Generative AI in healthcare is a transformative technology that leverages artificial intelligence to create, generate, or simulate data, images, or text within the medical field. This innovative application of AI has the potential to revolutionize various aspects of healthcare, from diagnostics and treatment planning to medical research and education.
PORTLAND, Ore., Nov. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Generative AI in Healthcare Market by Application (Treatment, Diagnosis, Drug Discovery, and Research) and End User (Hospitals & Clinics, Healthcare Organizations, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global generative AI in healthcare market was valued at $1.6 Billion in 2022 and is estimated to reach $30.4 Billion by 2032, exhibiting a CAGR of 34.9% from 2023 to 2032.
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Prime determinants of growth
The generative AI in healthcare market has experienced significant growth due to surge in adoption of the generative AI for medical diagnosis by analyzing the medical images and patient health record, efficiency of generative AI in workflow and administrative tasks, use of generative AI in personalized medicine.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1,550 million |
Market Size in 2032 | $30394.5 million |
CAGR | 34.9 % |
No. of Pages in Report | 290 |
Segments covered | Application, End User, and Region. |
Drivers | Surge in adoption of generative AI in healthcare in medical imaging. Efficiency of generative AI in workflow and administrative tasks. Use of generative AI in personalized medicine. |
Opportunities | Use of generative AI in drug discovery development. |
Restraints | Data privacy and security risk. |
Economic Downturn Analysis: Impact of Recession in 2023 on the Generative Ai In Healthcare Market
- The global recession has created challenging environment for the generative AI in healthcare market.
- The high inflation rate has negatively impacted new technological development and research activities.
- However, market for generative AI in healthcare market is expected to recover owing to growing demand of generative AI in various applications in healthcare sectors such as drug discovery and development and medical diagnosis.
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The diagnosis segment to maintain its leadership status throughout the forecast period
Based on application, the diagnosis segment held the highest market share in 2022, accounting for more than two-fifths of the generative AI in healthcare market revenue, owing to surge in adoption of generative AI for medical diagnosis.
The hospitals and clinics segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals and clinics segment held the highest market share in 2022, accounting for more than two-fifths of the generative AI in healthcare market revenue. This is attributed to rise in use of generative for efficiently manage hospital documentations such as patient health records, bills and other medical records.
The North America segment to maintain its leadership status throughout the forecast period
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Based on region, North America held the highest market share in 2022, accounting for more than one-third of the enteral feeding formulas market revenue. This is attributed to well-developed healthcare infrastructure and strong presence of major key players.
Leading Market Players: -
- SYNTEGRA
- IBM WATSON HEALTH CORPORATION
- GOOGLE LLC
- AMAZON
- ORACLE
- MICROSOFT
- NVIDIA CORPORATION
- INSILICO MEDICINE
- ABRIDGE AI INC.
- OPEN AI INC
The report provides a detailed analysis of these key players in the generative AI in healthcare market. These players have adopted different strategies such as product launch, acquisition, investment, partnership and clinical trials to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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