According to a new report, published by KBV research, The Global AI in Home Healthcare Market size is expected to reach $36.1 billion by 2031, rising at a market growth of 53.2% CAGR during the forecast period.
The Software segment is generating the highest revenue in the Global AI in Home Healthcare Market by Offering in 2023; thereby, achieving a market value of $16.4 billion by 2031. Software plays a crucial role in remote patient monitoring systems, which allow healthcare providers to monitor patients' vital signs and health metrics remotely. Advanced AI software can analyze this data in real time, alerting healthcare providers to any anomalies or changes in the patient's condition and enabling early intervention and proactive care management. Thus, the segment will expand rapidly in the coming years.
The Natural Language Processing segment is registering a CAGR of 53.5% during (2024 - 2031). Natural language processing (NLP) technology enables AI systems to understand and respond to human language, facilitating better communication between patients and virtual assistants or chatbots. This improves patient engagement and allows for more efficient and personalized healthcare interactions in the home setting. Therefore, these factors will boost the demand in the segment.
The Lifestyle Management & Remote Patient Monitoring segment is leading the Global AI in Home Healthcare Market by Application in 2023; thereby, achieving a market value of $11 billion by 2031. With rising healthcare costs and an aging population, there is a growing emphasis on preventive healthcare measures. Lifestyle management solutions powered by AI offer personalized diet, exercise, and stress management recommendations, helping individuals proactively maintain their health and prevent chronic conditions. Hence, these aspects can lead to increased demand in the segment.
The Healthcare Payers segment is experiencing a CAGR of 53.5% during (2024 - 2031). With the shift towards value-based care models, healthcare payers increasingly focus on improving patient outcomes and experiences while controlling costs. AI in home healthcare supports these initiatives by enabling proactive and preventive care strategies, which can help healthcare payers achieve better value for their investments in healthcare services. Therefore, these factors can drive the expansion of the segment.
Full Report: https://www.kbvresearch.com/ai-in-home-healthcare-market/
The North America region dominated the Global AI in Home Healthcare Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14.3 billion by 2031. The Europe region is expected to witness a CAGR of 52.7% during (2024 - 2031). Additionally, The Asia Pacific region is expected to witness a CAGR of 54.5% during (2024 - 2031).
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