Top AI Trends in the Healthcare Market to Watch in 2024: Key Players and Growth Insights
RELEASE DATE: Nov 2024 Author: Spherical Insights Request Free Sample
What Is Artificial Intelligence in Healthcare?
Medical devices that employ artificial intelligence (AI) to improve their performance and capabilities include those that use machine learning, sophisticated algorithms, and other AI-related technologies. Artificial intelligence in medical equipment enhances the precision of diagnosis, aids in surgery, forecasts patient outcomes and customizes therapy regimens. Additionally, the market for artificial intelligence in healthcare is expanding mostly because of the growing amount of healthcare data and the complexity of these datasets, which makes AI in healthcare essential.
Key Market Insights:
The global artificial intelligence in healthcare market size was valued at USD 19.45 billion in 2022 and is projected to USD 280.77 billion by 2032, exhibiting a CAGR of 30.6% during the forecast period 2022-2032. The top companies in the global artificial intelligence in healthcare market include Nuance Communications, Inc., NVIDIA Corporation, Agfa-Gevaert Group, Oncora Medical, Imagia Cybernetics Inc., General Vision Inc., Johnson & Johnson Services, Inc., Siemens Healthcare GmbH, Micron Technology, Inc., and DeepMind Technologies Limited.
Emerging Trends in Artificial Intelligence in Healthcare Industry
1. The expanding possibilities of AI-powered resources for senior care
The expanding potential of AI in elder care is influenced by a number of factors, including changing demographics, longer life expectancies, and difficulties in providing traditional care. AI has the revolutionary potential to improve senior care by guaranteeing practical and reasonably priced solutions. AI makes it easier to identify health problems early through ongoing health monitoring, and fall detection algorithms increase safety. Personalized care plans maximize interventions based on individual health data, while AI-driven drug management guarantees adherence to treatment programs. AI-enabled social contact and cognitive support improve mental health, especially for elderly people suffering from diseases like dementia. Loneliness is addressed by integrating virtual assistants and companion robots.
2. Growing demand for wearable technology drives ai's growth in the medical devices industry
The market for medical devices is anticipated to expand faster in the future due to the increasing demand for wearable technology. Wearables are tiny electronic devices that are worn on or within the body and have the ability to display information, track health metrics, and record and measure physical activity. Wearable medical technology can benefit from AI integration to improve performance and offer more precise and individualized health monitoring. Wearables with AI capabilities can also identify and notify users of anomalous or possibly harmful health events, such falls or irregular heartbeats. Consequently, these elements support AI in the market for medical devices. For instance, in November 2022, 30% of Americans used wearable technology for healthcare, and almost 50% of users relied on it daily, according to reports released by Vicert d.o.o., a US-based IT services and consulting firm. The majority of AI smartwatch user 92 percent use them for health and fitness-related objectives.
3. Generation of extensive and intricate medical data
The creation of large and complex healthcare datasets is a key factor propelling AI in the healthcare industry. A variety of patient data, including genomic information and medical records, can be gathered due to advanced technologies. This volume of data stimulates AI applications, making it easier to find trends and insights that are essential for treatment planning, personalized medicine, and diagnostics. The precision and efficiency of healthcare procedures could be revolutionized by combining AI with big data analytics. This data-driven strategy is anticipated to have a significant impact in the upcoming years, bringing about a revolutionary period in healthcare delivery marked by better patient outcomes and more efficient operations.
4. Growing interest in customized treatment
Artificial intelligence (AI) is crucial in facilitating the analysis of enormous volumes of patient data to produce individualized healthcare solutions as the industry moves more and more toward personalized therapies. AI can recognize unique patient traits, preferences, and medical histories by utilizing sophisticated algorithms and machine learning techniques. This enables healthcare providers to customize treatments and treatment regimens to meet the needs of each patient. By taking into account each patient's particular situation, this data-driven approach increases therapy effectiveness and boosts patient participation and happiness. Additionally, the development of precision medicine—where treatments are tailored based on genetic profiles—is greatly aided by AI's capacity to evaluate genomic data.
5. Advances in AI technology for the healthcare sector
Numerous technical developments are projected to create a wealth of growth prospects for the market. With AI systems, cloud computing is being used in the healthcare industry with the goal of providing scalable and affordable processing and storage capacity for AI applications. This makes it possible for healthcare institutions to safely store and examine massive datasets. Another technological development in AI solutions is the proliferation of IoT. Artificial intelligence (AI) can be embedded into Internet of Things (IoT) devices, such as wearable health trackers and monitors. AI can then evaluate this constant flow of data to identify irregularities, anticipate possible health problems, and enhance patient outcomes.
List of Key Companies in Artificial Intelligence in Healthcare Industry
- Nuance Communications, Inc.
- NVIDIA Corporation
- Agfa-Gevaert Group
- Oncora Medical
- Imagia Cybernetics Inc.
- General Vision Inc.
- Johnson & Johnson Services, Inc.
- Siemens Healthcare GmbH
- Micron Technology, Inc.
