Generative AI in Healthcare Market Set to Reach a Valuation of USD 17.2 Bn by 2032 | Data Analysis by Experts at Market.us

New York, April 03, 2023 (GLOBE NEWSWIRE) — The global generative AI in healthcare market accounted for USD 0.8 billion in 2022. It is expected to reach a valuation of USD 17.2 billion with a CAGR of 37.0% by 2032. Generative AI is a new type of machine learning that create data after learning the properties of real data. Artificially generated patient data has the prospective to revolutionize clinical research and help in the protection of patient privacy.

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Key Takeaway

• By application, the clinical application segment generated the largest revenue share of 65% in 2022.
• By function, the clinical judgment/diagnostic segment has dominated the market, and it accounted for the largest global revenue of 32% in 2022.
• By end-user, the diagnostic center segment was dominant in the market, with the largest market revenue share of 35% in 2022.
• In 2022, North America dominated the market with the highest revenue share of 36%.
• Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.

Generative has the potential to reduce the administrative burden on clinicians by auto-masking the tasks such as the writing of referral letters, clinical coding, and clinical consultation. The increasing number of hospitals and the revolution in the healthcare sector are driving the need for generative AI in the healthcare sector.

Factors affecting the growth of generative AI in healthcare market

Several factors can affect the growth of generative AI in healthcare market. Some of these factors include:

• Rising demand in diagnosis: The generative AI in healthcare has significant applications in diagnosing numerous diseases such as diabetes, tuberculosis, hypertension, liver & skin diseases, and chronic heart diseases. The researchers are using various AI-based techniques, such as machine and deep learning models, for early and effective diagnosis of chronic diseases.
• Increasing use in robotic-assisted surgery: The AI-assisted robotics surgery segment is expected to grow at the fastest CAGR during the forecast period. The robots can analyze the data from pre-operated medical records, which guides the surgeon during the surgery, which can lead to a 21% reduction in a patient’s hospital stay.

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Top Trends in Global Generative AI in Healthcare Market

Several countries’ governmental bodies are investing more and more in the healthcare industry. Generative AI is already more integrated into diagnostic algorithms for screening diseases such as cancer, cardiovascular diseases, and diabetes. Machine learning and deep learning algorithms are used in the analysis of data and patient history.

The prevalence of generative AI in clinical research and trials is increasing to identify potential targets of new drugs and their effectiveness. Healthcare providers and other healthcare organizations are partnering with AI expert companies. Also, automation in hospital pharmacies and clinical decision support systems is increasing, positively impacting the market growth.

Market Growth

Image analysis is a very time-consuming process in the healthcare industry. Generative AI reduces the time required for image analysis and helps healthcare providers effectively diagnose diseases. The machine learning algorithms analyze 3D scans up to 1,000 times faster by providing real-time information.

The healthcare industry is spending more on Electronic Health Records due to increasing digitalization. It allows easy access to healthcare providers in treatment and makes telemedicine more effective. In addition, several government initiatives are investing more and more in the healthcare industry, which has boosted the research and development activities driving the market growth.

Regional Analysis

The generative AI in healthcare market was dominated by North America, which acquired the most significant revenue share of 36% in 2022. Healthcare providers in North America are using AI to support decision-making, predictive modeling, and business analytics.

Prevalence of machine learning and deep learning techniques in healthcare sectors of North America diving the regional growth of the market. Developed countries such as the United States and Canada are adopting generative AI techniques in the healthcare industry. The US department of health and human services has issued guidance on the ethical use of AI in the healthcare sector which enhanced the safety and privacy of personalized patient data.

Asia Pacific is expected to show significant growth during the forecast period. The increasing technological advancements in emerging economies such as China, Japan, Singapore, and India are driving the regional growth of the market. In addition, the increasing need for big data and rapid growth in healthcare technology is expected to impact market growth positively.

