Ottawa, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global generative AI in healthcare market size is projected to reach USD 8,810 million in 2029, a study published by Towards Healthcare a sister firm of Precedence Research. North America currently holds the maximum market share in the global market.
Over 30% of New Drugs are Predicted to be Discovered by Generative AI by 2025.
The market for generative AI in healthcare is experiencing rapid growth as the healthcare industry seeks innovative solutions to improve patient outcomes, streamline processes, and optimize resource allocation. Generative AI, a subset of artificial intelligence, involves the use of algorithms and models to generate new and original content, such as images, text, and even entire patient profiles.
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The market is driven by several factors, including the increasing adoption of AI in healthcare, the growing availability of large healthcare datasets, and the need for more efficient and accurate decision-making tools. Generative AI has the potential to revolutionize healthcare by enabling the creation of synthetic data for training models, generating personalized treatment plans, and assisting in medical research and drug discovery.
A Massive Increase in the Products and Service Launches Augments the Market Growth
The generative AI in healthcare market is experiencing a significant boost due to a massive increase in the launch of new products and services. This surge in offerings is being driven by the growing demand for innovative AI solutions in the healthcare industry. As the potential benefits of generative AI become more apparent, healthcare organizations, pharmaceutical companies, technology providers, and startups are actively developing and introducing new AI-driven products and services to cater to various healthcare needs.
- In July 2023, Clinova, a UK healthcare business, launched Healthwords, a pioneering conversational AI tool dedicated to providing healthcare advice and self-care products in the UK. Healthwords offers personalized healthcare advice based on individual needs, ensuring 24/7 access to fast and accurate information.
- In July 2023, the Hong Kong-based biotechnology company Insilico Medicine announced that human patients had begun receiving the drug INS018_055, an anti-fibrotic small molecule inhibitor. This drug was discovered and designed using generative artificial intelligence, and it has successfully completed two phases of clinical trials.
- In June 2023, Botco.ai unveiled its suite of generative AI products, GenAI Chat Cloud. This solution allows users to interact with enterprise applications, such as electronic medical records and websites, and receive conversational responses.
- In June 2023, DiagnaMed introduced Dr GenAI, a new generative AI personal medical chatbot powered by OpenAI's ChatGPT. Dr GenAI provides rapid and personalized medical information based on the user's specific medical conditions.
- In April 2023, Haut.AI, a SaaS company specializing in AI for skin, hair, and wellness analytics, announced its innovative generative AI technology, SkinGPT. This breakthrough in the beauty industry utilizes AI to generate synthetic images and apply various skin conditions to input image data.
- In December 2022, Google released PaLM, a ChatGPT-like chatbot tailored for healthcare purposes. Then, in May 2023, Google and DeeMind introduced Med-PaLM 2, an advanced medical language model capable of answering questions and summarizing insights from dense medical texts, achieving expert-level performance on U.S. Medical Licensing Exam-style questions.
Thus, the massive increase in the launch of products and services is a clear indication of the growing significance and potential of generative AI in healthcare. As the market continues to evolve and mature, these new offerings will play a pivotal role in transforming the healthcare industry, enhancing patient care, and driving greater efficiency and accuracy in medical decision-making.
Rising Investments and Partnerships are Fostering Generative AI in Healthcare Market Growth
The generative AI in the healthcare market is experiencing rapid growth, primarily fueled by increasing investments and strategic partnerships within the industry. Healthcare organizations and technology companies are recognizing the immense potential of generative AI in transforming various aspects of healthcare delivery, patient care, and medical research. Investments in research and development of generative AI technologies are leading to the creation of innovative solutions that can analyze complex medical data, generate personalized treatment plans, and assist healthcare professionals in making more accurate diagnoses. These advancements are revolutionizing patient care and contributing to improved health outcomes.
- In March 2023, SimConverse, an AI-powered medtech company focused on healthcare simulation, successfully raised $1.5 million in seed funding. The funding round was spearheaded by Folklore Ventures, with additional support from Artesian and other investors. SimConverse's innovative platform utilizes generative artificial intelligence (AI) to aid healthcare professionals in preventing medical errors and improving patient safety. With this funding boost, the company aims to further develop its front-line healthcare simulation technology and expand its impact in the medical field.
