North America Artificial Intelligence (AI) in Healthcare Market Segments, Trends, Size 2027

The artificial intelligence in healthcare market in North America 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.

Cross-industry collaborations are fostering the development of new machine learning models that forecast risk and provide cognitive assistance. Artificial intelligence (AI) is predominantly utilized in clinical trials to yield precise and valuable outcomes. For example, AI-powered tools like clinical decision support systems and voice recognition software enhance workflow efficiency in hospitals and improve medical care, ultimately elevating the patient experience. These cross-sector partnerships, bridging public, private, and nonprofit entities, represent a highly dynamic aspect of corporate and societal relations. Consequently, the increasing number of such partnerships is expected to accelerate AI adoption in the healthcare sector, driving North America Artificial Intelligence (AI) in Healthcare Market growth.

North America AI in Healthcare Market

The North America Artificial Intelligence (AI) in Healthcare Market includes the US, Canada, and Mexico. In 2019, the US held the largest market share. This growth in North America is due to an evolving digital healthcare infrastructure, a well-established healthcare sector, and growing patient awareness regarding AI's benefits. The presence of numerous key players in the market is also likely to stimulate growth in the region. Furthermore, the adoption of digital tools in healthcare operations to simultaneously improve quality and reduce costs is expected to boost the AI in healthcare market in the US and other North American countries.

Within North America, the US is the largest market for AI in healthcare. This market's expansion is primarily fueled by the increasing adoption of precision medicine, the transformation of digital healthcare, a rising incidence of chronic diseases, and federal government support for implementing digital tools in healthcare to cut costs and enhance care quality. The growing use of AI in the healthcare industry is a significant driver for the North America Artificial Intelligence (AI) in Healthcare Market.

Impact of COVID-19 on North America Artificial Intelligence (AI) in Healthcare Market

The COVID-19 pandemic has had a devastating impact on the North America region. AI has proven to be an indispensable tool for public health experts in keeping people safe and informed about the coronavirus. It has emerged as a robust tool for tracking and managing COVID-19 across the US and beyond. Numerous US institutions are either developing new AI technology or leveraging existing technology to diagnose, monitor, and treat the novel coronavirus.

For instance, HealthMap, an AI application developed by Boston Children’s Hospital, was one of the first tracking tools to identify the COVID-19 outbreak. This early detection helped doctors quickly triage patients to the appropriate level of care even before a COVID-19 diagnosis was confirmed. Similarly, Facebook AI partnered with academic researchers and other specialists on various COVID-19-related initiatives. In October 2020, Facebook AI launched their COVID-19 Community Help hub as a resource for people to request help for patients, adding an innovative AI-powered matching feature to quickly connect people and provide the necessary assistance. AI's immense potential for rapidly analyzing large quantities of data can significantly impact situations like a pandemic.

North America Artificial Intelligence (AI) in Healthcare Market Segmentation

North America Artificial Intelligence (AI) in Healthcare Market –By Component

• Software Solution

• Hardware

• Service

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 Countr

• 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

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights