Global Artificial Intelligence (AI) Machine Learning(ML) in Healthcare Market Analysis

The Global Artificial Intelligence (AI) Machine Learning(ML) in Healthcare Market size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The Global Artificial Intelligence (AI) Machine Learning (ML) in Healthcare Market Analysis Executive Summary

AI in health and Medical field refers to the application of sophisticated software programs to process big-data, and coming up with an accurate prediction of the outcome or the results, as well as improving the efficacy of the heath-care practitioners’ decisions. AI incorporates a broad definition of intelligent systems and machines whereas ML is a subset of AI, which is the system that can learn from experience. It is used to improve such aspects as the prognosis of patient outcomes, in diagnosis with the help of images, in drug development, in individual approaches to treatment.

In the global level, the integrated use of Artificial Intelligence and Machine Learning in health facilities is growing. COVID-19 boosted the use of AI as an enabler and a solution to address the healthcare challenges such as telemedicine, patient care, and resources allocation. According to a McKinsey’s poll, 58% of the leaders of healthcare organizations seek application of artificial intelligence to enhance productivity and the level of services delivered to the patients. 

Secondly, the World Health Organization points that the application of AI technologies will be useful for the healthcare industry since it allows increasing the outcomes of diagnostics and treatment. Mainly, due to the raising awareness of establishments in the healthcare industry regarding the importance of using AI and ML for enhancing the quality of clinical decisions and organization, the utilization of these technologies is expected to grow rapidly, opening new opportunities for developing progressive strategies to enhance the quality of healthcare on a worldwide basis. 

Market Dynamics for Artificial Intelligence (AI) Machine Learning (ML) in Healthcare Market in Global

Market Growth Drivers

Several healthcare organisations have pushed for the integration of AI and embracing the use of ML due to its benefits on clinical decision making, patient satisfaction not forgetting the curtailing on administrative tasks. McKinsey and Company stated a report which showed that of health care leaders, 58% of them express their willing to embrace AI to enhance operational productivity as well as the quality of patient care. The advancement of the AI technologies has however been boosted by the COVID-19 pandemic as healthcare providers conduct virtual consultations using the AI technology and also managing the patients. Also, WHO stresses the need to increase the use of AI in the healthcare sector to improve the diagnostic and therapeutic outcomes. Many healthcare organizations are becoming aware of the growing role of AI and ML in providing precise treatment, decreasing costs, and enhancing productivity, and thus the usage is gradually set to rise in the next few years. 

Opportunity

The competition within the industry is gradually tightening owing to such entrants as Zebra Medical Vision that mostly deals with the analytics of medical images through artificial intelligence. There are also policies which are also being developed in the course of reformations as the various regulatory authorities are developing standards for the introduction of AI in clinical environments. These developments will increase diagnostic correctness and eminence of the treatment processes creating AI & ML foundational components of future healthcare facilities. 

Market Restraints

Despite the fact that AI and ML have tremendous potential in healthcare, there are certain obstacles that prevent them from garnering more attention. Among them is the trouble of finding qualified personnel that would be able to successfully incorporate these technologies and assess them within the current work setting. Also, ethical issues surrounding data protection, ownership, and algorithms’ prejudice remain prevalent, especially given the nature of medical data. Although healthcare is a huge market already saturated with advanced technologies, the integration of new AI systems with existing and dated healthcare IT systems is another issue. In addition, there is still no specific legislation and reimbursement strategies to dictate the application of AI-based medical devices to healthcare providers and manufacturers 

Competitive Landscape for Artificial Intelligence (AI) Machine Learning (ML) in Healthcare Market in Global ​​​​​​​

Key Players

• IBM Watson Health
• Google Health
• Microsoft Healthcare
• Amazon Web Services (AWS)
• NVIDIA Corporation
• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Medtronic
• Intel Corporation 

Recent Developments

June 2024, Stanford Medicine computer scientists and physicians have recently unveiled a new AI tool capable of identifying diseased cells under the microscope, offering customization options for any pathologist. This development from Stanford Medicine will significantly impact digital pathology by enhancing diagnostic accuracy and efficiency

Mergers and Acquisitions

June 2024, Viz.ai, an AI stroke detection company, acquired Brainomix, a provider of AI-powered imaging solutions for stroke and cardiovascular diseases. The combined entity will offer a comprehensive platform for the diagnosis and treatment of stroke, leveraging advanced AI and machine learning techniques

March 2024, Zebra Medical Vision, an AI radiology startup, was acquired by Nanox, a provider of medical imaging systems. The acquisition aims to integrate Zebra's AI-powered imaging analytics into Nanox's cloud-based platform, enabling more accurate and efficient diagnosis of medical conditions

Healthcare Policies and Regulatory Landscape for Artificial Intelligence (AI) Machine Learning (ML) in Healthcare Market in Global ​​​​

Policy changes and Reimbursement scenario

There have been efforts to design and implement healthcare policies as well as regulations for AI and ML to suit the problems they present. The FDA of United States, the European Commission and other regulatory authorities of the world are toil to come up with the guidelines for the safe jurisdiction of AI in health care sector. Currently, FDA is contemplating on the concept of “predetermined change control plan” whereby an AI system can change to other paths that have been predicted as allowed by change control plans without having to stick to re-authorization processes. This approach is intended to promote development of new care models as well as preserve patients’ safety.

Concerning the reimbursement of costs, there has been a increasing trend of awareness that insurance coverage policies should encompass AI-driven solutions. Currently, there are many recent legislative actions like the Better Mental Health Care for Americans Act that contends that all institutions operating in the health sector must make the decision-making processes of AI as transparent as possible while at the same time detailing the limitations of the treatment with the use of this technology. Also, the World Health organization has provided guidelines of ethical use of AI in the delivery of healthcare such that risks such as bias and issues to do with privacy are prevented.