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Generative AI in Healthcare Market Size

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

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Generative AI in Healthcare Market Size

Generative Artificial Intelligence (AI) in Healthcare Market size was valued at USD 1.8 billion in 2023 and is expected to reach USD 22.1 billion by end of 2032 growing at a CAGR of 32.6% over the analysis period. The surging demand for AI in healthcare stemmed from the transformative impact in healthcare industry revolutionizing medical practices, enhancing efficiency, and improving patient outcomes.

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The market has been attracted to generative AI due to its capacity to create reliable and innovative data, thereby improving diagnostics, replicating patient responses, and providing synthetic datasets for testing and training purposes. As reported in the article 2024 Life Sciences and Health Care Generative AI Outlook Survey, the healthcare industry is investing heavily in exposing the transformative possibilities of generative AI, with approximately 75% of major healthcare companies currently experimenting or planning to scale generative AI. Thus, the increasing traction for generative AI is opening up new opportunities in the healthcare sector.

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 Report Attributes
Report Attribute	Details
Base Year:	2023
Generative AI in Healthcare Market Size in 2023:	USD 1.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	32.6%
2032 Value Projection:	USD 22.1 Billion
Historical Data for:	2018 to 2023
No. of Pages:	120
Tables, Charts & Figures:	195
Segments covered:	Application, End-use, & 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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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Generative AI in healthcare industry size was USD 1.8 billion in 2023 and is expected to reach USD 22.1 billion by 2032 owing to its transformative impact on the healthcare sector for revolutionizing medical practices, enhancing efficiency, and improving patient outcomes worldwide.

Generative AI in healthcare industry from the medical image analysis and diagnostics segment reached USD 612.7 million in 2023 due to its ability to provide enhanced image quality, refined disease detection, and customized treatment plans for patients.

The healthcare providers segment is expected to reach USD 11.8 billion by 2032 owing to the higher adoption of generative AI to streamline medical processes, enhance diagnostics, and optimize patient care.

DiagnaMed Holdings Corp., Syntegra Medical Mind, IBM Watson Health Corporation, Google LLC, Oracle Corporation, Microsoft Corporation, Nvidia Corporation, Insilico Medicine, and Abridge AI Inc. are some of the major generative AI in healthcare companies worldwide.