- In January 2023, the United Kingdom unveiled an initial funding of £100 million ($124.5 million) for a task force dedicated to advancing foundation models in the field of artificial intelligence. These foundation models, similar to the technology powering chatbots like ChatGPT, will be developed to be utilized in various sectors such as healthcare and education. The investment aims to accelerate research and innovation in AI, paving the way for more effective and widespread applications of this cutting-edge technology in critical areas of society.
In addition, strategic partnerships between healthcare institutions and AI technology providers are facilitating the integration and adoption of generative AI solutions into existing healthcare systems. Collaborations with AI experts allow healthcare organizations to leverage cutting-edge technologies, data analytics, and machine learning algorithms to address critical challenges in the industry, such as patient engagement, disease prediction, drug discovery, and medical image analysis.
- In June 2023, Google Cloud and Mayo Clinic announced a strategic partnership to further the adoption and implementation of generative artificial intelligence (A.I.) in the field of healthcare. This collaboration aims to leverage the power of A.I. to enhance medical research, diagnostics, and patient care.
- In April 2023, Segmed, NVIDIA, and RadImageNet came together in a collaborative effort to produce and market synthetic medical imaging data specifically for research and development purposes. This partnership aims to leverage the cutting-edge capabilities of NVIDIA's technology combined with Segmed's expertise in medical imaging to create high-quality synthetic data sets.
- In March 2023, the University of Kansas Health System unveiled a strategic collaboration with health technology firm Abridge. The partnership aims to integrate generative artificial intelligence (AI) technology across more than 140 healthcare provider locations.
- In March 2023, Mitsui & Co., Ltd., a Japanese business conglomerate, disclosed its partnership with NVIDIA to launch Tokyo-1, an innovative initiative focused on revolutionizing Japan's pharmaceutical industry.
Thus, the increasing investments and partnerships in generative AI in the healthcare market are fostering a conducive ecosystem for the advancement and widespread implementation of AI technologies in the healthcare industry. This trend is expected to continue driving significant growth and innovation in the healthcare AI market, ultimately benefiting patients, healthcare providers, and other stakeholders in the healthcare ecosystem.
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Increasing Need for More Accurate and Personalized Treatment Plans
The demand for precise and personalized treatment plans is a significant factor driving the growth of generative AI in the healthcare market. Conventional treatment methods typically rely on a generic approach that may not account for individual patient characteristics and specific requirements. By leveraging generative AI, which analyzes extensive datasets encompassing patient records, genetic data, and medical imaging, the potential exists to overcome this limitation and generate tailored treatment plans.
In January 2023, AllianceChicago, a network of over 70 community health centers in 19 states, revealed the positive impact of AI-enabled chatbots on patient engagement. Their study found that the use of these chatbots resulted in a significant increase of 13% in well-child visits and immunizations when compared to a control group. Moreover, visits and immunizations experienced a remarkable overall boost of 27% within the targeted group. This data highlights the potential of chatbots in enhancing patient engagement and encouraging individuals to seek essential healthcare services, ultimately leading to better and more personalized treatment plans for patients.
In addition, generative AI algorithms can analyze vast amounts of data, identify patterns, and generate predictions and recommendations based on individual patient profiles. This enables healthcare providers to make more informed decisions regarding treatment options, dosage adjustments, and potential side effects. By incorporating patient-specific factors, such as genetics, lifestyle, and medical history, generative AI algorithms can optimize treatment outcomes and enhance patient care.
Potential for Accelerating Medical Research and Drug Discovery
The acceleration of medical research and drug discovery is another significant driving force in the generative AI healthcare market. Traditional methods for developing new medications and therapies are notorious for being time-consuming, expensive, and prone to high failure rates during clinical trials. However, generative AI presents an exciting opportunity to tackle these challenges by facilitating the generation of innovative molecules, predicting their properties, and aiding in the identification of potential drug targets.
In June 2023, in a groundbreaking experiment featured in JAMA, physician-researchers from Beth Israel Deaconess Medical Center (BIDMC) assessed the diagnostic capabilities of Chat-GPT 4, a widely known publicly available chatbot powered by generative AI. The results were remarkable, with Chat-GPT 4 accurately identifying the correct diagnosis as its top choice in nearly 40% of the challenging medical cases. Furthermore, in two-thirds of these complex cases, the chatbot successfully included the correct diagnosis in its list of potential diagnoses. This experiment signifies a significant step forward in the application of AI-driven chatbots in the medical field, demonstrating their potential to aid in diagnosing challenging medical conditions and providing valuable insights to healthcare professionals.
Generative AI algorithms can analyze vast databases of chemical compounds, biological data, and clinical trial results to generate new molecules with desired properties. These molecules can be further optimized and tested using computational models, reducing the time and cost involved in traditional drug discovery processes. Additionally, generative AI can aid in virtual screening and lead optimization, identifying potential drug candidates with higher success probabilities.
By accelerating the drug discovery process, generative AI can contribute to the development of innovative therapies and treatments for various diseases, including rare and complex conditions. It can help pharmaceutical companies optimize their research and development pipelines, reduce costs, and increase the chances of successful clinical outcomes.
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The Impact of Ethical and Regulatory Considerations
Ethical and regulatory considerations present a significant constraint in the generative AI healthcare market, primarily concerning the use of AI algorithms in patient care. The opacity, interpretability, and possible biases of generative AI algorithms, which generate new content and make predictions based on intricate patterns, raise concerns about their transparency and fairness. Healthcare organizations and regulatory bodies face challenges in ensuring the reliability, safety, and ethical use of generative AI algorithms. The interpretability of AI-generated recommendations is crucial for healthcare professionals to understand the underlying reasons and make informed decisions. The lack of interpretability and transparency in generative AI algorithms can hinder their acceptance and adoption in healthcare settings.
Additionally, there are concerns about data privacy and security when using generative AI algorithms in healthcare. The algorithms require access to large and diverse datasets, including sensitive patient information. Ensuring data protection, informed consent, and compliance with privacy regulations are essential aspects that need to be addressed to maintain patient trust and safeguard confidential information.
Furthermore, the potential biases inherent in training datasets can be reflected in the generative AI algorithms, leading to biased recommendations or decisions. Biases related to gender, race, and socioeconomic factors can impact the accuracy and fairness of the generated content. Addressing these biases and ensuring algorithmic fairness is a critical challenge in the widespread adoption of generative AI in healthcare.
Geographical Landscape
North America currently holds the largest market share in the generative AI in healthcare market. The region is characterized by a technologically advanced healthcare system, substantial investments in AI research and development, and the presence of major market players. The United States is a prominent country in North America, exhibiting a major market share due to its robust AI infrastructure, extensive healthcare data repositories, and supportive regulatory environment.
However, the Asia Pacific region is projected to grow at the fastest rate in the upcoming years. The region is witnessing rapid advancements in healthcare technology, increasing healthcare expenditure, and a growing focus on AI-driven solutions. Countries such as China, India, and Japan are investing heavily in AI research and implementation, leading to significant growth opportunities in the generative AI in the healthcare market.
Integration of AI in Healthcare Creates Extensive Opportunities
One major opportunity in generative AI in the healthcare market lies in the integration of AI algorithms with existing healthcare systems and processes. By leveraging generative AI technologies, healthcare organizations can enhance their decision-making capabilities, optimize resource allocation, and improve patient outcomes. The integration of generative AI algorithms with electronic health record (EHR) systems can enable real-time data analysis, generate personalized treatment recommendations, and assist in clinical decision-making. AI-driven algorithms can process and interpret vast amounts of patient data, providing healthcare professionals with valuable insights and actionable information.
