the market. They are the prime users of AI-based healthcare software, as they require efficient, agile, and secure solutions for monitoring patients’ data, planning treatment procedures, performing clinical trials in special case scenarios, and others. Furthermore, caregivers and patients are the fastest-growing segment during the forecast period. Family members of the elderly utilize AI-enabled healthcare software to look after them and get regular updates through alerts, alarms, remote monitoring, and analytics tools that are gained via health wearable devices. Moreover, in case of emergencies such as unusual fall, uneasiness, increased heartbeats, and others, the software sends a signal or alarm to the caregivers and prevent future damage.
Based on market segmentation by component, hardware holds the highest share in the market due to growing demand for smart healthcare devices such as sensors, wearable devices, processing units, monitoring devices, and others. Further, the software segment is the fastest-growing segment during the forecast period. AI-healthcare software enables patients, doctors, and other healthcare professionals to manage health data, perform healthcare analytics, analyze patients’ genetic data, and others.
Based on market segmentation by region, North America holds the highest share in the region. The growth is attributed to the presence of advanced healthcare technologies and well-established healthcare infrastructure. Furthermore, Asia-Pacific is the fastest-growing region during the forecast period. The rising number of chronic diseases and expansion in the elderly population are prime factors contributing to the demand for AI in personalized healthcare in the region.
Companies playing a leading role in the Global AI in Personalized Healthcare market profiled in this report are – Google, Amazon, Ada Health, CloudMedX, Babylon Health, Owkin, Atomwise, Corti, Behold AI, Subtle Medical, Butterfly Networks, BioBeats, and Komodo Health.
NLP (Natural Language Processing)
Machine Learning
Computer Vision
Big Data
Others
Hospitals & Clinics
Research Centers/Labs
Hospitals & Clinics
Caregivers & Patients
Hardware
Software
Services
North America
Europe
Asia Pacific
Middle East & Africa
South America
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