Generative AI in Healthcare Market To Reach USD 16.4 Billion By 2032, Says DataHorizzon Research
The emergence of innovative technologies to drive generative AI in Healthcare.
Fort Collins, Colorado, Nov. 03, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Generative AI in Healthcare Market size was valued at USD 0.9 Billion in 2022 and is expected to reach a market size of USD 16.4 Billion by 2032 with a CAGR of 32.6%.
The healthcare industry is grappling with enormous amounts of data generated from electronic health records, medical imaging, and wearable devices. Generative AI identifies and collects the data types to transform them into meaningful insights by analyzing patient data, medical histories, and genomic information. Generative AI algorithms assist clinicians in making informed decisions, enabling accurate diagnoses, and identifying potential treatment options tailored to individual patient needs.
The ability to process vast quantities of data efficiently empowers healthcare professionals to provide more personalized and evidence-based care, thus improving patient outcomes. Medical imaging plays a crucial role in diagnosis and treatment planning. However, interpreting complex medical images, such as MRI and CT scans, demands high expertise and time-consuming efforts. Generative AI algorithms have shown significant promise in enhancing medical image analysis by accurately identifying patterns, anomalies, and potential abnormalities. This capability expedites the diagnostic process, allows early intervention, and improves patient care. Additionally, the integration of Generative AI in medical imaging devices aids in reducing radiation exposure and enhancing imaging quality, further fueling the adoption of this technology.
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The global generative AI in healthcare market has been segmented into application, function, end-user, and region. The clinical segment dominates the market with a major share in 2022. Generative AI is at the forefront of developing virtual healthcare assistants that can interact with patients, answer medical queries, and offer personalized health recommendations. By region, North America is at the forefront of generative AI in the healthcare market. The region’s well-established healthcare infrastructure and a strong presence of tech giants and AI startups have fostered the rapid adoption of generative AI solutions.
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Generative AI in Healthcare Market Report Highlights:
- The growth of global generative AI in the healthcare market is anticipated at a CAGR of 32.6% by 2032.
- Generative Artificial Intelligence (AI) has emerged as a game-changing solution with great promise in revolutionizing patient care and medical research.
- Based on the function, the market is categorized into AI-assisted robotic surgery, virtual nursing assistants, aid clinical judgment/diagnosis, workflow & administrative tasks, and image analysis.
- The application segment is bifurcated into clinical application and system application.
- Some prominent players in the generative AI in the healthcare market report include Syntegra, NioyaTech, Saxon, IBM Watson, Microsoft Corporation, Google LLC, Tencent Holdings Ltd., Neuralink Corporation, Johnson & Johnson, OpenAI, and Oracle.
Industry Trends and Insights:
- The adoption of generative AI in the healthcare industry is booming, especially in the post-pandemic timeline, due to the mounting pressure on the healthcare industry to provide hospitalization in the event of an increased patient inflow. Consequently, the industry is becoming receptive to AI solutions for their processes.
- In 2023, Microsoft introduced generative AI products for healthcare systems to reduce the administrative workload on clinicians.
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Generative AI in Healthcare Market Segmentation:
- By Application: Clinical, System
- By Function: AI-assisted robotic surgery, virtual nursing assistants, aid clinical judgment/diagnosis, workflow & administrative tasks, image analysis.
- By End-user: Hospitals, healthcare providers, pharmaceutical and biotechnology companies, academic and research institutions, diagnostic centers and imaging facilities, telemedicine and remote healthcare providers, and government healthcare agencies.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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