Global AI in Lifestyle Management and Monitoring Market Size (2024 – 2030)

In  2022, the Global AI in Lifestyle Management and Monitoring Market was valued at USD 4 billion and is projected to reach a market size of USD 35.55 billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 31.4%.  The growing prevalence of chronic diseases, increasing smartphone penetration and rapidly increasing uptake of wearable devices, real-time data analysis in AI-based applications for lifestyle management and monitoring, and features such as early detection of diseases and enhanced treatment are majorly driving the growth of the market.

Industry Overview:

Lifestyle management and monitoring consist of living patterns, behavior health, health promotion, improvement in lifestyle, and many others. Lifestyle management and monitoring help to achieve optimum health which is essential to acquire the targets of life. Improvement in health or disease-free life means an automatic improvement in lifestyle. An increasing number of people are affected by chronic health conditions and lifestyle-related diseases that require active management to treat. People are facing long-term challenges such as obesity, cardiovascular disease, diabetes, mental health disorders, cancer, and many others which require attention daily. AI health coaches can help patients to stick to treatment regimens and make healthy lifestyle changes to maintain and improve health. AI is transforming healthcare by leveraging big data analytics to optimize better healthcare services. It has the potential to make our lives more productive, easier, and efficient. AI is anticipated to play a significant role in ensuring that people stay fit and healthy.

Professionals are designing models that would not require the need to consult doctors as often as we do now. In recent times, AI with the Internet of Medical Things (IoMT) has begun to provide consumer health applications such as weight tracking, calorie tracking, and basic routine health check-up applications. Such digital applications are encouraging a healthy lifestyle and practice among people. AI-driven applications are allowing people to receive instant guidance feedback, and assistance and have more control of their actions. AI can help in scanning medical records of individuals and identifying chronically ill individuals. It also provides clinicians with a comprehensive viewpoint on disease management.

COVID-19 impact on AI in Lifestyle Management and Monitoring Market

The COVID-19 outbreak had a positive impact on AI in the Lifestyle Management and Monitoring Market owing to the increase in awareness and acceptance of digital health. The pandemic has fuelled incredible technological advancements. The COVID-19 pandemic became an opportunity to showcase the sophistication and prowess AI can offer in lifestyle management and monitoring. Hospitals and clinics across the world used AI-based virtual assistants, AI-assisted surgery robots to handle the continuous influx of patients, and inpatient care bots. As per the study of NCBI, in 2020, in a dataset of twenty-five patients who were diagnosed with COVID-19 negative by care professionals, AI-based algorithms detected 68% of COVID-19 positive cases. AI adoption in lifestyle management and monitoring is predicted to rise owing to the rising demand for smart wearables and the rise in health awareness among people. The growing shortage of care providers, the need to minimize care expenses, and the growing need for accurate and quick detection and diagnosis of underlying health conditions are some factors anticipated to boost the market growth. With several countries such as the US, France, Germany, China, Japan, South Korea, and India allocating funds to develop AI-based applications in healthcare, the market is anticipated to boom in the coming years.

MARKET DRIVERS:

Increasing smartphone penetration and rapidly increasing uptake of wearable devices are fuelling the market growth

Smartphones and smart wearables are being heavily utilized by people across the globe. Smartphones are packed with sensors and are an enormous source of behavioral data. It is loaded with AI features to track changes in behavior indicating ill-health. Data generated on smartphones can be transformed into valuable health advice. Smart wearables can help measure physiological data and posture patterns. Data available on social networks play a role in preventing illness. AI is also used to create genetics-based risk prediction algorithms based on genomic data sets. It can help adopt a lifestyle with a healthy diet and more exercise to decrease the risk.

