AI is one of the highly innovative and growing technologies of recent times. Since its versatile application across different healthcare environments, AI has become one of the most crucial technologies to adopt for better facilities. The AI in the healthcare market is expected to grow at a rapid CAGR of 49.8% during (2024-2031). The high growth in the market is driven by factors such as the growing need for improvised healthcare services to maintain the balance between the healthcare workforce and patients, improving data computing power, and declining hardware cost. To improve the existing infrastructure, and to provide cost-effective technologies in healthcare various organizations are bringing innovative solutions in AI.
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Current Trends and Development Across AI in Healthcare Market
- Generative AI is going to be one of the biggest contributors to technological innovation in the healthcare sector globally. Different brands investing in research and development to bring GenAI in healthcare. For instance, in February 2024, India-based healthcare and life sciences technology provider and consultant CitiusTech announced the industry’s first generative AI quality and trust solution. The CitiusTech Gen AI Quality & Trust solution will help with the design, development, integration, monitoring of, and facilitating quality and trust in GenAI applications in healthcare.
- The usage of AI in imaging and diagnosis in healthcare is expanding due to innovative solutions launched by various brands across different platforms. For instance, in November 2023, Royal Philips launched two new AI-enabled innovations across diagnostic imaging and enterprise informatics. Philips’ new ultrasound systems EPIQ Elite 10.0 and Philips Affiniti are Next-generation ultrasound systems that increase diagnostic confidence and workflow efficiency using AI.
- The integration of AI tools and techniques for data mining and analyzing is streamlining the process of healthcare and improving doctor-patient relationships. For instance, in April 2023, Netherlands-based myTomorrows launched a beta version of TrialSearch AI to help physicians connect their patients with suitable clinical trials and Expanded Access Programmes (EAP). TrialSearch AI simplifies the search process and helps physicians identify opportunities for suitable pre-approval treatments based on their patient’s profile.
- Global medical solution providers and technology providers are collaborating to strengthen the integration of AI in healthcare. For instance, in December 2023, Augmedix partnered with Google Cloud’s Med-PaLM 2 to bring medically-tuned AI Technology to ambient documentation. This model suite uses the latest AI developments adapted for healthcare use cases and meets Augmedix’s stringent requirements around AI safety, compliance, and enterprise scalability.
- The market is experiencing drastic growth and changes and to make sure that new-age AI is safe for integration into healthcare, various government bodies across the globe are bringing regulations to monitor the effectiveness of AI in healthcare. For instance, in October 2023, The World Health Organization (WHO) released a new publication listing key regulatory considerations on artificial intelligence (AI) for health. The main objective of the publication is to establish AI systems’ safety and effectiveness, rapidly making appropriate systems available to those who need them, and fostering dialogue among stakeholders, including developers, regulators, manufacturers, health workers, and patients.
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Since the market is experiencing rapid growth and innovation, all of them are contributed by the key market players. The key market players operating in AI in the healthcare industry are Koninklijke Philips N.V. (Netherlands), Microsoft (US), Siemens Healthineers AG (Germany), Intel Corporation (US), NVIDIA Corporation (US), Google Inc. (US), GE HealthCare Technologies Inc. (US), Oracle (US), and Johnson & Johnson Services, Inc. (US) among others.
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