The global AI infrastructure market in healthcare is projected to reach USD 613.81 billion by 2034, driven by advancements in diagnostics and the increasing adoption of digital technologies.
AI Set to Transform Healthcare Sector: Market Expected to Skyrocket
The global artificial intelligence (AI) infrastructure market, particularly in healthcare, is poised for significant expansion over the next decade. With AI algorithms demonstrating the capability to analyse large volumes of medical data, including patient records and genetic information, the technology is set to revolutionise healthcare delivery, assisting professionals in diagnosing conditions more accurately and swiftly, ultimately leading to improved patient outcomes.
AI-driven diagnostic tools are adept at detecting subtle patterns and indicators of diseases, facilitating early detection and preventive measures. Additionally, AI systems provide healthcare professionals with valuable tools to enhance the diagnostic process, serving as a potent driver for market growth.
A report from Precedence Research highlights that the value of the global AI in healthcare market, which stood at USD 19.27 billion in 2023, is projected to increase to USD 26.69 billion in 2024 and surge to approximately USD 613.81 billion by 2034. This growth represents a compound annual growth rate (CAGR) of 36.83% over the decade from 2024 to 2034. Within the United States, the AI healthcare market was valued at USD 6.07 billion in 2023 and is estimated to reach around USD 195.01 billion by 2034, growing at a CAGR of 37%.
The Precedence Research report attributes this growth to the increasing adoption of digital technologies within the healthcare sector, driven by the need to reduce costs and deliver enhanced patient care. The prevalence of chronic diseases and a growing elderly population contribute to an expanding patient pool, generating large volumes of health data that necessitate effective storage and management. The rising demand for personalised medicine and the necessity of maintaining digital health records are significantly propelling the AI in the healthcare market.
In response to this burgeoning market, Avant Technologies Inc. has announced a significant initiative to enhance patient care through an advanced AI-powered healthcare infrastructure. This platform, which employs machine learning and advanced computing, aims to empower healthcare providers and patients alike by enhancing care delivery and monitoring. The platform’s suite of built-in features includes first-line advising agents for personalised patient guidance, advanced analytics for uncovering hidden patterns, optimized treatment plans, and predictive health analysis for early intervention. It also emphasizes secure connections to clinic and hospital databases, ensuring privacy and compliance while expanding telemedicine capabilities, especially in underserved areas.
Kenneth L. Waggoner, CEO of Avant Technologies, stated, “Our mission is to leverage AI advancements, including the potential of quantum computing, to create a healthcare ecosystem that incorporates smart features for patient care, ensuring optimal care for every patient.”
Besides Avant Technologies, several other notable players in the AI healthcare market include C3 AI, Snowflake, NVIDIA Corporation, and Microsoft Corporation.
C3 AI recently attained the Amazon Web Services (AWS) Generative AI Competency, showcasing its proficiency in supporting generative AI technologies. This recognition underscores C3 AI’s technical expertise and success in addressing customer challenges through generative AI solutions, facilitating digital transformation strategies for enhancing customer experience and operational efficiency.
Snowflake announced the hosting of Meta’s Llama 3.1 collection of multilingual large language models within its Cortex AI for enterprises, aiming to democratise AI applications. Optimised for real-time inference, this initiative makes powerful natural language processing and generation capabilities more accessible and cost-effective for developers.
NVIDIA Corporation has made significant strides with OpenUSD, expanding the adoption of this 3D data interchange framework across industries such as robotics, industrial design, and engineering. Their advancements promise to enhance developers’ capabilities in creating highly accurate virtual worlds and simulating environments for the next wave of AI and robotics applications.
Finally, Palantir Technologies Inc. and Microsoft Corporation announced an advancement in their partnership, delivering cloud, AI, and analytics capabilities to the U.S. Defense and Intelligence Community. This initiative integrates Microsoft’s Large Language Models with Palantir’s AI Platform, enhancing secure and sophisticated technology deployment for critical national security missions.
As AI continues to evolve and integrate into healthcare, the industry is set to witness transformative changes, with improved patient care and operational efficiencies at the forefront of this technological revolution.
