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Generative AI in Healthcare Market – By Application, By End Use - Global Forecast, 2024 to 2032
Report ID: GMI7861
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Published Date: December 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2024
Companies covered: 11
Tables & Figures: 109
Countries covered: 15
Pages: 130
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Generative AI in Healthcare Market Size
The global generative AI in healthcare market was valued at USD 1.8 billion in 2023 and is expected to exhibit growth at a CAGR of 33.2% from 2024 to 2032. High market growth can be attributed to the advancements in deep learning and natural language processing (NLP), increasing demand for personalized treatment, growing investment in healthcare AI, and rising healthcare data volumes, among other contributing factors.
Moreover, the rapid advancement of deep learning models, including GPT and NLP tools, enables various healthcare applications. These include medical imaging analysis, automated reporting, and conversational AI for patient assistance. Such technological progress is driving the adoption of generative AI solutions in the healthcare sector.
Furthermore, governments, private organizations, and venture capitalists have been making significant investments in generative AI technologies to enhance healthcare efficiency. For instance, the U.S. government, through the National Institutes of Health (NIH), allocated USD 1.5 billion to AI research in healthcare between 2018 and 2022. This substantial funding has accelerated advancements in AI-driven drug discovery and medical diagnostics, fostering innovation and driving market expansion.
Generative AI in healthcare refers to the application of artificial intelligence (AI) techniques that involve the generation of new and original data. Also, in the healthcare sector, generative AI is used for tasks such as generating synthetic medical images, creating virtual patient data for training healthcare algorithms, simulating disease progression, and even designing novel molecules for drug discovery.
Generative AI in Healthcare Market Trends
The market is experiencing several market trends that are shaping its growth and development. Factors such as advancements in artificial intelligence, increasing investment, and a focus on improving healthcare efficiency and outcomes, among other factors are boosting the industry growth.
Generative AI in Healthcare Market Analysis
Based on application, the market is classified into medical image analysis and diagnostics, drug discovery and development, patient assistance and monitoring, personalized treatment and other applications. The medical image analysis and diagnostics segment generated the highest revenue of USD 655.4 million in 2023.
Based on end use, the generative AI in healthcare market is segmented into healthcare providers, pharmaceutical and life sciences companies, and healthcare payors. The healthcare providers segment is further divided into hospitals and clinics, diagnostic centers, and other healthcare providers. The healthcare providers segment dominated the market in 2023 and is anticipated to reach USD 9.7 billion by the end of forecast period.
North America generative AI in healthcare market accounted for USD 758.7 million market revenue in 2023 and is anticipated to grow at a CAGR of 33.3% between 2024 to 2032 period.
Germany generative AI in healthcare market is projected to grow remarkably in the coming years.
China holds a dominant position in the Asia Pacific generative AI in healthcare market.
Generative AI in Healthcare Market Share
The market features a dynamic competitive landscape driven by major technology firms, healthcare-focused AI startups, and partnerships between industry leaders. Companies like Google LLC, NVIDIA Corporation, Microsoft, and IBM Corporation leverage their advanced AI capabilities to create innovative solutions for medical imaging, diagnostics, and patient engagement. Meanwhile, specialized players such as Abridge, PathAI, and Insilico Medicine offer niche generative AI tools tailored to healthcare applications like clinical documentation, pathology, and drug discovery. Collaboration between tech giants and healthcare providers further accelerates market growth, fostering innovation and increasing accessibility to AI-powered healthcare solutions.
Generative AI in Healthcare Market Companies
Prominent players operating in the generative AI in healthcare industry include:
Generative AI in Healthcare Industry News:
The generative AI in healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2023 – 2032 for the following segments:
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Market, By Application
Market, By End Use
The above information is provided for the following regions and countries: