The AI in Health and Safety Market Size is valued at USD 6.5 billion in 2023 and is predicted to reach USD 28.6 billion by the year 2031 at a 20.9% CAGR during the forecast period for 2024-2031.
AI in health and safety is revolutionizing how risks are managed, and health outcomes are improved. In healthcare, AI aids in early diagnosis, personalized treatments, and efficient patient management. In safety, AI systems enhance workplace safety by predicting risks, monitoring conditions, and automating safety protocols. In the healthcare sector, artificial intelligence (AI) supports drug development, medical imaging analysis, and personalized treatment regimens, leading to more accurate diagnoses and efficient healthcare delivery. Furthermore, AI greatly enhances worker safety in healthcare facilities by managing hospital operations, generating virtual nursing assistants, and offering predictive maintenance. By using AI, health and safety professionals may lower risks, prevent accidents, and raise industry-wide standards for general health and safety.
However, the pandemic also presented certain difficulties, including hiccups in supply chains, postponed R&D projects, and worries about data security and privacy when managing private medical data. Despite these obstacles, the COVID-19 pandemic sped up the digital revolution in the safety and health sectors, highlighting the significance of AI in managing emergencies and enhancing the provision of healthcare.
Competitive Landscape
Some Major Key Players In The AI in Health and Safety Market:
- IBM Corporation
- Google LLC
- Microsoft Corporation
- Amazon Web Services, Inc.
- Intel Corporation
- General Electric Company
- Siemens Healthineers AG
- Medtronic, Inc.
- Johnson & Johnson Services, Inc.
- NVIDIA Corporation
- Apple Inc.
- Cerner Corporation
- Philips Healthcare
- Oracle Corporation
- GE Healthcare
- Koninklijke Philips N.V.
- Accenture plc
- Hewlett Packard Enterprise (HPE)
- Allscripts Healthcare Solutions, Inc.
- Epic Systems Corporation
- Cognizant Technology Solutions Corporation
- General Vision, Inc.
- CloudMedx Inc.
- Digital Reasoning Systems, Inc.
- Sentrian Pty Ltd.
- Other Market Players
Market Segmentation:
AI in the health and safety market is segmented by type, application, and end user. Based on type, the market is segmented into machine learning, computer vision, robotics, natural language processing (NLP),and expert systems. By the application segment, the market is categorized into medical image analysis, drug discovery and development, virtual nursing assistants, patient data management, wearable health monitoring, personalized treatment plans, predictive maintenance in healthcare facilities, hospital management, and operations optimization. Based on end-users, the market is segmented into hospitals and clinics, pharmaceutical companies, healthcare IT companies, research institutions, and insurance providers.
Based On Type, The Natural Language Processing(NLP) Segment Is Accounted As A Major Contributor To The AI In Health And Safety Market.
In the field of healthcare, Natural discourse Processing (NLP) allows computers to understand, produce, and translate human discourse. It transforms the way healthcare is delivered by revealing insights from unstructured data, expediting processes, empowering patients through chatbots, and improving personalized medication. Healthcare's use of Natural Language Processing (NLP) is transforming the analysis of patient data and risk assessment in Al. NLP facilitates fast and scalable analysis by transforming unstructured text in medical records into structured data. Identifying subtle features sometimes overlooked in organized data enables clinicians to identify patients who are in danger. For example, in January 2023, a major US healthcare payer successfully automated and digitalized their risk adjustment process with IQVIA Inc.'s (US) NLP Risk Adjustment Solution, increasing efficiency by over 25%. They enhanced medical record reviews with NLP.
The Patient Data Management segment witnessed growth at a rapid rate.
The healthcare industry is changing as a result of the integration of wearables and smartphones with artificial intelligence (Al). This potent mix is democratizing health data by enabling patients to monitor their vital signs, sleep patterns, activity levels, and moods and take an active role in their well-being. Al algorithms examine the vast amount of personal health data that is produced, allowing for the identification of trends, the forecasting of health concerns, and the customization of treatment regimens. Healthcare is changing as a result of this proactive, data-driven approach, which gives people a better awareness of their health.
In The Region, North American AI In The Health And Safety Market Holds A Significant Revenue Share.
With an emphasis on individualized treatment plans, medical image analysis, and predictive maintenance in healthcare facilities, artificial intelligence (AI) technologies are driving improvements in healthcare and safety practices in North America. With an emphasis on virtual nurse assistants, medicine discovery and development, and hospital administration optimization, Europe has also embraced AI applications in health and safety. The Asia Pacific region is expanding quickly, and wearable health monitoring and patient data management powered by AI are becoming more popular.
Recent Developments:
- In June 2024, The collaboration between Cleveland Clinic, IBM, and the Hartree Centre aims to enhance healthcare and life sciences by leveraging artificial intelligence and quantum computing technologies. The research teams utilized high-performance and quantum computing to enhance the field of life sciences, aiming to enhance healthcare and expedite the development of novel medicines for patients globally.
AI in Health and Safety Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.5 Bn |
|
Revenue Forecast In 2031 |
USD 28.6 Bn |
|
Growth Rate CAGR |
CAGR of 20.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Application, End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
IBM Corporation, Google LLC, Microsoft Corporation, Amazon Web Services, Inc., Intel Corporation, General Electric Company, Siemens Healthineers AG, Medtronic, Inc., Johnson & Johnson Services, Inc., NVIDIA Corporation, Apple Inc., Cerner Corporation, Philips Healthcare, Oracle Corporation, GE Healthcare, Koninklijke Philips N.V., Accenture plc. And Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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