AI in Personalized Healthcare Market Size (2023-2030)

AI Health Breakthroughs: Your Roadmap to Personalized Care Advancements.

The Global AI in Personalized Healthcare Market was valued at USD 184.93 Billion and is projected to reach a market size of USD 239.79 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 29.67%.

The emergence of AI has transformed every sector and healthcare is no exception. AI technologies have revolutionized the way medical services are delivered to patients across geographical boundaries. With the help of AI, healthcare practitioners can diagnose and predict disease progression, effects on the body, possible drug interventions need to cure the ailment, and others. Further, researchers and pharmacists can make use of AI to discover new drugs and perform clinical trials using advanced AI algorithms that help them to forecast future mutations of a particular virus or bacteria. In addition, patients with specific treatment needs are increasingly demanding AI-enabled personalized healthcare solutions that help healthcare practitioners reduce casualties considerably. These include remote monitoring devices for the elderly that help to monitor sleep patterns, heart rate, fall-related injuries, and others; specialized scanning for heart, lung, and brain-related diseases; and telemedicine facilities that make healthcare facilities accessible to all. Furthermore, AI-enabled cancer treatment solutions have gained momentum in recent years due to successful treatment rates. Furthermore, the increase in demand for personalized healthcare solutions by the elderly has raised the demand for AI in personalized healthcare in the market.

Global AI in Personalized Healthcare Market Drivers:

Advancements in artificial intelligence-enabled technologies have boosted the demand for AI in the personalized healthcare market.

Advancements in AI have increased the diagnosing and treatment efficiency in the healthcare sector. Ai algorithms such as machine learning and deep learning models have helped healthcare practitioners in analyzing large amounts of patients’ data with accurate speed and gather insights that can help in further health-related analysis. Moreover, increased use of predictive analytics has enabled practitioners to predict potential health risks in the patient’s body, analyze treatment responses, and study the outcomes that can help in analyzing the macro impact of the potential disease and deploy preventive measures. In addition, NLP or natural language processing helps doctors and practitioners in assessing complex medical data with the help of pre-stored medical literature and database on smart devices that provide authentic treatment recommendations to them. Apart from this, advanced AI algorithms help hospitals, clinics, and research labs in developing precision medicines based on the patient’s medical and genetic data.

The increase in the geriatric population has boosted the demand for AI in the personalized healthcare market.

The rising number of elderly has significantly contributed to the growth of advanced technologies in the healthcare sector. The elderly are prone to complex and chronic health issues, which require careful monitoring and treatment by healthcare practitioners. AI-enabled wearable devices, trackers, implants, and other devices have made it easier for doctors and nurses to remotely monitor the health status of old age people and perform timely treatments as needed. These include early diabetes detection, monitoring the heart rate for identifying potential cardiovascular diseases, analyzing cognitive behavior, and others. Further, growing trends in at-home elderly care have led to the development of personalized AI-powered wearable devices that manage medication, send alert alarms to caregivers and family members during emergencies, manage and remind dosage by sending timely reminders, and monitor the health status of old aged patients.

Global AI in Personalized Healthcare Market Challenges:

Data privacy and security issues can decline the market demand for AI in the personalized healthcare market. AI-enabled personalized healthcare heavily relies on online software to manage patients’ data and health data, which is exposed to unauthorized access such as data leaks and breaches.

Furthermore, a lack of expertise in handling AI-enabled healthcare devices and software can reduce its demand in the market.

Global AI in Personalized Healthcare Market Opportunities:

The Global AI in Personalized Healthcare Market is anticipated to deliver lucrative opportunities for businesses, which include acquisitions, partnerships, collaborations, product launches, and agreements during the forecasted period. Furthermore, the growing demand for telemedicine at-home home digital treatment solutions is predicted to develop the market for AI in Personalized Healthcare and enhance its future growth opportunities.

COVID-19 Impact on the Global AI in Personalized Healthcare Market:

The pandemic had a positive impact on the AI in personalized healthcare market. With every sector working remotely due to travel restrictions, there was an increase in demand for AI-enabled services, such as personalized healthcare services in the market. Moreover, the shortage of health facilities due to an increased focus on combating virus infection during the pandemic has increased consumer demand for telemedicine facilities such as virtual consultations with doctors and healthcare experts, which further boosted the market for AI in personalized healthcare.

Global AI in Personalized Healthcare Market Recent Developments:

• In March 2023, Genomic Vision launched AI-powered software called Fibersmart that enables healthcare professionals and researchers to visualize and analyze long DNA fibers at high resolution.
• In January 2023, Alpine Health Systems launched AI-based software for hospitals and clinics that enabled them to manage patients’ data and improve the hospital discharge process. The software helps in analyzing the complex health conditions of patients and allows the case manager to identify at-risk patients for the appropriate site of care.
• In August 2022, GOQII launched wearable devices – Smart Vital Ultra and GOQII stream devices meant for adults and youth. These devices help in managing health data, monitoring blood oxygen saturation levels, and detecting sleep patterns, and heart rate of the user. Furthermore, the device can also be used during exercises for knowing the distance covered, calories burnt, active time, and others.