Competitive Landscape

The major key players in Generative AI in healthcare market concentrate mainly on research and development activities. They also focus on clinical research and drug discovery processes using machine learning. The key players in generative AI in healthcare market include IBM Watson, Microsoft Corporation, Google LLC, Tencent Holdings Ltd., Neuralink Corporation, Johnson & Johnson, and Other Key Players.

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Scope of the Report

Market Drivers

The artificially intelligent cloud computing systems have significant applications in medical sciences. Generative AI techniques are used in end-to-end drug discovery, drug development, and disease diagnosis. It plays an important role in transcribing medical documents such as prescriptions and remotely treating patients.

Generative AI also plays an important role in virtual nursing assistants by interacting with patients with the most effective care and treatment. The virtual nursing assistant technique could save the healthcare sector USD 20 billion per year. The virtual nursing assistant provides more regular communication between patients and healthcare providers and saves visits of patients to hospitals. Thus, the demand for generative AI techniques in the healthcare industry is increasing, driving the growth of the market.

Market Restraints

Increasing risks of bias and patient data privacy is a primary factors restraining the market growth. Lack of transparency and vulnerability to hacking issues have a negative impact on market growth. Softwares in generative AI have high subscription costs. Moreover, the lack of skilled infrastructure is expected to hamper market growth during the forecast period.

Market Opportunities

Increasing numbers of hospitals and diagnostic clinics and the rising prevalence of chronic diseases are expected to drive the market during the forecast period. Increasing demand for generative AI techniques to aid clinical judgment/diagnosis, workflow & administrative tasks, and image analysis techniques is expected to create lucrative growth opportunities in the market.

The increasing application of AI in chatbot therapy is also driving market growth. Recent developments in machine learning, inference algorithms, and statistical physics are expected to drive the market in the forecast period.

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Report Segmentation of the Generative AI in Healthcare Market

Application Insight

Based on Application, the clinical application segment was dominant in the market, with the largest market revenue share in 2022. The generative AI algorithms help in accurate diagnosis and risk stratifying patients with concerns for coronary artery diseases as an intelligent tool. Generative AI in healthcare can use used to help identify personalized treatment options for individual patients.

Function Analysis

Based on function, the clinical judgment/diagnosis segment was dominant in the market, with the largest market revenue share in 2022. AI algorithms are used in the detection of skin cancers. Thus, dermatologists started adopting AI algorithms for effective treatment.  For instance, a Danish AI Software company has tested its deep learning program. This algorithm analyzes what a person says, the tone of voice, and background noise and detects cardiac diseases with a 93% accuracy compared to humans.

End-User Insight

On the basis of end-user, the diagnostic centers segment was dominant in the market, with the largest market revenue share in 2022. Artificial Intelligence can assist provides a variety of patient care and intelligent health systems.

Artificial Intelligence techniques such as deep learning and machine learning have significant applications in disease diagnosis and drug discovery processes. In addition, numerous medical data sources require accurate diagnosis using artificial intelligence techniques such as genomics, magnetic resonance imaging, and mammography.

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Market Segmentation

By Application

• • Cardiovascular
  • Dermatology
  • Infectious Diseases
  • Oncology
  • Others

• • Disease Diagnosis
  • Telemedicine
  • Electronic Health Records
  • Drug Interaction

By Function

• AI-Assisted Robotic Surgery
• Virtual Nursing Assistants
• Aid Clinical Judgment/Diagnosis
• Workflow & Administrative Tasks
• Image Analysis

By End-User

• Hospitals & Clinics
• Clinical Research
• Healthcare Organizations
• Diagnostic Centers
• Other End-Users

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Market Players

Recent Development of the Generative AI in Healthcare Market

• In June 2020, Johnson & Johnson and the National Institute of Allergy and Infectious Diseases (NIAID) confirmed their intention to start clinical trials of the J&J vaccine using Generative AI techniques.
• In April 2021, Johnson & Johnson Company reported that its COVID-19 vaccine achieved USD 100 million in sales in the first quarter.

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