[187 Pages Report] The Artificial Intelligence in Biomedical Market size was estimated at USD 4.70 billion in 2023 and expected to reach USD 5.78 billion in 2024, at a CAGR 24.18% to reach USD 21.40 billion by 2030.
Artificial intelligence (AI) in the biomedical market refers to the application of machine learning algorithms, natural language processing, and computer vision techniques on large datasets generated by the biomedical sector. The increasing demand for personalized medicine necessitates advanced data analysis through AI for optimizing drug efficacy and reducing side effects. Rapid advancements in high-throughput technologies have led to an exponential increase in genomics & proteomics, requiring AI-driven analytics for accurate interpretation. Governments worldwide are taking initiatives to promote big data analytics and precision medicine. However, the high cost of implementing AI-powered biomedical solutions may adversely impact their use by the end-use sectors. Moreover, recent advancements in deep learning algorithms for predicting molecular interactions and ongoing research to expand applications of AI in biomedical are anticipated to propel the growth of artificial intelligence (AI) in the biomedical market globally.
Regional Insights
Artificial Intelligence (AI) in the biomedical market is evolving in the Americas owing to the well-established healthcare infrastructure, significant investments in AI-driven biomedical research, and the surge in the adoption of natural language processing (NLP) techniques. The European Union is also heavily investing in AI applications for biomedicine and emphasizing on developing advanced deep-learning techniques to aid in tissue engineering and regenerative medicine. In the Middle East and Africa, there is growing interest in harnessing AI for healthcare innovation to improve healthcare accessibility in resource-constrained settings. The Asia-Pacific region, led by China, Japan, and India, is experiencing rapid AI adoption in the biomedical field with significant funding for AI-driven healthcare technologies and collaborations between academia and industry to develop innovative AI-powered healthcare solutions. Besides, cutting-edge patents and proliferating research activities are expected to enhance operational efficiency, encouraging their adoption by the end-use verticals globally.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Artificial Intelligence in Biomedical Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Artificial Intelligence in Biomedical Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Artificial Intelligence in Biomedical Market, highlighting leading vendors and their innovative profiles. These include AiCure, LLC, Arterys Inc., Aspen Technology Inc, Atomwise Inc, Augmedix, Inc., Behold.ai Technologies Limited, BenevolentAI SA, BioSymetrics Inc., BPGbio Inc., Butterfly Network, Inc., Caption Health, Inc. by GE Healthcare, Cloud Pharmaceuticals, Inc., CloudMedX Inc., Corti ApS, Cyclica Inc, Deargen Inc, Deep Genomics Incorporated, Euretos Services BV, Exscientia plc, Google, LLC by Alphabet, Inc., Insilico Medicine, Intel Corporation, International Business Machines Corporation, InveniAI LLC, Isomorphic Labs, Novo Nordisk A/S, Sanofi SA, Turbine Ltd., Viseven Europe OU, and XtalPi Inc..
Market Segmentation & Coverage
This research report categorizes the Artificial Intelligence in Biomedical Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Components
- Hardware
- Services
- Software
- Technology
- Computer Vision
- Context-Aware Computing
- Machine Learning
- Natural Language Processing
- Querying Method
- Application
- Clinical Decision Support
- Clinical Trial Coordinators & Investigators
- Drug Discovery & Development
- Genomics & Personalized Medicine
- Medical Imaging & Radiology
- End-Users
- Biotechnology Firms
- Hospitals & Diagnostic Centers
- Pharmaceutical Companies
- Research Institutions
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Artificial Intelligence in Biomedical Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Artificial Intelligence in Biomedical Market?
- What are the technology trends and regulatory frameworks in the Artificial Intelligence in Biomedical Market?
- What is the market share of the leading vendors in the Artificial Intelligence in Biomedical Market?
- Which modes and strategic moves are suitable for entering the Artificial Intelligence in Biomedical Market?
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