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Surge In Digital Health Records Fuels Growth In generative AI For Medicine: Strengthening the Growth Trajectory of the Generative AI in Medicine Market
Generative AI in Medicine Market Size
What Is the Expected CAGR for the Generative AI in Medicine Market Through 2025?
The market for generative AI in medicine has experienced considerable expansion in the recent past. The sector, valued at $0.66 billion in 2024, is projected to increase to $0.95 billion in 2025, registering a compound annual growth rate (CAGR) of 43.9%. Factors contributing to this growth during the historic period include heightened computational capacity and development in machine learning algorithms, expansion in precision medicine, rising requirements for drug discovery, increased utilization of AI in diagnostic imaging, and a surge in investment towards AI research and development.
What's the Projected Size of the Global Generative AI in Medicine Market by 2029?
It is projected that the market size of generative AI in medicine will witness a spectacular surge in the coming years. The market is set to escalate to $4.02 billion by 2029, marking a compound annual growth rate (CAGR) of 43.5%. The growth anticipated in the forecast period can be tied back to factors such as increasing access to high-quality medical data, a heightened focus on preventive healthcare, an escalating need for efficacious clinical trials, a mounting demand for AI-empowered patient interaction tools, and an upward trend in the use of AI for refurbishing drugs. Notable trends that may be seen in the forecast period are advancements in technology, adoption of telemedicine, emphasis on personalized medicine, predictive analytics, and utilisation of wearable healthcare technology.
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Top Growth Drivers in the Generative AI in Medicine Industry: What's Accelerating the Market?
The growth of the generative artificial intelligence (AI) in medicine market is anticipated to be driven by the increasing proliferation of digital health records. Digital health records, also known as electronic health records (EHRs), consist of electronically stored patient health data which can be shared across various healthcare settings, thereby enhancing patient care efficiency and quality. The expansion of digital health records is attributed to improved patient care, efficient healthcare delivery, technological advancements, enhanced patient engagement, and empowerment, as well as regulatory support and incentives. AI in medicine optimizes digital health records by automating documentation, data structuring, predictive insight provision, and personal summary creation, thereby enhancing accuracy, accessibility, and overall patient care. For example, in July 2024, the European Commission, a Belgium-based executive branch of the European Union, reported that the access score to electronic health records escalated to 79% in 2024 from 72% in 2023. Hence, the expansion of digital health records is fueling the growth of generative AI in the medicine market.
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What Trends Will Shape the Generative AI in Medicine Market Through 2029 and Beyond?
Prime businesses in the generative artificial intelligence (AI) in the healthcare sector are centering their efforts on the creation of novel technologies like AI applications for brain health and wellness. This advancement is designed to transform cognitive evaluations, boost patient care, and enrich overall management of mental health. AI applications for brain health and wellness demonstrate advanced AI technologies targeted at evaluating, tracking and enhancing cognitive performance and mental wellbeing. For example, DiagnaMed Holdings Corp., a corporation based in Canada that focuses on developing AI-infused digital therapeutics, introduced CERVAI in February 2024. This is the first AI answer dedicated to human mental health and wellness. The solution makes use of sophisticated artificial intelligence to appraise cognitive function and brain wellness in a comprehensive manner. It comes with superior algorithms that interpret a range of data inputs, including cognitive examinations and brain imaging, to give an accurate understanding of mental health issues. The instrument provides personalized assessments and practical suggestions, favoring early identification of cognitive complications and customized interventions.
What Are the Main Segments in the Generative AI in Medicine Market?
The generative AI in medicinemarket covered in this report is segmented -
1) By Component: Solutions, Service
2) By Function: Virtual Nursing Assistants, Robot-Assisted AI Surgery, Administrative Process Optimization, Medical Imaging Analysis
3) By Application: Medical Imaging, Drug Discovery, Medical Diagnosis, Patient Data Analysis, Other Applications
4) By End-User: Hospitals And Clinics, Clinical Research, Healthcare Organizations, Diagnostic Centers, Other End-Users
Subsegments:
1) By Solutions: Diagnostic Tools, Treatment Planning Systems, Personalized Medicine Platforms, Drug Discovery And Development Solutions, Medical Imaging And Analysis Software, Electronic Health Record (EHR) Enhancement Tools
2) By Services: Consulting Services, Implementation And Integration Services, Training And Education Services, Technical Support And Maintenance, Research And Development Services.
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Which Top Companies are Driving Growth in the Generative AI in Medicine Market?
Major companies operating in the generative AI in medicine market are 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.
Which Regions Will Dominate the Generative AI in Medicine Market Through 2029?
North America was the largest region in the generative artificial intelligence (AI) in medicine 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 medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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