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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The healthcare sector is seeing a surge in cross-industry partnerships, leading to the development of new machine learning models for risk prediction and cognitive assistance. Artificial intelligence (AI) is proving crucial in clinical trials, delivering accurate and valuable insights. AI-powered tools, such as clinical decision support systems and voice recognition software, are already streamlining hospital workflows and enhancing medical care, ultimately improving the patient experience. These partnerships, bridging public, private, and nonprofit sectors, are key drivers of increased AI adoption and, consequently, market growth in healthcare.

North America Artificial Intelligence (AI) in Healthcare Market

North America is a significant market for AI in healthcare, encompassing the US, Canada, and Mexico. The US held the largest market share in 2019, a trend attributed to its evolving digital healthcare infrastructure, a well-established healthcare sector, and growing patient awareness of AI's benefits. The presence of numerous key market players and the increasing adoption of digital tools to simultaneously improve quality and reduce costs are further propelling market expansion across the region.

Specifically in the US, market growth is fueled by the rising adoption of precision medicine, the ongoing digital transformation of healthcare, the increasing prevalence of chronic diseases, and federal government support for implementing digital tools to enhance care quality and cut costs. The burgeoning use of AI in healthcare generally is a major factor driving the North American market.

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

The COVID-19 pandemic has had a devastating impact on North America, yet it has also highlighted AI's critical role in public health. AI has become an indispensable tool for tracking and managing the virus across the US. Numerous institutions are either developing new AI technologies or leveraging existing ones for COVID-19 diagnosis, monitoring, and treatment.

For instance, HealthMap, an AI application developed by Boston Children's Hospital, was among the first tools to detect the COVID-19 outbreak. This early detection capability helped doctors quickly triage patients to appropriate care levels, even before a confirmed diagnosis. Similarly, Facebook AI partnered with academic researchers and other specialists on various COVID-19 initiatives. In October 2020, Facebook AI launched its COVID-19 Community Help hub, featuring an innovative AI-powered matching feature to quickly connect people needing and offering assistance. AI's ability to rapidly analyze vast quantities of data has significantly impacted the pandemic response.

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