AI in healthcare set to rocket to $175.22bn by 2029

The market value of artificial intelligence technologies used in healthcare is expected to reach $175.22bn by 2029, according to Data Bridge Market Research.

Rising at a CARG of 51.37% during the forecast period of 2022-2029, the data company said the rise can be credited to increasing product launches, a larger patient pool, high resource availability and penetration of quick internet speed, as well as advancements in healthcare technologies in general.

“Even in remote areas” AI in the sector is making way for advanced and modern treatment boasted Data Bridge. The rise in common disorders such as chronic and acute is also one of the main drivers for the predicted surge in its market value.

The increase in medical tools will also created lucrative growth opportunities. Yet governments are also adding to the rumoured market value. Data Bridge said that we can expect to them investing more heavily in healthcare, perhaps “driven by public and private players”, especially in developing economies.

Developments in the sector have been taking place lately. In March 2020, care.ai formed a partnership with the Texas Hospital Association (THA) to create a state-wide adoption of AI for autonomous monitoring.

In the AI world, advancements in healthcare have happened even more recently. In June 2022, DeepMatter acquired ChemIntelligence to boost its healthtech AI offering, enabling the prediction of molecules, materials, and formulations, and suggesting the most relevant experiments to perform in a secure end-to-end cloud environment.