AI in Preventive Care Market Size (2024 – 2030)

The market size of AI in preventive care reached USD 10.36 billion in 2023, with projections aiming at USD 161.14 billion by 2030. Expectations suggest a robust Compound Annual Growth Rate (CAGR) of 48% during the forecast period. The expansion of this market is propelled by various factors, including the proliferation of extensive and intricate medical databases, the urgent need to reduce healthcare expenditures, advancements in computing capabilities coupled with decreasing hardware costs, a rise in partnerships and collaborations within the healthcare sector, and an increasing demand for enhanced healthcare services due to imbalances in the workforce-patient ratio.

Industry Overview:

The global healthcare sector, artificial intelligence (AI) has emerged as a revolutionary force, profoundly impacting providers and patients along the continuum of care. The healthcare industry has experienced remarkable growth and transformation in the last decade, with AI integration playing a pivotal role. From addressing chronic illnesses such as cancer to enhancing radiological treatments and risk assessments, AI offers numerous avenues for leveraging cutting-edge technology to deliver more efficient solutions. In comparison to conventional analytical methods and decision-making processes, AI presents significant advantages in the healthcare landscape.

Across the spectrum of AI technologies, machine learning, cloud computing, and deep learning algorithms empower healthcare practitioners to glean invaluable insights into diagnostics and treatment procedures, resulting in reduced treatment variances and more precise clinical outcomes. By mirroring human cognition in the interpretation and analysis of intricate healthcare data, AI has spearheaded substantial advancements in healthcare. Fundamentally, the methodology relies on computer algorithms to make significant decisions autonomously, devoid of human intervention.

AI-driven health applications endeavor to streamline and innovate treatment modalities to yield precise patient outcomes. Noteworthy institutions such as the Memorial Sloan Kettering Cancer Center, the NHS in the United Kingdom, and the Mayo Clinic have developed cutting-edge AI-driven algorithms and technologies. These technologies find utility in disease diagnosis, drug discovery, formulation of treatment protocols, patient monitoring and care, and the development of personalized medicine. Moreover, prominent tech giants including Google, Apple, and IBM have made significant inroads into the healthcare arena by developing AI algorithms.

Impact of COVID-19 on AI in the Preventive Care Market:

The historical growth trajectory of the AI in healthcare market can be attributed to the widespread adoption of AI and Machine Learning (ML) solutions within the healthcare domain. Artificial intelligence stands as a crucial pillar in global health crisis management. Amidst challenging times, AI has significantly enhanced disease detection, expedited drug research, and optimized robotic deliveries. The onset of the COVID-19 pandemic presented an opportunity to showcase AI's prowess and expertise in the healthcare sector. During the tumultuous waves of the pandemic, medical institutions worldwide harnessed AI-based automated systems, inpatient care bots, and AI-assisted surgical robots to manage the constant influx of patients, thereby preventing overwhelming strain on hospital operations.

Market Drivers:

AI in healthcare holds the potential to enhance preventive care and quality of life by offering precise therapy and treatment plans, serving as a key driver for market expansion:

The increasing relevance of AI in combating epidemics and pandemics underscores its capacity to improve preventive care, ensure accurate diagnoses and treatment strategies, and elevate overall patient outcomes. Integration of artificial intelligence has the potential to enhance the precision of radiological tools and, in certain scenarios, supplant the need for tissue samples, thereby propelling revenue growth throughout the forecast period. Additionally, AI has the capacity to mitigate skill shortages by assuming diagnostic responsibilities traditionally carried out by humans.

AI streamlines and automates various operations, bolstering research and development efforts:

AI empowers researchers to analyze vast datasets effectively, facilitating a more comprehensive study of infectious and rare diseases, consequently aiding in the development of more dependable diagnostic and treatment modalities. The integration of artificial intelligence (AI) into electronic health records (EHRs) to create intuitive interfaces and automate routine operations, thus saving time and resources, stands as another significant driver anticipated to foster market revenue growth in the foreseeable future. Furthermore, AI has the potential to enhance the capabilities of medical devices for ICU patient monitoring and issue assessment, leading to improved patient outcomes and reduced healthcare costs. These factors collectively contribute to the anticipated growth in market revenues.

Market Restraints:

Apprehensions among medical professionals regarding the adoption of AI-based technologies pose a challenge to market expansion:

With the rapid evolution of digital health and mobile health technologies, healthcare practitioners can now offer patients tailored treatment options. AI technologies assist doctors in diagnosing and treating patients more efficiently. However, there exists a cautious approach among medical professionals towards emerging technologies. Concerns are raised regarding the perception that qualities such as empathy and persuasion are innate human abilities, which AI cannot replace. Additionally, there is a risk of patients overly relying on these technologies, potentially foregoing critical in-person treatments, thus jeopardizing long-term doctor-patient relationships.

Issues surrounding data privacy emerge as a significant factor hindering the widespread adoption of AI in the healthcare sector:

AI boasts a plethora of applications within the medical domain. However, the utilization of AI in the sector is constrained by concerns pertaining to data privacy. In several jurisdictions, stringent regulations safeguard patient health data, and any lapse in its security may lead to legal and financial repercussions. The integration of AI-based technologies for patient care necessitates compliance with data security protocols established by governing bodies and regulatory authorities. This proves to be a complex undertaking, particularly since most AI platforms require substantial computational capabilities, often resulting in patient data, or segments thereof, being stored in vendor data centers. The security of these data centers poses challenges, as they are accessible to a broad spectrum of personnel, thereby increasing the risk of breaches. In the event of inadvertent exposure of patient data from these centers, it could lead to substantial litigation and financial claims from affected parties. These factors collectively impede market growth.