AI IN PERSONALISED HEALTHCARE  MARKET REPORT COVERAGE:

Global AI in Personalized Healthcare Market Segmentation:

Global AI in Personalized Healthcare Market Segmentation: By Technology

• NLP (Natural Language Processing)
• Machine Learning
• Computer Vision
• Big Data
• Others

In 2022, based on market segmentation by technology machine learning occupies the highest share in the market. Machine learning algorithms or models come under AI that focus on making predictions and analyzing the data. The use of machine learning in personalized healthcare helps healthcare practitioners in identifying patterns, analyzing complex and large volumes of data, and recommending treatment solutions. Some of the most common applications of machine learning in personalized healthcare services are diagnosing diseases for potential mutations and anomalies, predicting future risks related to the diseases based on patients’ genetic and medical data, analyzing patient’s responses to treatment interventions, and monitoring patient’s health via smart devices such as wearable devices and sensors that help to track changes, determine new symptoms, and detect potential risks.

The computer vision segment is the fastest-growing segment during the forecast period. Computer vision is the method of interpreting and analyzing data using visual information, particularly from medical imaging. It helps healthcare professionals to identify and detect disease-related risks and anomalies for immediate treatment. These include using computer vision for X-rays, CT scans, and MRIs, analyzing tissues and cells, for surgical assistance such as in cardiovascular and neurological diseases, measuring the amount of blood count during surgery, and others thereby improving precision, supporting safer surgery, and expanding access to smart surgical solutions.

Global AI in Personalized Healthcare Market Segmentation: By End-User

• Hospitals & Clinics
• Research Centers/Labs
• Hospitals & Clinics
• Caregivers & Patients

In 2022, based on market segmentation by end-user, hospitals & clinics occupies the highest in the market. Hospitals & clinics are the major users of AI in personalized healthcare, as it helps them in early detection, remote monitoring of patients, treatment solutions, managing patients’ data, identifying risky patterns in patients’ data, providing virtual assistance to at-home care patients, and others. This enhances the efficiency and accuracy of delivering healthcare services to patients.

The caregivers & patients segment is the fastest-growing segment during the forecast period. Patients & caregivers utilize AI for monitoring the health data of their family members, especially the elderly, by using smart devices such as sensors and wearable devices. These devices help them in getting expert advice through virtual consultations, medication reminders, continuous monitoring of sleep patterns and heart rate, access to the virtual assistant during emergencies, and others, thereby assuring timely treatments and personalized healthcare solutions to patients

Global AI in Personalized Healthcare Market Segmentation: By Component

• Hardware
• Software
• Services

In 2022, based on market segmentation by component, hardware occupies the highest share of the market. Hardware components include sensors and wearable devices, medical devices, processing units, and others. Rising demand in the healthcare sector for smart treatment solutions has increased the usage of AI in these devices such as AI-enabled sensors for patients’ beds and mattresses in hospitals, wearable devices such as smartwatches for the elderly, and AI-algorithms based medical imaging machines that identify diseases with precision and capture high-resolution images for further study.

The software segment is the fastest-growing segment during the forecast period. The software components include advanced AI algorithms-based software such as healthcare analytics, clinical and treatment supporting software, data management software, and others that enable healthcare professionals in analyzing diseases, make better treatment decisions, and study drug delivery mechanisms.

Global AI in Personalized Healthcare Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

In 2022, based on market segmentation by region, North America occupies the highest share of the market. The presence of advanced healthcare technologies and infrastructure, and technological innovations in medical devices have contributed to the demand for AI in personalized healthcare in the region. For instance, in July 2023, Amazon Web Services (AWS) launched healthcare-focused services that are powered by generative AI. This service is called – HealthScribe which provides various benefits to healthcare professionals such as API integrations for creating transcripts, creating summaries for doctor-patient discussions, and access to the HER (electronic health record) system.

Asia-Pacific is the fastest-growing region during the forecast period. The increase in chronic diseases, the rising elderly population, and the increasing support of the government in the form of investment and schemes have contributed to the demand for AI in personalized healthcare in the market.

Global AI in Personalized Healthcare Market Key Players:

1. Google
2. Amazon
3. Ada Health
4. CloudMedX
5. Babylon Health
6. Owkin
7. Atomwise
8. Corti
9. Behold AI
10. Subtle Medical
11. Butterfly Networks
12. BioBeats
13. Komodo Health