AI in Health Care Market to Grow to $148.4 Billion by 2029
Due to rising demand for health care services, improved computing power, and reduced hardware costs, artificial intelligence (AI) usage is growing significantly in the health care industry. According to a report from MarketsAndMarkets, the AI in health care market is set to grow from $20.9 billion in 2024 to $148.4 billion by 2029, with a compound annual growth rate (CAGR) of 48.1%.
AI has already begun to play an important role in the health care industry for applications such as patient care, diagnostics, risk prediction, precision medicine, and drug discovery. It relies on advanced algorithms and machine learning to aid with these applications in health care. Machine learning, in particular, has made advances in the health care community by enhancing diagnostic capabilities, especially in medical imaging and personalized medicine.
Companies such as Avant Technologies, SoundHound, NVIDIA, and Palantir are driving innovations in AI. Avant Technologies and Ainnova Tech have partnered to advance disease detection through AI-powered retinal scanning, while other companies continue to develop and assess ways to revolutionize patient care with AI. For diagnostic uses, AI employs super-resolution techniques to reconstruct lower-resolution medical images into highly detailed visuals for more accurate diagnoses. It is also used to identify abnormalities, such as tumors or fractures, in imaging. Additionally, AI is employed in personalized medicine to predict disease risks and treatment responses, as well as to assist in surgical planning.
While AI shows incredible promise for aiding the health care industry, key challenges remain. Concerns around data privacy, algorithmic bias, and ethical considerations underscore the importance of careful integration and human oversight in health care AI.
“This transformative technology enhances the accuracy of diagnoses and contributes to more efficient workflows, improved accessibility to diagnostics, and the potential for personalized treatment strategies,” said MarketsAndMarkets.
Reference
Global artificial intelligence (AI) influence on healthcare market expected to reach $148 billion by 2029. News release. Globe Newswire. November 12, 2024. Accessed November 13, 2024. https://www.globenewswire.com/news-release/2024/11/12/2979230/0/en/Global-Artificial-Intelligence-AI-Influence-on-Healthcare-Market-Expected-to-Reach-148-Billion-By-2029.html
