AI in Preventive Care Market Research Report Segmented By Offering (Hardware, Software, Services); By Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision); By Application (Medical Administration and Support, Patient Management, Research & Development, Others); By End-User (Pharmaceutical Companies, Hospitals, Patients, Others); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

AI in Preventive Care Market Size (2024 – 2030)

The market size of AI in preventive care, valued at USD 10.36 billion in 2023, is poised to attain USD 161.14 billion by 2030, showcasing a robust CAGR of 48% during the forecast period. Several factors contribute to this growth, including the surge in extensive and intricate medical databases, a pressing need to curtail healthcare expenses, heightened computing capabilities coupled with reduced hardware costs, a rise in collaborations among diverse entities in the healthcare sector, and an increasing demand for enhanced healthcare services due to workforce-patient imbalances.

INDUSTRY OVERVIEW:

In the global healthcare sector, artificial intelligence (AI) has emerged as a transformative force. The substantial impact of AI-driven solutions has proven advantageous for both healthcare providers and recipients across the patient care continuum. The healthcare landscape has experienced unprecedented growth and transformation over the past decade, with AI integration playing a pivotal role. From addressing chronic ailments such as cancer to facilitating radiologic treatments and risk assessment, AI in healthcare offers myriad possibilities, leveraging cutting-edge technology to deliver more efficient solutions. In comparison to traditional analytical approaches and decision-making processes, AI holds significant advantages in the healthcare sector.

Within the broad spectrum of AI, encompassing machine learning, cloud computing, and deep learning algorithms, healthcare practitioners have gained valuable insights into diagnostics and care procedures, resulting in reduced treatment variations and more precise clinical outcomes. The ability of AI to mimic human cognition in interpreting and analyzing complex healthcare data has propelled significant advancements in the field. Essentially, the methodology relies on computer algorithms to make critical decisions without human intervention.

AI-based health applications strive to streamline and innovate treatment methodologies to yield accurate patient outcomes. Esteemed medical institutions, such as Memorial Sloan Kettering Cancer Center, the NHS in the United Kingdom, and the Mayo Clinic, have developed cutting-edge AI-powered algorithms and technologies. Disease diagnosis, medication discovery, formulation of treatment protocols, patient monitoring, and personalized medicine development represent areas where these technologies prove instrumental. Furthermore, prominent tech entities like Google, Apple, and IBM have ventured into the healthcare arena by creating AI algorithms.

COVID-19 IMPACT ON AI IN THE PREVENTIVE CARE MARKET:

The utilization of AI and ML solutions in the healthcare sector has historically fueled substantial growth in the AI in healthcare market. Artificial intelligence has emerged as a critical asset in global health crisis management, significantly enhancing disease detection, medication research, and efficient robot delivery. The onset of the COVID-19 pandemic provided an opportunity to showcase AI's capabilities in the healthcare industry. During the pandemic's second wave, healthcare facilities worldwide deployed AI-based automated systems, inpatient care bots, and AI-assisted surgery robots to manage the continuous influx of patients, preventing overwhelming disruptions to hospital operations.

MARKET DRIVERS:

AI in healthcare enhancing preventive care and quality of life through precise therapy and treatment plans is a key driver of market growth:

The expanding role of AI in healthcare as an indispensable tool for addressing epidemics and pandemics is evident in its ability to enhance preventive care, improve quality of life, enable accurate diagnosis and treatment strategies, and elevate overall patient outcomes. Integration of artificial intelligence holds the potential to enhance the accuracy of radiological instruments and, in specific instances, substitute the need for tissue samples, contributing to sustained market revenue growth. AI has the capability to address skills shortages by assuming diagnostic responsibilities traditionally carried out by humans.

AI streamlining and automating operations, as well as supporting research and development, are driving market growth:

AI facilitates the examination of vast datasets for more effective studies on infectious and rare diseases, aiding in the development of reliable diagnostic and treatment methods. The incorporation of AI into electronic health records (EHRs) to create intuitive interfaces and automate routine operations for time and cost savings is a significant driver expected to boost market revenue growth. AI also enhances the monitoring capabilities of medical devices in intensive care units, leading to improved patient outcomes and reduced healthcare costs. These factors are anticipated to contribute significantly to market revenue growth in the foreseeable future.

MARKET RESTRAINTS:

Apprehensions among medical professionals about adopting AI-based technology impede market growth:

Despite the rapid evolution of digital health and mobile health technology, healthcare practitioners may hesitate to embrace new technologies. While AI technology can assist doctors in diagnosing and treating patients more efficiently, medical professionals express concerns that human qualities such as empathy and persuasion are irreplaceable, and AI cannot substitute for a doctor. Additionally, there is a perceived risk that patients might overly rely on these technologies, potentially neglecting crucial in-person treatments and jeopardizing long-term doctor-patient relationships.

Concerns regarding data privacy pose a significant obstacle to the adoption of AI in the healthcare industry:

AI holds diverse applications in the medical field; however, concerns about data privacy limit its widespread use. Stringent federal regulations safeguarding patient health data in some nations necessitate adherence to data security procedures by AI-based technologies. The concentration and computational demands of most AI platforms, often requiring storage in vendor data centers, pose challenges to data security. If patient data is inadvertently exposed from these data centers, it could lead to substantial legal and financial repercussions. Consequently, these factors negatively impact the growth of the market.

