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Generative AI in Healthcare Market Size By Function (Virtual Nursing Assistants, Image Analysis, Aid Clinical Judgment/Diagnosis, Workflow & Administrative Tasks, AI-Assisted Robotic Surgery), By Application (System and Clinical), By End User (Clinical Research, Hospitals & Clinics, Diagnostic Centers, Healthcare Organizations and Others), Region Global & Forecast, 2023-2033

  • PUBLISHED ON
  • 2023-11-08
  • NO OF PAGES
  • 280
  • CATEGORY
  • Healthcare & Life Sciences

Market Overview

Generative AI in Healthcare Market is projected to achieve a value of USD 3,753 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 24,218 Million by 2033 with a CAGR of 37.2% during the forecast period 2023-2033.

Generative artificial intelligence, a subfield of AI that employs algorithms to generate fresh videos, images, and text that closely resemble its source data, is rapidly proliferating. This technology sets itself apart from other AI approaches by utilizing predictive models to anticipate outcomes based on previously collected patient data. In contrast to conventional AI, which primarily centers on pattern recognition, decision-making, data analysis, and data categorization, genAI produces original content, chat responses, designs, and synthetic data.

These innovative methods hold the promise of revolutionizing multiple facets of healthcare, encompassing diagnostics, disease prognosis, drug development, and patient treatment. Generative AI is based on the framework of Generative Adversarial Networks (GANs), which comprise two key elements: a generator network and a discriminator network. The generator network is instructed to create synthetic data, including medical images, patient records, or molecular structures, while the discriminator network endeavors to differentiate between genuine and generated data. Through an iterative and competitive process, these networks enhance their capabilities, ultimately producing data that is both remarkably authentic and valuable.

Furthermore, genAI extends its utility beyond mere diagnosis and assumes a pivotal role in recommending personalized treatment solutions. Leveraging extensive medical databases and cutting-edge research, this technology can suggest evidence-based treatments and interventions, thereby guaranteeing that patients benefit from the most efficacious and tailored care. As genAI advances, its capacity to transform clinical decision-making is indisputable. Primary care providers now possess a valuable partner capable of sifting through extensive data, identifying trends, and providing invaluable insights that ultimately culminate in enhanced patient outcomes.

Generative AI in Healthcare Market having several factors are propelling the market growth, encompassing the expanding accessibility of substantial healthcare data sets, the heightened need for personalized and precision medicine, the surging incidence of chronic illnesses, and the growing integration of artificial intelligence in the healthcare sector.

The COVID-19 pandemic has exerted a favorable influence on the generative AI in healthcare market, driven by the heightened need for generative AI solutions in drug discovery and vaccine development. Researchers have harnessed generative AI to create novel drug candidates and pinpoint potential vaccine targets. For Instance, Scientists at the University of Toronto employed generative AI to create an innovative antibiotic capable of combating drug-resistant bacteria.

Market Scope

Report Attributes

Description

Market Size in 2022

USD 1,593 Million

Market Forecast in 2033

USD 24,218  Million

CAGR % 2023-2033

37.2%

Base Year

2022

Historic Data

2016-2022

Forecast Period

2023-2033

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Function, By Application, By End User and By Region

Growth Drivers

AI-driven generative models can enhance the accuracy and efficiency of medical image analysis, including the detection and classification of diseases in radiology and pathology images.

NLP-powered generative AI can extract valuable information from unstructured clinical notes, patient records, and medical literature, improving data analysis and supporting medical research.

AI-powered chatbots and virtual healthcare assistants can provide remote patient monitoring and telemedicine services, improving healthcare accessibility and patient engagement.

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

NioyaTech, Syntegra, Oracle, Tencent Holdings Ltd., Neuralink Corporation, Johnson & Johnson, IBM Watson, Saxon, OpenAI, Google LLC and Microsoft Corporation and other.

