New York, United States , April 22, 2024 (GLOBE NEWSWIRE) -- The Global Generative Artificial Intelligence (AI) in Healthcare Market Size is to Grow from USD 1.5 Billion in 2023 to USD 29.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 34.84% during the projected period.
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Generative AI plays a pivotal role in revolutionizing healthcare and life sciences, transforming patient care and research field, capability to enhance diagnostics, treatment plans, and drug discovery processes, leading to more personalized patient care and efficient healthcare solutions with an improved advancement in research, optimizing resource allocation and improving patient outcomes. Generative AI has the capability to transform healthcare (automated system), via enhanced clinical decision-making and democratization of expertise with diagnostic support tools providing timely, personalized suggestions. It is also used in billing, diagnosis, treatment, and research in the healthcare system. The growing demand for personalized and targeted healthcare interventions with a rising focus on growing medical imaging technologies for accurate and efficient and efficient diagnosis of disease are responsible for uplifting the market. According to the data shown by Crunchbase, more than a fifth of all venture funding in February went to AI companies, with $4.7 billion invested in the sector. On the contrary, the rising concerns regarding data privacy and security and exposure of sensitive information have restrained the market. Regulatory compliance on gen AI is also responsible for restraining the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Generative artificial intelligence (AI) in healthcare Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions and Services), By Application (Personalized Treatment, Patient Assistance, Patient Monitoring & Predictive Analytics, Medical Image Analysis & Diagnostics, Drug Discovery & Development and Others), By End-Use (Healthcare Providers, Pharmaceutical and Life Science Companies, and Healthcare Payers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solution segment dominates the market with the largest revenue share through the forecast period.
Based on component, the global generative artificial intelligence (AI) in healthcare market is segmented into solutions and services. Among these, the solution segment is dominating the market with the largest revenue share through the forecast period. Generative AI solution in the healthcare market leads to superior outcomes in diagnostics, accelerating drug development, and precise patient care in the healthcare system. These factors lead to upgrading the existing healthcare infrastructure into more cost-effective, regulatory compliance and seamless integration.
The medical image analysis & diagnostics segment dominates the market with the largest revenue share through the forecast period.
Based on application, the global generative artificial intelligence (AI) in healthcare market is segmented into personalized treatment, patient assistance, patient monitoring & predictive analytics, medical image analysis & diagnostics, drug discovery & development and others. Among these, the medical image analysis & diagnostics segment is dominating the market with the largest revenue share through the forecast period. The medical imaging analysis and diagnostic segment has major role for advancing and shaping healthcare industry. The remarkable progress of medical imaging analysis has found in diagnostic and treatment approaches.
The healthcare providers segment is expected to grow at the fastest CAGR during the forecast period.
Based on the end-use, the global generative artificial intelligence (AI) in healthcare market is categorized into healthcare providers, pharmaceutical and life science companies, and healthcare payers. Among these, the healthcare providers segment is expected to grow at the fastest CAGR during the forecast period. The healthcare provider segment includes hospitals, clinics, and diagnostic centers. Gen AI has propelled medical processes via enhancing diagnostics, and optimization of patient care that leads to advanced healthcare delivery.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The presence of well-established healthcare infrastructure in the region is responsible for promoting the market growth. Further, technological advancement and growing investment in R&D facilities are majorly responsible for propelling the generative artificial intelligence (AI) in healthcare market in the region. These factors are emphasizing efficiency of healthcare system with precise medicine system.
Asia-Pacific region is expected to grow the fastest during the forecast period. The rapid digital transformation and growing tech ecosystem in countries like China, India, Japan, and Singapore leads to the adoption of advanced AI technologies in healthcare sector. Further, revolutionizing healthcare outcomes in the region is promoting the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Generative artificial intelligence (AI) in healthcare market are IBM Watson, Open AI, Google LLC, Microsoft Corporation, Johnson & Johnson, Neuralink Corporation, NioyaTech, Oracle, Saxon, Syntegra, Tencent Holdings Ltd., Epic Systems Corporation, Insilico Medicine, Nvidia Corporation, Abridge AI Inc., and Other Key Players.
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Recent Developments
- In August 2023, Cognizant expanded collaboration with Google Cloud, utilizing generative AI to enhance administrative processes, aiming for cost optimization and improved user experiences. This collaborative partnership aimed to strengthen healthcare solutions, improve business efficiencies, and enhance user experiences.
- In September 2023, HARMAN launched a new private large language model for the healthcare industry- HARMAN HealthGPT. HealthGPT represents a leap in healthcare solutions by leveraging generative AI to empower healthcare professionals, researchers, and institutions through advanced patient care, medical research, and decision-making.
Global Generative Artificial Intelligence (AI) in Healthcare Market, Component Analysis
- Solutions
- Services
Global Generative Artificial Intelligence (AI) in Healthcare Market, Application Analysis
- Personalized Treatment
- Patient Assistance
- Patient Monitoring & Predictive Analytics
- Medical Image Analysis & Diagnostics
- Drug Discovery & Development
- Others
Global Generative Artificial Intelligence (AI) in Healthcare Market, End-Use Analysis
- Healthcare Providers
- Pharmaceutical and Life Science Companies
- Healthcare Payers
Global Generative artificial intelligence (AI) in healthcare Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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