The North America Artificial Intelligence (AI) in Healthcare Market is expected to grow from US$ 1,605.67 million in 2019 to US$ 44,056.97 million by 2027; it is estimated to grow at a CAGR of 50.1% from 2020 to 2027.
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Cross-industry partnerships are accelerating the development and deployment of new machine learning models for risk prediction and cognitive assistance in healthcare. AI is primarily applied in clinical trials to enhance accuracy and value. Tools like clinical decision support systems and voice recognition software exemplify how AI streamlines hospital workflows, improves medical care, and ultimately enhances the patient experience. These cross-sector collaborations – bridging public, private, and nonprofit entities – represent a highly dynamic practice within corporate and societal relations. Consequently, the increasing number of such partnerships is projected to boost AI adoption in healthcare, driving market growth.
North America Artificial Intelligence (AI) in Healthcare Market Introduction
The North America Artificial Intelligence (AI) in Healthcare Market is segmented into the US, Canada, and Mexico. In 2019, the US held the largest market share. Market growth in North America is attributed to evolving digital healthcare infrastructure, a well-established healthcare sector, and rising patient awareness regarding AI's benefits. The presence of numerous key players also stimulates market growth. Furthermore, the adoption of digital tools to simultaneously improve healthcare quality and reduce costs further augments the AI market in the US and across North America.
The US remains the largest North America Artificial Intelligence (AI) in Healthcare Market. Key growth drivers include the increasing adoption of precision medicine, the ongoing digital transformation of healthcare, a rising prevalence of chronic diseases, and federal government support for implementing digital tools to cut costs and enhance care quality. The expanding utilization of AI across the healthcare industry is a major factor propelling the North American market.
The COVID-19 pandemic has had a devastating impact on North America. AI has become an indispensable tool for public health experts, helping to keep people informed and safe. It has emerged as a powerful technology for tracking and managing COVID-19 both within the US and globally. Numerous US institutions are developing new AI tools or repurposing existing ones to diagnose, monitor, and treat COVID-19.
For example, HealthMap, an AI application developed by Boston Children’s Hospital, was among the first tracking tools to identify the outbreak. This technology enables doctors to quickly triage patients to the appropriate care level even before a confirmed COVID-19 diagnosis. Similarly, Facebook AI partnered with academic researchers and specialists on several COVID-19 initiatives. In October 2020, Facebook AI launched its COVID-19 Community Help hub, encouraging people to assist patients and adding an AI-powered matching feature to efficiently connect those needing help with those offering it. AI's capacity for rapid analysis of vast datasets holds enormous potential, significantly impacting pandemic response efforts.
North America Artificial Intelligence (AI) in Healthcare Market Segmentation
North America Artificial Intelligence (AI) in Healthcare Market–By Component
- Software Solution
- Hardware
- Services
North America Artificial Intelligence (AI) in Healthcare Market– By Application
- Robot Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Cybersecurity
- Dosage Error Reduction
- Others
North America Artificial Intelligence (AI) in Healthcare Market– By End User
- Hospitals & Healthcare Providers
- Patients
- Pharma & Biotech Companies
- Healthcare Payers
- Others
North America Artificial Intelligence (AI) in Healthcare Market– By Country
- US
- Canada
- Mexico
North America Artificial Intelligence (AI) in Healthcare Market– Company Profiles
- Alphabet Inc.
- Arterys Inc.
- General Electric Company
- Intel Corporation
- Johnson and Johnson Services, Inc.
- Koninklijke Philips N.V.
- Microsoft Corporation
- Nuance Communications, Inc.
- NVIDIA CORPORATION
- Siemens Healthineers AG
North America Artificial Intelligence (AI) in Healthcare Market Strategic Insights
Strategic insights for the North America Artificial Intelligence (AI) in Healthcare provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America Artificial Intelligence (AI) in Healthcare Market Regional Insights
The geographic scope of the North America Artificial Intelligence (AI) in Healthcare refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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