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Generative AI in Healthcare Market Size

Report ID: GMI7861
Published Date: Dec 2024
Report Format: PDF

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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.

Generative AI in Healthcare Market

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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.

Generative AI in Healthcare Market Report Attributes
Report Attribute	Details
Base Year:	2024
Generative AI in Healthcare Market Size in 2024:	USD 1.8 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	33.2%
2025 – 2034 Value Projection:	USD 20.2 Billion
Historical Data for:	2021 – 2024
No. of Pages:	130
Tables, Charts & Figures:	109
Segments covered:	Application, End Use, and Region
Growth Drivers:	Growing demand for precision medicine and treatment Increasing focus on enhancing medical imaging Expanding advancement in AI Increasing venture funding
Pitfalls & Challenges:	Data privacy and security concerns Regulatory compliance

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global generative AI in healthcare industry was valued at USD 1.8 billion in 2023 and is expected to grow at a CAGR of 33.2% from 2024 to 2032, driven by advancements in deep learning and natural language processing (NLP).

The medical image analysis and diagnostics segment generated USD 655.4 million in revenue in 2023, fueled by the increasing global prevalence of chronic diseases.

The North America generative AI in healthcare market recorded USD 758.7 million in revenue in 2023 and is anticipated to grow at a CAGR of 33.3% between 2024 and 2032, supported by its advanced healthcare infrastructure.

North America, particularly the U.S. and Canada, leads due to its cutting-edge medical facilities, research institutions, and a robust network of hospitals and clinics adopting generative AI technologies to enhance patient care and optimize resource management.

Key players in the industry include Abridge AI, DiagnaMed Holdings, ELEKS, Google LLC (Alphabet), Insilico Medicine, International Business Machines, Microsoft, NVIDIA, Oracle, Persistent Systems, and Syntegra.