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Generative AI in Healthcare Market Forecast 2024: Innovations, Applications, and Key Companies
Generative AI in Healthcare Market Forecast
According to The Business Research Company's, The generative AI in healthcare market size has grown exponentially in recent years. It will grow from $1.72 billion in 2023 to $2.36 billion in 2024 at a compound annual growth rate (CAGR) of 37.2%. The growth in the historic period can be attributed to increased healthcare data analytics, increased demand for personalized medicine, increased demand for AI-enabled healthcare solutions, increased demand for personalized treatment plans, and increased drug discovery and development processes.
The generative AI in healthcare market size is expected to see exponential growth in the next few years. It will grow to $8.44 billion in 2028 at a compound annual growth rate (CAGR) of 37.5%. The growth in the forecast period can be attributed to increasing medical imaging techniques, increasing AI-powered monitoring systems, increasing globalization, increasing patients, increasing modern medical treatments, and increasing virtual patient simulation. Major trends in the forecast period include medical imaging enhancement, telemedicine and remote monitoring, robustness and generalization, advances in generative AI algorithms, advanced cardiac data analysis, healthcare data analytics, and real-time health monitoring.
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Market Drivers and Trends:
Increasing demand for personalized medicine is expected to propel the growth of the generative AI in healthcare market going forward. Personalized medicine, also known as precision medicine, is an innovative approach to medical treatment that considers individual variability in genes, environment, and lifestyle for each person. The increasing demand for personalized medicine is due to several factors, including advancements in genomics, improved understanding of disease mechanisms, and the desire for more effective and targeted treatments. Generative AI in healthcare utilizes algorithms to analyze vast amounts of patient data, including genetic profiles and medical histories, to create personalized treatment options and predictions tailored to individual patient needs and characteristics. For instance, in February 2024, according to the Personalized Medicine Coalition, a UK-based organization promoting the adoption of personalized medicine, the FDA's (the U.S. Food and Drug Administration's) CDER (Center for Drug Evaluation and Research) approved 16 new personalized treatments for rare disease patients in 2023, up from 6 in 2022. These approved personalized treatments comprised seven medications tailored for cancer treatment and three designed for addressing various other diseases and conditions. Therefore, increasing demand for personalized medicine is driving the growth of the generative AI in healthcare market.
Major companies operating in generative AI in healthcare market are focused on forming strategic partnerships to develop new technologies and gain a competitive edge in the market. These partnerships play a crucial role in advancing generative AI in healthcare by leveraging the strengths and resources of multiple organizations to develop innovative solutions, improve the efficiency of clinical workflows, and address key challenges in healthcare. For instance, in June 2023, Google, a US-based technology company, partnered with Mayo Clinic, a US-based nonprofit organization committed to clinical practices, to integrate generative AI into healthcare. This partnership aims to leverage generative AI's potential to streamline operations and improve healthcare delivery by unlocking previously inaccessible information and enabling real-time, personalized interactions. It will initially focus on Enterprise Search in Gen App Builder to enhance clinical workflows and patient outcomes while ensuring HIPAA (Health Insurance Portability and Accountability Act) compliance.
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Major Key Players of the Market:
Alphabet Inc., Microsoft Corporation, Amazon Web Services Inc., Johnson & Johnson Services Inc., Siemens AG, Intel Corporation, IBM Watson Health Corporation, Ernst & Young Global Limited, Oracle Corporation, Nvidia Corporation, Harman International Industries Inc., Epic Systems Corporation, Persistent Systems Private Limited, Tempus Labs Inc., Eleks Inc., NioyaTech LLC, Saxon Global Inc., Verge Genomics Inc., PathAI Inc., BenevolentAI Ltd, Abridge AI Inc., Absci Corporation, Atomwise Inc., Syntegra, Insilico Medicine, Neuralink Corporation, DiagnaMed Holdings Corp.
Generative AI In Healthcare Market 2024 Key Insights:
• The generative AI in healthcare market size is expected to see exponential growth in the next few years. It will grow to $8.44 billion in 2028 at a compound annual growth rate (CAGR) of 37.5%.
• Surge In Personalized Medicine Fuels Growth Of Generative AI In Healthcare
• Google Cloud And Mayo Clinic Collaborate To Harness Generative AI In Healthcare Transformation
• North America was the largest region in the generative AI In healthcare market in 2023
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