Benefits associated with AI in lifestyle management and monitoring applications such as early detection of diseases and enhanced treatment is fuelling the market growth

Early detection is an aspect that has gained immense prominence in the healthcare sector. AI is already being utilized in the diagnosis of diseases such as cancer, accurately and at the early stages. The rising use of AI wearables has enabled people to oversee the early stages of heart diseases which gives doctors a better opportunity to monitor the disease and even prevent any fatal situations. AI can spot health problems at an early stage and enables the patients to take action before they turn into a disease needing a cure. AI enables doctors to better coordinate a patient’s health plans, comply with long-term programs and manage their treatment. Such aspects of AI-enabled lifestyle management are fuelling market growth.

Real-time data analysis in AI-based applications for lifestyle management and monitoring is boosting the market demand

A crucial component of addressing and diagnosing medical issues is acquiring accurate information on time. With the help of AI, medical professionals can leverage immediate and precise data to optimize and expedite critical clinical decision-making. The generation of more rapid and realistic results can lead to improved preventative measures, cost savings, and patient wait times. Real-time analytics can make vital patient data available through mobile devices and can engage patients in their treatments. Mobile alerts can inform about urgent changes in patient statuses and emergencies. AI has enabled healthcare facilities to streamline more meticulous tasks. Innovations include tracking patient histories, translating clinical details, and appointment scheduling.

MARKET RESTRAINTS:

Concerns regarding data privacy can hamper AI in Lifestyle Management and Monitoring market growth

The implementation of AI in medical apps and electronic health records requires stringent data security. Data breaches can result in the loss of critical and confidential information including medical records, which contain insurance Ids, medical details, social security numbers, and addresses which can adversely affect the reputation and results of operations. As AI in healthcare requires access to multiple health datasets, it becomes imperative for AI-enabled tools to adhere to all data security protocols implemented by regulatory authorities and the government.

Inaccuracies are still possible which can pose a challenge to the market growth

AI is continuously evolving and improving to account for data gaps. Medical AI depends heavily on diagnosis data available from millions of cases. A misdiagnosis is entirely possible in cases where little data exists on particular illnesses, demographics, or environmental factors.  No matter the system, there is always a possibility for some portion of missing data. In the case of prescriptions, some information regarding reactions to treatments and certain populations may be missing. Such occurrences can lead to issues with diagnosing and treating patients and thus, pose a challenge to AI in lifestyle and monitoring market growth.

AI IN LIFESTYLE MANAGEMENT AND MONITORING  MARKET REPORT COVERAGE:

This research report on the Global AI in Lifestyle Management and Monitoring Market has been segmented and sub-segmented based on product, algorithm, application, and region.

AI in Lifestyle Management and Monitoring Market – By Product

• AI-Integrated Hardware

• Software and Services

Based on Product, the AI in Lifestyle Management and Monitoring Market is segmented into AI-integrated Hardware, and Software and  Services. The Software and Services segment accounted for the largest revenue share in the global AI in the lifestyle management and monitoring market. This growth is attributed to the rapidly growing adoption of AI-based software solutions among healthcare providers, payers, and patients. The rising penetration of AI-based technologies in virtual assistants, monitoring and treatment adherence, and dosage error reduction is likely to boost the growth of this segment.

AI in Lifestyle Management and Monitoring Market – By Algorithm

• Machine Learning

• Deep Learning

• Computer Vision

• Natural Language Processing

• Others

Based on the Algorithm, the AI in Lifestyle Management and Monitoring Market is segmented into Machine Learning, Deep Learning, Computer Vision, Natural Language Processing, and Others. The Deep Learning segment is anticipated to have significant growth during the forecast period owing to increased use of data mining, image recognition, and signal reduction which are integral components of most AI. Deep learning technologies, content analytics, predictive analytics, and Natural Language Processing tools enable the diagnosis of an individual’s underlying health conditions at an early stage.

