Overview and Scope
Generative AI in healthcare refers to the use of advanced artificial intelligence models designed to meet the unique requirements and challenges of medical practice. These models are capable of creating detailed simulations based on real-world data, allowing researchers and medical professionals to test hypotheses in a safe setting. It is used to generate new insights and data that can improve patient outcomes, accelerate medical research, and enhance the delivery of healthcare services.
Sizing and Forecast
The generative AI in healthcare market size has grown exponentially in recent years. It will grow from $1.72 billion in 2023 to $2.36 billion in 2024 at a compound annual growth rate (CAGR) of 37.2%. The growth in the historic period can be attributed to increased healthcare data analytics, increased demand for personalized medicine, increased demand for AI-enabled healthcare solutions, increased demand for personalized treatment plans, and increased drug discovery and development processes.
The generative AI in healthcare market size is expected to see exponential growth in the next few years. It will grow to $8.44 billion in 2028 at a compound annual growth rate (CAGR) of 37.5%. The growth in the forecast period can be attributed to increasing medical imaging techniques, increasing AI-powered monitoring systems, increasing globalization, increasing patients, increasing modern medical treatments, and increasing virtual patient simulation. Major trends in the forecast period include medical imaging enhancement, telemedicine and remote monitoring, robustness and generalization, advances in generative AI algorithms, advanced cardiac data analysis, healthcare data analytics, and real-time health monitoring.
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Segmentation & Regional Insights
The generative ai in healthcare market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Function: AI-Assisted Robotic Surgery, Virtual Nursing Assistants, Aid Clinical Judgment Or Diagnosis, Workflow And Administrative Tasks, Image Analysis
3) By Application: Clinical, System
4) By End User: Hospitals And Clinics, Clinical Research, Healthcare Organizations, Diagnostic Centers, Other End Users
Top 5 Major Players;
- Alphabet Inc
- Microsoft Corporation
- Amazon Web Services Inc
- Johnson & Johnson Services Inc
- Siemens AG
North America was the largest region in the generative AI In healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand for personalized medicine is expected to propel the growth of the generative AI in healthcare market going forward. Personalized medicine, also known as precision medicine, is an innovative approach to medical treatment that considers individual variability in genes, environment, and lifestyle for each person. The increasing demand for personalized medicine is due to several factors, including advancements in genomics, improved understanding of disease mechanisms, and the desire for more effective and targeted treatments. Generative AI in healthcare utilizes algorithms to analyze vast amounts of patient data, including genetic profiles and medical histories, to create personalized treatment options and predictions tailored to individual patient needs and characteristics. For instance, in February 2024, according to the Personalized Medicine Coalition, a UK-based organization promoting the adoption of personalized medicine, the FDA’s (the U.S. Food and Drug Administration’s) CDER (Center for Drug Evaluation and Research) approved 16 new personalized treatments for rare disease patients in 2023, up from 6 in 2022. These approved personalized treatments comprised seven medications tailored for cancer treatment and three designed for addressing various other diseases and conditions. Therefore, increasing demand for personalized medicine is driving the growth of the generative AI in healthcare market.
Key Industry Players
Major companies operating in the generative AI in healthcare market report are Alphabet Inc.; Microsoft Corporation; Amazon Web Services Inc.; Johnson & Johnson Services Inc.; Siemens AG; Intel Corporation; IBM Watson Health Corporation; Ernst & Young Global Limited; Oracle Corporation; Nvidia Corporation; Harman International Industries Inc.; Epic Systems Corporation; Persistent Systems Private Limited; Tempus Labs Inc.; Eleks Inc.; NioyaTech LLC; Saxon Global Inc.; Verge Genomics Inc.; PathAI Inc.; BenevolentAI Ltd; Abridge AI Inc.; Absci Corporation; Atomwise Inc.; Syntegra; Insilico Medicine; Neuralink Corporation; DiagnaMed Holdings Corp.
The generative ai in healthcare market report table of contents includes:
1. Executive Summary
2. Generative AI In Healthcare Market Characteristics
3. Generative AI In Healthcare Market Trends And Strategies
4. Generative AI In Healthcare Market – Macro Economic Scenario
5. Global Generative AI In Healthcare Market Size and Growth
….
32. Global Generative AI In Healthcare Market Competitive Benchmarking
33. Global Generative AI In Healthcare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI In Healthcare Market
35. Generative AI In Healthcare Market Future Outlook and Potential Analysis
36. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Generative AI In Healthcare Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Generative AI In Healthcare Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Generative AI In Healthcare Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Alphabet Inc. Financial Performance
Table 76: Microsoft Corporation Financial Performance
Table 77: Amazon Web Services Inc. Financial Performance
Table 78: Johnson & Johnson Services Inc. Financial Performance
Table 79: Siemens AG Financial Performance
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