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Generative AI In Medicine Global Market Expected to Witness $2.81 Billion with Impressive Growth at a 43.6% CAGR By 2028
Generative AI In Medicine Global Market
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According to The Business Research Company's, The generative artificial intelligence (AI) in medicine market size has grown exponentially in recent years. It will grow from $0.46 billion in 2023 to $0.66 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth in the historic period can be attributed to a rise in computational power and machine learning algorithms, growth in precision medicine, increasing demand for drug discovery, rise in adoption of AI for diagnostic imaging, and growth in investment in AI research and development.
The generative artificial intelligence (AI) in medicine market size is expected to see exponential growth in the next few years. It will grow to $2.81 billion in 2028 at a compound annual growth rate (CAGR) of 43.6%. The growth in the forecast period can be attributed to the increasing availability of high-quality medical data, growing focus on preventive healthcare, growing need for efficient clinical trials, increasing demand for AI-enhanced patient engagement tools, and rising use of AI for drug repurposing. Major trends in the forecast period include technological advancements, telemedicine, personalized medicine, predictive analytics, and wearable health technology.
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Market Drivers and Trends:
The surge in digital health records is expected to propel the growth of generative artificial intelligence (AI) in medicine market going forward. Digital health records, or electronic health records (EHRs), are systematic collections of patient health information stored electronically, enabling sharing across healthcare settings and improving the efficiency and quality of patient care. The surge in digital health records is driven by improved patient care, increased efficiency in healthcare delivery, regulatory support and incentives, advancements in technology, and enhanced patient engagement and empowerment. Artificial intelligence (AI) in medicine enhances digital health records by automating documentation, structuring data, providing predictive insights, and generating personalized summaries to improve accuracy, accessibility, and overall patient care. For instance, in July 2024, according to the European Commission, a Belgium-based executive branch of the European Union, the access to electronic health records score increased to 79% in 2024 from 72% in 2023. Therefore, the surge in digital health records is driving generative artificial intelligence (AI) in medicine market.
Major companies operating in the generative artificial intelligence (AI) in medicine market are focused on developing innovative technologies, such as AI solutions for brain health and wellness, to advance cognitive assessment, improve patient care, and enhance overall mental health management. AI solutions for brain health and wellness are advanced artificial intelligence technologies designed to assess, monitor, and improve cognitive function and mental well-being. For instance, in February 2024, DiagnaMed Holdings Corp., a Canada-based company focused on developing AI-powered digital therapeutics, launched CERVAI, the first AI solution for human mental health and wellness. This innovative solution leverages advanced artificial intelligence to evaluate cognitive function and brain wellness comprehensively. Its key features include cutting-edge algorithms that analyze diverse data inputs, including cognitive tests and brain imaging, to provide accurate insights into mental health conditions. The tool offers personalized assessments and actionable recommendations, enabling early detection of cognitive issues and tailored interventions.
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Major Key Players of the Market:
Microsoft Corporation, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Philips Healthcare, Veeva Systems Inc., Nuance Communications Inc., Babylon Health Ltd., Tempus Labs Inc., DeepMind Technologies Limited, Owkin Inc., Viz.AI inc., Recursion Pharmaceuticals Inc., Caresyntax Inc., Relay Therapeutics Inc., Exscientia plc, Paige AI inc., BenevolentAI Limited, Atomwise Inc., Healx Ltd., Zebra Medical Vision Ltd., Eyenuk Inc., Syntegra Ltd., Arterys Inc.
Generative AI In Medicine Market 2024 Key Insights:
• The generative artificial intelligence (AI) in medicine market size is expected to see exponential growth in the next few years. It will grow to $2.81 billion in 2028 at a compound annual growth rate (CAGR) of 43.6%.
• Surge In Digital Health Records Fuels Growth In generative AI For Medicine
• Revolutionizing Healthcare DiagnaMed's CERVAI Launches Advanced AI Solutions For Brain Health
• North America was the largest region in the generative artificial intelligence (AI) in medicine market in 2023
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