AI in Lifestyle Management and Monitoring Market – By Application

• Medical Imaging and Diagnosis

• Virtual  Assistants

• Therapy Planning

• Drug Discovery

• Wearables

• Others

Based on the Application, the AI in Lifestyle Management and Monitoring Market is segmented into Medical Imaging and Diagnosis, Virtual  Assistants, Therapy Planning, Drug Discovery, Wearables, and Others. The Medical Imaging and Diagnosis segment is anticipated to hold a significant market share during the forecast period as it allows real-time monitoring. AI is enabling superhuman pattern recognition performance with deep learning techniques in the field of medical imaging and diagnosis. Deep learning also supports applications in blood flow quantification, tumor detection, and medical interpretation. This enables customers to opt for AI-based solutions in lifestyle management and monitoring.

AI in Lifestyle Management and Monitoring Market - By Region

• North America

• Europe

• Asia-Pacific

• Latin America, the Middle East, and Africa

Geographically, the North American AI in Lifestyle Management and Monitoring Market dominated with the largest revenue share in 2021 and is anticipated to account for a significant revenue share in the global market during the forecast period. The key factors contributing to this growth are robust widespread adoption of AI/ ML technologies in healthcare, increased funding for big data analytics, growing demand for value-based care, rising awareness levels toward a healthy lifestyle, rising government initiatives, and funding focused on encouraging the industry progression of healthcare AI.

AI in Lifestyle Management and Monitoring Market in the Asia Pacific is anticipated to witness the fastest growth rate during the forecast period owing to the rapid innovations and development in the IT infrastructure, growing entrepreneurship ventures specializing in AI-based technologies, increasing investments by private investors, venture capitalists, improved data security, and favorable government initiatives supporting and promoting healthcare organizations to adopt AI-based technologies.

Major Key Players in the Market

1. Apple

2. Google Deepmind Health

3. IBM Watson Health

4. Imagen Technologies

5. Microsoft

6. GE Healthcare

7. Qventus

8. Wellframe

9. Intel

10. Medalogix

11. Lumiata

12. NextHealth Technologies

13. Zebra Medical Vision

14. Sentrian

15. Health Fidelity

are playing a pivotal role in AI in Lifestyle Management and Monitoring Market. Startups like AiCure, Welltok, Intendu, Ovia health, Peerwell, SkinVision, and Healint are transforming lifestyle management and monitoring with AI.

Prominent players in AI in Lifestyle Management and Monitoring Market are engaged in innovative product launches, product approvals, acquisitions, partnerships, and collaborations to expand their customer base.

Notable happenings in the Global AI in Lifestyle Management and Monitoring Market in the recent past:

• Collaboration- In February 2022, Health at Scale, a healthcare machine intelligence company announced its collaboration with Walmart to produce personalized healthcare recommendations for Walmart associates using artificial intelligence.

• Partnership - In March 2021, US-based data analytics company AiCure formed a partnership with The IMA Group to optimize clinical trial recruitment and patient engagement.                                                                                

• Partnership- In April 2020, the Bolton NHS Foundation Trust announced its partnership with Qure.ai, a healthcare AI startup for monitoring COVID-19 patients. The startup has developed the qXR solution, diagnostic software that is used to detect the findings that are indicative of COVID-19 and also helps in quantifying the volume of the infection.

• Product Launch- In April 2020, THIRONA and DELFT IMAGING launched CAD4COVID, a cloud-based system that uses deep learning to analyze chest X-rays and is intended to support healthcare specialists in managing COVID-19 cases.

• Partnership- In October 2020, Wellframe, the market leader in Digital Health Management solutions, announced its partnership with ZeOmega, the industry’s leading population health management solution which provides technologies for delivering integrated and person-centered health management. Through this partnership, the two companies aim to deliver complementary capabilities to help health insurance plans achieve a seamless digital experience.

• Partnership- In November 2019, Syneos Health, the only fully integrated biopharmaceutical solutions organization announced a strategic partnership with AiCure, an AI and advanced data analytics company. This would drive faster, smarter trials to capture, analyze, and predict patient behaviors influencing clinical trial adherence and optimizing patient engagement.