Market Dynamics

Market Drivers

The Growing Utilization Of Artificial Intelligence Within The Healthcare Sector Is On The Rise

The increased integration of artificial intelligence (AI) in healthcare is significantly boosting the expansion of the Generative AI in Healthcare Market. AI, particularly Generative AI, demonstrates vast potential in transforming healthcare by aiding in various areas like drug discovery, personalized medicine, and medical imaging analysis. Generative AI's capacity to simulate and generate new data, such as molecular structures for drug development or medical images for diagnostics, plays a crucial role in expediting research and development.

The application of Generative AI allows healthcare professionals to explore extensive datasets, identify patterns, and create inventive solutions that were previously unattainable through traditional approaches. These technologies contribute to predicting patient outcomes, refining treatment plans, and enhancing overall patient care. The integration of AI in healthcare has resulted in improved efficiency, decreased operational expenses, and enhanced accuracy in diagnoses and treatment decisions, thus fueling the demand for Generative AI solutions in the healthcare sector. Additionally, the ongoing progress in AI algorithms and computing capabilities further promotes the creation and implementation of Generative AI applications in healthcare, fostering innovation and leading to substantial growth within the healthcare AI market.

The Process Of Identifying And Creating New Pharmaceutical Compounds And Medicines

The advancement of Generative AI in healthcare significantly fuels the progress of drug discovery and development, particularly within the Generative AI in Healthcare Market. Generative AI holds a pivotal role in hastening the drug development process by presenting innovative solutions that aid in generating and refining new compounds. Traditional drug discovery involves a time-intensive and expensive screening of a vast compound library to identify potential candidates. Generative AI, however, has the capability to rapidly analyze extensive datasets, forecast molecular structures, and suggest potential drug candidates through virtual simulations and algorithms.

The incorporation of Generative AI enables pharmaceutical companies and research institutions to streamline the initial phases of drug discovery. These AI-powered tools assist in producing molecular structures, predicting their characteristics, and proposing modifications, thereby reducing the time and resources needed to identify promising drug candidates. Furthermore, these technologies contribute to refining the synthesis process, anticipating potential side effects, and enhancing the overall success rate of drug development endeavors. Consequently, the integration of Generative AI in drug discovery and development not only expedites the process but also enhances the efficiency and accuracy of identifying potential therapeutic agents. This drives the expansion of the healthcare AI market.

Market Restrains

Issues Surrounding The Protection And Safeguarding Of Personal Information And The Security Of Data

The sensitive nature of healthcare data, encompassing patient records, medical images, and treatment histories, there is a significant worry regarding the safeguarding and potential misuse of this information. The use of Generative AI involves extensive data processing and analysis, leading to increased risks of unauthorized access, breaches, and unintentional exposure of patients' personal health information. Complying with strict regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and other data protection laws adds an additional layer of complexity, necessitating adherence to specific standards for data security.

The absence of standardized protocols and clear guidelines for securing AI-generated insights, coupled with ethical considerations related to patient consent and algorithmic biases, further contributes to the hesitancy in embracing Generative AI in healthcare. To address these concerns and promote broader adoption, it is imperative to implement robust security measures, establish clear regulatory frameworks, and adopt proactive strategies to enhance data protection and privacy, thereby building trust within the healthcare industry.

Market By Function Analysis

By Function, the Generative AI in Healthcare Market is Categories into Virtual Nursing Assistants, Image Analysis, Aid Clinical Judgment/Diagnosis, Workflow & Administrative Tasks, AI-Assisted Robotic Surgery. The Image Analysis segment accounts for the largest share of around 47% in 2022.

Generative AI methods are applied to elevate the quality and precision of medical images. Through the generation of synthetic images, these AI models can heighten clarity, diminish noise, and refine the details of medical images gathered from diverse modalities like MRI, CT scans, ultrasound, and X-rays.

Market By Application Analysis

By Application, the Generative AI in Healthcare Market is Categories into System and Clinical. The Clinical segment accounts for the largest share of around 54% in 2022.

The expansion within this sector is credited to the utilization of generative AI across diverse domains in the healthcare realm. Generative AI finds application in enhancing medical imaging within fields like radiology and pathology. Its capability to produce synthetic images mimicking various conditions serves to enhance image quality and assist in the examination and understanding of medical images.

Market By End User Analysis

By End User, the Generative AI in Healthcare Market is Categories into Clinical Research, Hospitals & Clinics, Diagnostic Centers, Healthcare Organizations and Others. The Diagnostic Centers segment accounts for the largest share of around 53% in 2022. Generative AI serves as a support tool for radiologists and other healthcare practitioners in interpreting medical images. Through training on extensive datasets of labeled images, generative AI models can acquire the ability to identify and categorize abnormalities, contributing to the diagnosis of various conditions. This function contributes significantly to the market's growth and advancement.

Market Regional Analysis

North America dominate the Generative AI in Healthcare Market with the highest revenue generating market with share of more than 51%. The expansion in this area is credited to the increasing uptake of generative AI within healthcare institutions. North American healthcare facilities, encompassing hospitals, clinics, and diagnostic centers, are progressively acknowledging the potential of generative AI and incorporating it into their operations. Generative AI is being utilized in diverse clinical sectors, like radiology, pathology, and cardiology, to boost diagnostic precision, refine treatment strategies, and enhance patient results.

Europe is second largest market in Generative AI in Healthcare Market with share of more than 34%.  The rapid growth in Europe is propelled by robust government support, prominent research institutions, a solid healthcare infrastructure, and an increasing need for personalized and precision medicine.

In the Asia Pacific region is a fastest growing region in forecasted periods. The significant factors contributing to this trend are the region's substantial and varied patient population and the rising government initiatives. With a large and diverse patient demographic, there's an abundance of data available for training generative AI models. This diversity in data resources allows for the creation of strong and precise generative AI algorithms, ultimately resulting in enhanced diagnosis, treatment planning, and better patient outcomes.

Competitive Analysis

The Generative AI in Healthcare Market is dominated by a few large companies, such as NioyaTech, Syntegra, Oracle, Tencent Holdings Ltd., Neuralink Corporation, Johnson & Johnson, IBM Watson, Saxon, OpenAI, Google LLC and Microsoft Corporation and other.

There Are Some Of The Key Trends That Are Shaping The Competitive Landscape Of The Generative AI In Healthcare industry

April 2023, Microsoft revealed intentions to integrate generative AI into clinical software provided by Epic, which is the largest Electronic Health Record (EHR) vendor in the United States. The collaboration between the two companies led to the introduction of initial sites incorporating GPT (Generative Pre-Trained Transformer) into EHR workflows. This integration enables the automatic drafting of responses to patient messages. Furthermore, the collaboration aims to introduce genAI into Epic's hospital database, enabling non-specialists to pose general questions to AI without requiring the expertise of a data scientist to query specific data.

Research Report Following Segments:

Market, By Function

·         Virtual Nursing Assistants

·         Image Analysis

·         Aid Clinical Judgment/Diagnosis

·         Workflow & Administrative Tasks

·         AI-Assisted Robotic Surgery

Market, By Application

·         System

·         Clinical

Market, By End User

·         Clinical Research

·         Hospitals & Clinics

·         Diagnostic Centers

·         Healthcare Organizations

·         Others

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Generative AI in Healthcare Market in 2022?

Generative AI in Healthcare Market was valued at USD 1,593 million in 2022.

What is the growth rate for the Generative AI in Healthcare Market?

Generative AI in Healthcare Market size will increase at approximate CAGR of 37.2% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Generative AI in Healthcare Market are NioyaTech, Syntegra, Oracle, Tencent Holdings Ltd., Neuralink Corporation, Johnson & Johnson, IBM Watson, Saxon, OpenAI, Google LLC and Microsoft Corporation and other.

Which region dominates the Generative AI in Healthcare Market?

North America dominates the market with an active share of 51%.

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