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The AI-Powered Healthcare Experience

Mapping the Patient Journey
Raysa Bousleiman, Peter Sletteland

Key takeaways

While advancements in artificial intelligence (AI) are attracting attention across the entire innovation economy, few sectors stand to benefit more than healthcare. Over the last five years, AI deal activity has grown faster in healthcare than in tech overall, as investors and innovators recognize AI's potential to improve administrative efficiency, patient diagnostics, drug discovery and more. Our inaugural report on AI-powered healthcare focuses on emerging AI applications in healthcare, particularly the administrative and clinical use cases that account for the majority of current venture capital investment.

$1.5B

invested in AI patient diagnostics in the past year

Diagnostic companies focused on imaging have seen the greatest investment growth since 2021.

$7.2B

in US VC invested in healthcare AI in 2023

2024 is on track to reach $11.1B.

1 in 4

healthcare VC dollars are invested in companies leveraging AI

AI's proportion of total US VC healthcare investment is the highest it's ever been.

The data

Our first-ever report on healthcare AI uses SVB proprietary data and market analysis to map the AI's evolving impact on the patient journey and experience.

Deal activity

Healthcare AI deal activity growth outpaces tech

Since 2019, the number of AI deals in healthcare has grown at twice the rate of AI deals across the entire tech sector.

Investments have largely focused on AI that improves workflows for doctors by automating administrative tasks like scheduling and billing. Investors and buyers are critically evaluating new AI solutions by how readily they'll be adopted and how much business value they can offer.

Line chart of health AI deal activity accelerating from 2019 to 2024 Notes: Growth in number of deals among US healthcare companies. Data through 3/31/2024. Source: PitchBook Data, Inc., SVB proprietary data and SVB analysis.

Read the report: The AI-Powered Healthcare Experience

Explore our full report for insight into the use of AI to improve the patient journey.

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More about the authors

Raysa Bousleiman

Raysa Bousleiman

Peter Sletteland

Peter Sletteland

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