AI IN THE PREVENTIVE CARE MARKET - BY OFFERING

• Hardware
• Software
• Services

In terms of offerings, the AI in the preventive care market exhibits segmentation into Hardware, Software, and Services. The software solutions category took the lead in the artificial intelligence healthcare market in 2021, securing the largest revenue share at 39.9%. This dominance is attributed to the rapid acceptance of AI-based technology solutions among medical providers, payers, and patients. The software segment is projected to witness profitable growth over the forecast period, fueled by the increasing prevalence of AI-based technologies in healthcare applications such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dose error reduction, and fraud prevention. Strategic efforts, including alliances and seed investments, by major market players are contributing positively to market development.

AI IN THE PREVENTIVE CARE MARKET - BY TECHNOLOGY

• Machine Learning
• Natural Language Processing
• Context-aware Computing
• Computer Vision

Concerning technology, the AI in the preventive care market is categorized into Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision. Machine learning dominated the global AI in the preventive care market in 2021 and is expected to experience faster growth during the projected period. The dominance of machine learning is attributed to its utilization in uncovering patterns and anticipating results from the vast volumes of data generated by medical facilities and healthcare systems. Pharmaceutical and biotechnology companies are increasingly relying on machine learning for drug-genomic applications, contributing to the market's growth by extracting meaningful information from large datasets and complementing genomic research.

AI IN THE PREVENTIVE CARE MARKET - BY APPLICATION

• Medical Administration and Support
• Patient Management
• Research & Development
• Others

The AI in the preventive care market, categorized by application, includes Medical Administration and Support, Patient Management, Research & Development, and others. Significant growth is expected in the Patient Management application over the forecast period. The increased availability of unstructured and unprocessed data has enabled medical specialists and researchers to leverage current big data analytics and information-driven solutions. Healthcare practitioners are increasingly interested in AI's role in diagnosing patient symptoms and monitoring their progression through various sickness phases. Real-time remote patient monitoring systems are anticipated to bring a long-term paradigm shift in healthcare improvement, driven by the benefits of AI in this context.

AI IN THE PREVENTIVE CARE MARKET - BY END-USER

• Pharmaceutical Companies
• Hospitals
• Patients
• Others

Based on end-users, the AI in the preventive care market is segmented into Pharmaceutical Companies, Hospitals, Patients, and Others. The pharmaceutical company segment dominated the market in 2021 due to the introduction of unique and effective solutions for health diagnosis and monitoring. The use of AI in pharmaceuticals accelerates the development process, reduces manufacturing risks, and facilitates research into complex disorders at the genetic level. The rising prevalence of diseases, including cancer and genetic disorders, coupled with the demand to reduce drug development time and costs, contributes to the growth of the AI market in preventive care.

AI IN THE PREVENTIVE CARE MARKET - BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

In terms of regions, the AI in the preventive care market is divided into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. North America emerged as the largest regional market in 2021, contributing the highest revenue share of 57.4%. This trend is expected to continue during the forecast period due to developments in healthcare IT infrastructure, increasing medical expenditures, mass acceptance of AI/ML technologies, favorable government initiatives, attractive funding opportunities, and the presence of numerous significant industry competitors. The Asia Pacific region is projected to experience the fastest growth rate of 45% over the forecast period, driven by significant developments in IT infrastructure and entrepreneurial initiatives focused on AI-based technologies.

AI IN THE PREVENTIVE CARE MARKET - BY COMPANIES

Given the highly competitive and fragmented nature of the AI in the preventive care market, with numerous competitors operating in both local and foreign markets, major players adopt strategies such as product development, mergers, and acquisitions. Some of the key players in the market include:

1. Intel
2. Koninklijke Philips
3. Microsoft
4. IBM
5. Siemens Healthineers
6. Nvidia
7. Google
8. General Electric Company
9. Medtronic
10. Micron Technology
11. Amazon Web Services
12. Johnson & Johnson
13. General Vision
14. CloudmedX
15. Oncora Medical
16. Enlitic
17. Gauss Surgical
18. Qventus
19. Desktop Genetics
20. Cylance
21. Ginger.io
22. Pillo

NOTABLE DEVELOPMENTS IN AI WITHIN THE PREVENTIVE CARE MARKET

PRODUCT LAUNCH - In August 2021, Philips unveiled two novel HealthSuite solutions, offering health systems the capability to interconnect informatics applications that can be seamlessly adjusted in scale based on evolving requirements.

INVESTMENT - Microsoft, a prominent American corporation, introduced AI for Health in January 2020—a five-year initiative with a funding of USD 40 million. The objective is to empower healthcare institutions in leveraging artificial intelligence and machine learning to enhance the well-being of patients and communities.

STRATEGIC PARTNERSHIP - October 2019 witnessed a collaboration between Care.ai and NVIDIA, aiming to implement AI-powered automated health tracking within the healthcare sector, utilizing NVIDIA's platform. This collaboration facilitates healthcare institutions in enhancing both patient safety and staff efficiency by integrating care.ai's independent monitoring system with NVIDIA's Jetson technology.

STRATEGIC ALLIANCE - In March 2020, EBSCO Information Services and IBM Watson Health joined forces to provide organizations with access to evidence-based medication and ailment data. This collaboration is designed to assist companies in more effectively managing severe contagious diseases such as COVID-19.

CORPORATE ACQUISITION - July 2019 marked IBM's announcement of the acquisition of RedHat. This strategic move involves combining IBM's innovation and industry expertise with RedHat's open hybrid cloud technology. The collaboration aims to establish a cutting-edge, heterogeneous multi-cloud platform for healthcare organizations, enabling secure management of healthcare data and running applications across various public and private clouds and premises.