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Generative AI in Healthcare Market Trends

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

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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 is increasingly being applied to personalize treatment plans by analyzing vast datasets of patient information, including genetic, clinical, and lifestyle data. This trend is particularly impactful in fields like oncology and rare disease treatment, where tailored therapeutic strategies are critical.
Additionally, generative AI is accelerating the drug discovery process by predicting molecular structures, identifying potential drug candidates, and optimizing drug designs. This has significantly reduced the time and cost associated with traditional pharmaceutical research, making it a dominant trend in the healthcare market, thereby aforementioned factors are expected to drive the market.

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.