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North America Artificial Intelligence in Healthcare Market Size - By Application (Virtual Assistants, Diagnosis, Robot Assisted Surgery, Clinical Trials, Wearable, Others), By Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), End User Segmentation (Hospitals, Diagnostic Centers, Pharmaceutical Companies, Research Institutions, Healthcare Providers), Country Outlook (U.S., Canada, Mexico) and By Region: Global & Forecast, 2024-2033

  • PUBLISHED ON
  • 2023-12-11
  • NO OF PAGES
  • 207
  • CATEGORY
  • Healthcare & Life Sciences

Market Overview

North America Artificial Intelligence in Healthcare Market Size a projected value of USD 8.9 Billion by 2023. With a steady and predictable growth path, the market is anticipated to attain a value of USD 114.2 Billion by 2033, demonstrating a steady Compound Annual Growth Rate (CAGR) of 21% from 2024 to 2033.

Artificial intelligence (AI) in the healthcare sector refers to the application of advanced computer algorithms and machine learning techniques to better understand complex medical data, facilitate faster administrative processes, improve diagnosis, personalize treatment plans, and enhance overall patient care. This cutting-edge technology examines vast amounts of patient data, including medical records, images, genetic data, and clinical notes, in order to provide healthcare providers with insights, predictive analytics, and support in making decisions. Artificial intelligence (AI) improves the provision of healthcare by enabling customized therapies, enabling quicker and more accurate diagnostics, and eventually changing the effectiveness and efficiency of healthcare systems, which improves patient outcomes and experiences.

In North America, artificial intelligence is being driven by a number of significant variables in the healthcare sector. AI is developing quickly, and tools like deep learning and machine learning are making it easier to incorporate AI into healthcare systems and increase operational effectiveness, patient customization, and diagnostic precision. The need for improved patient outcomes and the growth of healthcare data volumes are driving the usage of AI. The market is growing because of the desire to lower healthcare costs, government initiatives that promote the sector, collaborations between tech firms and healthcare providers, and other factors that foster innovation and game-changing solutions.

Market Scope

Report Attributes

Description

Market Size in 2023

USD 8.9 Billion

Market Forecast in 2033

USD 114.2 Billion

CAGR % 2024-2033

21%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Application, By Technology , by End User Segmentation, Country Outlook and By Region

Growth Drivers

The widespread adoption of electronic health records has generated vast amounts of data. AI can be leveraged to analyze this data efficiently, leading to better patient care, personalized medicine, and improved operational efficiency.

AI is being used to accelerate the drug discovery process. Machine learning models can analyze large datasets to identify potential drug candidates, predict their efficacy, and optimize the drug development pipeline.

AI-powered tools enable continuous monitoring of patients outside traditional healthcare settings. This can be especially beneficial for managing chronic conditions, providing real-time data to healthcare professionals and improving patient engagement.

Regional Scope

North America

Country Scope

U.S, Canada, Mexico

North America Artificial Intelligence in Healthcare Industry: Dynamics & Restrains

Market Drivers

Digitalization of Healthcare - Artificial Intelligence (AI) in healthcare is growing faster in North America due to the country's digitalization of the healthcare system. Massive amounts of real-time patient data are produced by the integration of wearable technology, IoT sensors, and electronic health records (EHRs). AI makes use of this flood of digital data by using machine learning and advanced analytics to quickly and reliably understand it. AI-powered solutions can improve patient outcomes, streamline workflows, customize therapies, and improve diagnostics because to this synergy. The need for AI is increased by the movement toward a data-driven, more connected healthcare ecosystem, which promotes efficiency and innovation in healthcare delivery across North America.

Rising Awareness and Acceptance - The healthcare industry in North America is becoming more and more aware of and accepting of Artificial Intelligence (AI), which is crucial for artificial intelligence in healthcare market growth. Patients' and healthcare professionals' acceptance of AI is rising as more people become aware of its potential to transform operational efficiency, personalized therapy, and diagnostics. Adoption of these technologies is increasing as confidence in AI-driven solutions that show better patient outcomes and fewer errors develops. This changing view encourages cooperation among stakeholders who actively look for and invest in AI solutions, which drives innovation and the broad application of AI in various aspects of North American healthcare.

Market Restrains

Data Privacy and Security Concerns - The development of North America Artificial Intelligence in Healthcare Market is severely hampered by worries about data security and privacy. Because patient data is sensitive, there is a need for strict compliance with regulatory frameworks such as HIPAA due to concerns about potential breaches and misuse. Robust regulations pertaining to data protection erect obstacles in the way of smooth data exchange and compatibility between AI systems and current healthcare infrastructures. Rapid adoption of AI decision-making algorithms is impeded by elevated apprehensions about unapproved access, data breaches, and moral quandaries related to these algorithms. In order to foster trust and enable the broad use of AI in healthcare across North America, resolving these problems necessitates taking strong steps, such as sophisticated encryption, compliance adherence, and transparent AI protocols.

North America Artificial Intelligence in Healthcare Segmentation

Market- By Type of Diabetes Analysis

By Application, the North America Artificial Intelligence in Healthcare Market is Categories into Virtual Assistants, Diagnosis, Robot Assisted Surgery, Clinical Trials, Wearable, Others. The Diagnosis segment accounts for the largest share of around 24% in 2022.


The majority of the artificial intelligence in healthcare Market is now accounted for by the diagnosis segment, owing to advancements in data analysis techniques and medical imaging, increasing demand for accurate and rapid disease detection, the development of AI-powered image recognition and pattern recognition tools, and a focus on customized treatment and precision healthcare.

The following segments are part of an in-depth analysis of North America Artificial Intelligence in Healthcare Market:

Market Segments

 

By Technology

·         Machine Learning

·         Natural Language Processing

·         Context-aware Computing

·         Computer Vision

By  End User

·         Hospitals

·         Diagnostic Centers

·         Pharmaceutical Companies

·         Research Institutions

·         Healthcare Providers

By  Country Outlook

·         U.S.

·         Canada

·         Mexico

Pointers Covered

The North America Artificial Intelligence in Healthcare Market Analysis Report provides a comprehensive analysis of the market. The report discusses market segmentation, DROS, and the product portfolios of the key market player companies in the North America. It also provides the launch or research of new drugs, moreover advancements in the sector including collaborations, mergers, and acquisitions, as well as the impact of the COVID-19 pandemic on the market. The study also offers insights into market trends and an analysis of industry dynamics.

Competitive Analysis

The North America Artificial Intelligence in Healthcare Market is dominated by a few large companies, such as

·         IBM Watson Health

·         GE Healthcare

·         Google Health

·         Microsoft Healthcare

·         Siemens Healthineers

·         NVIDIA Corporation

·         Cerner Corporation

·         Philips Healthcare

·         Amazon Web Services (AWS) Healthcare

·         AiCure

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of North America Artificial Intelligence in Healthcare Market in 2022?

North America Artificial Intelligence in Healthcare Market was valued at USD 7.1 Billion in 2022.

What is the growth rate for the North America Artificial Intelligence in Healthcare Market?

North America Artificial Intelligence in Healthcare Market size will increase at approximate CAGR of 21% during the forecasted period.

Which are the top companies operating within the North America Artificial Intelligence in Healthcare Market?

Major companies operating within the North America Artificial Intelligence in Healthcare Market are IBM Watson Health, GE Healthcare, Google Health, Microsoft Healthcare, Siemens Healthineers, NVIDIA Corporation, Cerner Corporation, Philips Healthcare, Amazon Web Services (AWS), Healthcare, AiCure and Other.

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