AI in the Preventive Care Market - by Offerings

• Hardware
• Software
• Services

In the domain of offerings, AI in the preventive care market finds segmentation across Hardware, Software, and Services. The software solutions category took the lead in the artificial intelligence healthcare market of 2021, garnering the largest revenue share of 39.9%, attributed to the rapid acceptance of AI-based technology solutions among medical providers, payers, and patients. Forecasts predict a profitable growth trajectory for the software segment over the projection period. This significant market share is fueled by the increasing prevalence of AI-based technologies across various healthcare applications such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dose error reduction, and fraud prevention. Additionally, the market is experiencing positive growth due to strategic initiatives such as alliances and seed investments by major market players.

AI in the Preventive Care Market - by Technologies

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

The AI in preventive care market's technological landscape divides into Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision segments. Machine learning led the global market in 2021 and is expected to continue growing at an accelerated pace during the forecast period. This dominance is attributed to the vast amounts of data generated by medical facilities and healthcare systems, with most algorithms employing machine learning methodologies to uncover patterns and predict outcomes. Furthermore, the reliance of pharmaceutical and biotechnology companies on machine learning for drug-genomic applications due to its ability to extract valuable insights from extensive datasets and complement genomic research is a significant driver propelling market growth.

AI in the Preventive Care Market - by Applications

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

In terms of applications, the AI in preventive care market segments into Medical Administration and Support, Patient Management, Research & Development, and other categories. The Patient Management application is poised for substantial growth in the forecast period. The availability of vast amounts of previously unavailable unstructured and unprocessed data to medical specialists and researchers is driving healthcare institutions towards contemporary big data analytics and information-driven solutions. Healthcare professionals are increasingly recognizing AI's role in diagnosing patient symptoms and tracking their progress through different stages of illness, marking a significant paradigm shift towards real-time remote patient monitoring systems in healthcare improvement.

AI in the Preventive Care Market - by End-Users

• Pharmaceutical Companies
• Hospitals
• Patients
• Others

The end-user segmentation of the AI in preventive care market includes Pharmaceutical Companies, Hospitals, Patients, and others. In 2021, the pharmaceutical company segment held the largest market share, poised for substantial growth due to the introduction of innovative and effective health diagnosis and monitoring solutions. Artificial intelligence is streamlining the development process and reducing risks associated with pharmaceutical product manufacturing, facilitating deeper research into complex disorders at the genetic level for doctors, ultimately driving market growth. AI's role in enhancing the efficiency and safety of data analysis, critical for pharmaceutical companies to demonstrate product safety and efficacy, further contributes to market expansion. The market is also propelled by the increasing prevalence of diseases such as cancer and genetic disorders, along with the growing demand to reduce drug development timelines and costs.

AI in the Preventive Care Market - by Regions

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

Regionally, the AI in preventive care market encompasses 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%, a trend anticipated to continue during the forecast period. Market growth in North America is driven by advancements in healthcare IT infrastructure, rising medical expenditures, widespread acceptance of AI/ML technologies, favorable government initiatives, attractive funding opportunities, and a competitive landscape with numerous significant industry players. Factors such as the aging population, evolving lifestyles, higher incidences of chronic illnesses, a growing need for value-based care, and increased awareness of AI-based technologies further fuel market expansion in North America. Conversely, the Asia Pacific region is forecasted to grow at the fastest rate of 45% over the projection period, attributed to significant advancements and enhancements in IT infrastructure, coupled with entrepreneurial initiatives focused on AI-based technologies. Investments from private investors, venture capitalists, and non-profit organizations are boosting therapeutic outcomes, data analytics, security, and cost reduction efforts. Key drivers of the Asia Pacific market's growth include favorable government policies encouraging rapid adoption of AI-based technologies among healthcare organizations and providers.

AI in the Preventive Care Market - by Companies

The AI in preventive care market is highly competitive and fragmented due to the presence of numerous competitors operating in both local and foreign markets. Major market players are employing strategies such as product development and mergers and acquisitions to capitalize on the growing use of AI across various medical domains. Some notable players in the AI in preventive care 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 in the Preventive Care Market

• Product Launch: In August 2021, Philips introduced two new HealthSuite solutions. These solutions allow health systems to connect informatics applications that can be scaled up or down based on evolving needs.
• Investment: In January 2020, Microsoft launched AI for Health, a five-year, USD 40 million initiative aimed at assisting healthcare institutions in leveraging artificial intelligence and machine learning to enhance patient and community health.
• Collaboration: Care.ai and NVIDIA partnered in October 2019 to deliver AI-powered automated health tracking in healthcare using NVIDIA's platform. This collaboration aims to enhance patient safety and staff efficiency through care.ai's autonomous monitoring system combined with NVIDIA's Jetson technology.
• Collaboration: In March 2020, EBSCO Information Services and IBM Watson Health collaborated to provide organizations access to evidence-based medication and ailment data. This partnership aims to aid in better management of serious contagious diseases like COVID-19.

Acquisition: IBM announced the acquisition of RedHat in July 2019 to integrate their expertise and industry knowledge with RedHat's open hybrid cloud technology. This collaboration aims to create a next-generation multi-cloud platform for healthcare organizations, enabling secure management of healthcare data and applications across various public and private clouds and premises.