Additionally, the integration of generative AI algorithms with medical imaging technologies can enhance the accuracy and efficiency of diagnostic procedures. AI algorithms can analyze medical images, detect abnormalities, and provide quantitative assessments, aiding radiologists and other healthcare professionals in making more accurate diagnoses. Moreover, the use of generative AI in precision medicine offers opportunities for tailored and targeted treatment approaches. By combining patient-specific data, such as genetic information, biomarkers, and clinical parameters, with generative AI algorithms, healthcare providers can develop personalized treatment plans and optimize therapeutic interventions.
The use of generative AI in remote patient monitoring and telehealth services is another promising opportunity. AI algorithms can analyze data from wearable devices, patient-reported outcomes, and environmental sensors to monitor patients' health status and provide timely interventions or alerts. This has the potential to improve patient engagement, enable early detection of health deterioration, and reduce healthcare costs. Thus, the generative AI in healthcare market is poised for significant growth as the demand for advanced decision-making tools, personalized treatment approaches, and efficient healthcare systems continues to rise. By leveraging the capabilities of generative AI algorithms, healthcare organizations can enhance patient care, accelerate medical research, and transform the healthcare landscape.
Strengths:
- Advanced AI Technology: Leading players in the generative AI in healthcare market possess advanced AI technology and expertise, enabling them to develop sophisticated algorithms and models that can generate valuable insights and solutions for healthcare applications.
- Established Partnerships: Some players have established strategic partnerships with healthcare providers, pharmaceutical companies, research institutions, and technology firms, enhancing their market reach and access to diverse healthcare data.
- Robust Research and Development: Strong research and development capabilities allow certain players to continuously innovate and improve their generative AI solutions, staying ahead in a competitive market.
Weaknesses:
- Limited Data Access: Some players may face challenges in accessing comprehensive and diverse healthcare data, which could hinder the development and accuracy of their AI models.
- Regulatory Compliance: Adhering to strict healthcare regulations and data privacy laws can be complex, and players must invest in compliance measures to ensure the ethical and legal use of healthcare data.
Opportunities:
- Growing Healthcare Market: The healthcare industry's continuous expansion and increasing adoption of AI present lucrative opportunities for players to address critical healthcare challenges and improve patient outcomes.
- Emerging Applications: The market holds potential for players to explore emerging applications of generative AI in areas like telemedicine, remote patient monitoring, and disease prediction, opening up new revenue streams.
- Global Expansion: Players can explore untapped markets in different regions and countries where the adoption of AI in healthcare is on the rise.
Threats:
- Intense Competition: The generative AI in healthcare market is witnessing intense competition, with new entrants and established players vying for market share, which may lead to price pressures and margin erosion.
- Data Security Concerns: With the sensitive nature of healthcare data, players face threats related to data breaches and security vulnerabilities, potentially eroding trust among healthcare stakeholders.
Competitive Landscape:
The competitive landscape of generative AI in the healthcare market is characterized by the presence of various players, including established technology companies, startups, research institutions, and healthcare providers. These players compete to offer innovative generative AI solutions and services that cater to different healthcare applications. Several technology giants and established AI companies have a significant presence in the generative AI in the healthcare market. They leverage their extensive research and development capabilities, vast resources, and global reach to provide comprehensive AI solutions for various healthcare domains. These market leaders often collaborate with healthcare providers and research institutions to develop cutting-edge AI models and products.
Key Market Players:
- Syntegra
- NioyaTech
- Saxon
- IBM Watson
- Microsoft Corporation
- Google LLC
- Tencent Holdings Ltd.
- Neuralink Corporation
- OpenAI
- Oracle
Market Segments:
By Application
- Clinical
- Cardiovascular
- Dermatology
- Infectious Disease
- Oncology
- Others
- System
- Disease Diagnosis
- Telemedicine
- Electronic Health Records
- Drug Interaction
By Function
- AI-Assisted Robotic Surgery
- Virtual Nursing Assistants
- Aid Clinical Judgment/Diagnosis
- Workflow & Administrative Tasks
- Image Analysis
By End User
- Hospitals & Clinics
- Clinical Research
- Healthcare Organizations
- Diagnostic Centers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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