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Generative AI In Healthcare Market Landscape 2025: Forecast Data and Growth Strategy Insights
Generative AI In Healthcare
What Is the Expected CAGR for the Generative AI In Healthcare Market Through 2025?
The market size for generative AI in healthcare has seen significant expansion in the last few years. Its growth is projected to rise from $2.36 billion in 2024, climbing to $3.26 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 37.7%. The acceleration during the historical period is ascribed to the escalation in healthcare data analytics, heightened demand for personalized medicine, increased need for AI-powered healthcare solutions, growing demand for tailored treatment strategies, and an uptick in drug discovery and development procedures.
What's the Projected Size of the Global Generative AI In Healthcare Market by 2029?
The market size of generative AI in healthcare is predicted to experience tremendous growth in the coming years, expected to hit $11.6 billion in 2029 with an impressive compound annual growth rate (CAGR) of 37.4%. This anticipated surge during the forecast period is attributed to advancements in medical imaging techniques, the rise in AI-driven monitoring systems, ongoing globalization, rising patient numbers, progressive medical treatments, and increased use of virtual patient simulation. Key trends expected during this period encompass enhancements in medical imaging, the rise of telemedicine and remote patient tracking, advancements in generative AI algorithms, robustness and generalization, advanced functions in cardiac data analysis, insights from healthcare data analytics and real-time health tracking.
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Top Growth Drivers in the Generative AI In Healthcare Industry: What's Accelerating the Market?
The expanding need for personalized medicine is projected to fuel the rise of the generative AI sector in healthcare. Personalized medicine, often referred to as precision medicine, takes into account a person's unique genetic, environmental, and lifestyle factors. The surging demand for personalized medicine can be attributed to numerous factors, such as progress in genomics, an enhanced understanding of disease processes, and the quest for more tailored and effective treatments. Generative AI within the healthcare sector leverages algorithms to sift through vast quantities of patient data, including genetic makeup and medical records, in order to formulate personalized treatment solutions and forecasts bespoke to each patient. For example, as reported by the UK's Personalized Medicine Coalition in February 2024, the FDA's CDER approved 16 new customized treatments for patients with rare diseases in 2023, a significant increase from 6 in the preceding year. The personalized treatments authorized included seven drugs for cancer therapy and three aimed at a range of other illnesses and conditions. Consequently, the booming demand for personalized medicine is propelling the generative AI in the healthcare market's expansion.
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What Trends Will Shape the Generative AI In Healthcare Market Through 2029 and Beyond?
Leading firms in the generative AI for healthcare sector are centering their efforts on establishing strategic collaborations to evolve their tech and propel their market position. These alliances are pivotal in progressing the role of generative AI in healthcare, harnessing the collective capabilities and resources of various companies to create cutting-edge solutions, boost clinical workflow efficiency, and tackle fundamental healthcare challenges. For instance, the American tech giant, Google, joined forces with Mayo Clinic, a nonprofit U.S. organization specializing in clinical practices, in June 2023, to incorporate generative AI into healthcare. The objective of this collaboration is to extract the potential of generative AI to optimize operations and upgrade healthcare service by revealing previously untapped information and facilitating immediate, bespoke interactions. The initial concentration will be on Enterprise Search in Gen App Builder, aiming to enrich clinical workflows and patient results, while simultaneously maintaining compliance with the stipulations of HIPAA (Health Insurance Portability and Accountability Act).
What Are the Main Segments in the Generative AI In Healthcare Market?
The generative AI in healthcare market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Function: AI-Assisted Robotic Surgery, Virtual Nursing Assistants, Aid Clinical Judgment Or Diagnosis, Workflow And Administrative Tasks, Image Analysis
3) By Application: Clinical, System
4) By End User: Hospitals And Clinics, Clinical Research, Healthcare Organizations, Diagnostic Centers, Other End Users
Subsegments:
1) By Solutions: Diagnostic Imaging Analysis, Drug Discovery And Development Tools, Personalized Treatment Planning, AI-Powered Clinical Decision Support
2) By Services: Consulting and Advisory Services, Implementation And Integration Services, Support And Maintenance Services, Training And Education Services
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Which Top Companies are Driving Growth in the Generative AI In Healthcare Market?
Major companies operating in the generative AI in healthcare market report are 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.
Which Regions Will Dominate the Generative AI In Healthcare Market Through 2029?
North America was the largest region in the generative AI In healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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