(MENAFN- GlobeNewsWire - Nasdaq) Transforming Patient Care, Diagnostics, and Drug Development, Generative AI in Healthcare Emerges as a Game-Changer in Global Healthcare Systems.Pune, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Generative AI in Healthcare market Size & Growth Analysis:
According to SNS Insider, the Generative AI in Healthcare Market was valued at USD 1.7 billion in 2023 and is projected to grow to USD 19.99 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.5% from 2024 to 2032 driven by the increasing adoption of AI technologies across various healthcare applications, including tailored treatment plans, predictive analytics, and administrative automation.
"Rising Demand for Generative AI in Healthcare Driven by Efficiency, Personalization, and Technological Advancements"
The demand for generative AI in healthcare is fueled by the need for more efficient, accurate, and personalized healthcare solutions. Also, benefitting from continuous technological advancements, with new AI applications enhancing everything from clinical decision-making to patient monitoring. Furthermore, as healthcare providers, pharmaceutical companies, and insurers increasingly adopt AI-powered tools, demand for AI in healthcare continues to rise. AI's potential to streamline operations, reduce costs, and improve patient outcomes is accelerating its integration across the healthcare ecosystem. As healthcare professionals leverage AI's predictive capabilities and real-time data analysis, the landscape of patient care is set to undergo significant transformation in the coming years.
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Major Players Analysis Listed in this Report are:
Epic Systems Corporation DiagnaMed Holdings Corp. Syntegra Medical Mind IBM Watson Health Corporation Google LLC Oracle Corporation Microsoft Corporation Nvidia Corporation Insilico Medicine Abridge AI Inc. ELEKS Persistent Systems
Generative AI in Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.7 billion |
| Market Size by 2032 | US$ 19.99 billion |
| CAGR | CAGR of 31.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
By Application, Tailored Treatment Plans Dominated the Market IN 2023
tailored treatment plans dominated the market, accounting for 25% of the share. This segment leverages AI to create personalized treatment strategies based on patient-specific data, such as genetic information, lifestyle factors, and medical history. The ability to customize interventions using AI helps improve the precision and effectiveness of treatments, making it a crucial component in improving patient outcomes.
The virtual patient support application is the fastest-growing segment in the generative AI in the healthcare market. This application utilizes AI-powered chatbots and virtual health aides to enhance patient engagement, streamline communication, and simplify administrative tasks. By offering patients 24/7 support and answering questions regarding treatment, medications, and follow-up care, these AI-driven solutions enhance the patient experience while reducing the burden on healthcare providers. As telemedicine and remote care continue to grow, the demand for AI-powered virtual assistants is expected to rise significantly, making this application the fastest-growing in the industry.
By End-Use, Healthcare Providers Led the Market In 2023
In terms of end-users, healthcare providers led the market, holding a dominant share of 40%. These organizations utilize generative AI to improve clinical decision-making, streamline administrative processes, and deliver individualized care to patients. AI technologies are used to enhance diagnostic accuracy, optimize treatment plans, and reduce the time required for routine tasks. Healthcare providers are increasingly turning to AI solutions to improve the overall quality of care while reducing operational costs.
The pharmaceutical and life sciences industry is the fastest-growing segment in the generative AI healthcare market, holding a 35% share. AI is transforming drug discovery and development by automating and accelerating the process of identifying new compounds and optimizing clinical trials. AI-driven simulations and data analysis are improving the accuracy of clinical outcomes, reducing time-to-market for new drugs, and offering personalized treatment options.
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Generative AI in Healthcare Market Key Segmentation:
By Application
Personalized treatment plans Virtual patient assistance Patient monitoring and predictive analytics Medical image analysis and diagnostics Drug discovery and development Other applications
By End-use
Healthcare providers Hospitals Clinics Diagnostic centers Other healthcare providers
Pharmaceutical and life science companies Healthcare payers
Regional Analysis
In 2023, North America held the largest share of the generative AI in the healthcare market, accounting for 40% share. The region's dominance is attributed to significant investments in AI research and development, the presence of major healthcare tech companies, and a high rate of AI adoption in the healthcare sector. Additionally, the U.S. and Canada are home to some of the world's leading hospitals, pharmaceutical companies, and healthcare providers, which are driving AI innovation in patient care, diagnostics, and treatment.
Asia Pacific is anticipated to experience the fastest growth over the forecast period 2024-2032. The increasing adoption of digital health technologies, growing investments in AI healthcare startups, and the expansion of telemedicine in countries like China and India are contributing to the region's rapid growth. Furthermore, rising healthcare expenditures and improving infrastructure in emerging markets are expected to accelerate the implementation of AI-powered solutions in healthcare, propelling the market forward.
Recent Developments in Generative AI in Healthcare
December 2024 : Microsoft Corp launched a new AI Health team to drive advancements in generative AI solutions for healthcare. This initiative is designed to improve healthcare outcomes by integrating AI technologies across medical research, diagnostics, and patient care. December 2024 : Deaconess Health System expanded its use of Abridge's generative AI platform across its 19-hospital network. This partnership focuses on enhancing clinical documentation, improving patient care, and boosting operational efficiency through AI-powered automation.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates, 2023
5.2 User Demographics, By User Type and Roles, 2023
5.3 Feature Analysis, by Feature Type
5.4 Cost Analysis, by Software
5.5 Integration Capabilities
5.6 Regulatory Compliance, by Region
6. Competitive Landscape
7. Generative AI in Healthcare Market Segmentation, by Application
8. Generative AI in Healthcare Market Segmentation, by End-use
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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