- DeepMind Technologies Limited
Top 5 Players in Artificial Intelligence in Healthcare Industry
1. Nuance Communications
Headquarters: Burlington, Massachusetts
The American multinational software company Nuance Communications, Inc. sells AI and language recognition software. Its headquarters are in Burlington, Massachusetts. In October 2005, ScanSoft, a rival in the business-oriented large-scale voice application market, joined with Nuance. A spin-off of Xerox, ScanSoft was acquired by Visioneer, a manufacturer of scanner hardware and software, in 1999. ScanSoft became the new name of the combined business. The company that created the first ScanSoft was Kurzweil Computer Products. One of the leading companies in the artificial intelligence for healthcare space is Nuance Communications, Inc. Conversational AI and cloud-based ambient clinical intelligence solutions for healthcare professionals are their areas of expertise. Products from Nuance, like Dragon Medical One and PowerScribe One, are frequently used for radiological reporting and clinical voice recognition. Healthcare workers may improve patient care, lessen administrative duties, and collect clinical documentation more effectively with the aid of these AI-powered technologies.
2. Nvidia Corporation
Headquarters: Santa Clara, California
Nvidia Corporation is a technological business and international corporation based in Santa Clara, California, with its headquarters located in Delaware. This software and fabless firm creates and provides graphics processors (GPUs), system-on-a-chip (SoC) units for the smartphone and automotive markets and application programming languages (APIs) for data analysis and computing applications. Nvidia is also a leading provider of software and hardware for artificial intelligence (AI). Additionally, they provide a range of AI-powered computer platforms, such as NVIDIA Clara, that are specially made for use in the life sciences and healthcare industries. Their solutions encompass a wide range of fields, including digital health, drug research, medical devices, genomics, and medical imaging. Healthcare practitioners can improve patient care, expedite clinical documentation, and advance medical research with the use of NVIDIA's technology.
3. Oncora Medical
Headquarters: Philadelphia, Pennsylvania
Oncora Medical is a healthcare technology company that specializes on oncology care software. The business provides a range of tools that help with medical decision-making, expedite documentation, and support research using machine learning and data analytics. Oncology specialists and cancer care facilities are the main users of Oncora's software. Its headquarters are in Philadelphia, Pennsylvania, and it was established in 2014. Additionally, their technology, Oncora Patient Care, uses real-world data and predictive analytics to assist oncologists maximize treatment decision-making, cut down on paperwork, and expedite workflow. In order to improve patient outcomes, Oncora's solutions are made to increase the efficacy and efficiency of cancer treatment.
4. Siemens Healthineers
Headquarters: Erlangen, Germany
Siemens Healthineers is a German healthcare solutions provider that was originally known as Siemens Healthcare, Siemens Medical Solutions, and Siemens Medical Systems. In 2017, Siemens, the company's parent, split it out, keeping a 75% interest. Several medical technology companies are owned by Siemens Healthineers, which has its headquarters in Erlangen, Germany. Additionally, they provide a broad range of AI-powered products aimed at improving patient care, optimizing workflows, and enhancing diagnostics. Siemens Healthineers has created more than 80 AI-enabled solutions, such as Syngo Carbon for data analysis from a variety of medical devices and AI-Rad Companion for radiography. Their technologies promote precision medicine and improved healthcare outcomes by using AI to turn data into useful insights. Furthermore, Teamplay is one of the digital health platforms offered by Siemens Healthineers that links medical professionals and facilitates data-driven decision-making to improve clinical operations and results.
5. Micron Technology, Inc
Headquarters: Boise, Idaho.
American company Micron Technology, Inc. manufactures solid-state drives (SSDs), flash memories, variable random-access memory (RAM), and other computer memory and data storage products. Boise, Idaho, is home to its main office. Crucial is the brand used to promote Micron's consumer goods, which include the Ballistix series of memory modules. NAND flash memory was made by IM Flash Technologies, which was founded by Micron and Intel. It was Lexar's owner from 2006 to 2017. Furthermore, in the field of artificial intelligence in healthcare, Micron Technology, Inc. is a major participant. Advanced memory and storage solutions that are necessary for AI applications are their area of expertise. Large volumes of medical data may be processed and analyzed due to Micron's technologies, which promote advancements in genomics, precision medicine, and medical imaging. Healthcare providers can create individualized treatment programs and diagnose patients more accurately with the help of these devices.
Conclusion
Artificial intelligence is reshaping the healthcare industry by improving diagnostics, personalizing treatments, and streamlining processes. Wearable technologies and elder care solutions, as well as breakthroughs in medical imaging and genomics, are all examples of how AI is paving the way for more intelligent, data-driven healthcare. With a burgeoning market headed by businesses such as Nuance Communications, NVIDIA, and Siemens Healthineers, the opportunity for innovation is infinite. As we move forward, AI will continue to close gaps in healthcare delivery, enhance patient outcomes, and make medication more accessible and precise. The future of AI in healthcare is more than just technology; it is about rethinking care via intelligence and empathy.
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