Generative AI in Healthcare Market size is expected to reach USD 99 Billion by the end of 2036, growing at a CAGR of 35% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of generative AI in healthcare was USD 2 Billion. The ability of generative AI to produce inventive and dependable data has drawn attention from the market. This has improved patient reactions, allowed for better diagnosis, and produced synthetic datasets for training and testing. According to the Survey, roughly 75% of significant healthcare organizations are presently experimenting with or planning to scale generative AI. This indicates that the healthcare sector is heavily investing in exposing the transformative possibilities of generative AI.
In addition to these, the market will expand considerably as a result of the application of generative AI in medication research and development. The process of finding new drugs is greatly accelerated by generative AI technology, which creates novel compounds and predicts their possible biological actions using deep learning algorithms. Generative artificial intelligence (AI) shortens the time and expense often involved in the discovery of new medications by modeling and forecasting the interactions between chemicals and biological targets. Additionally, it has made it possible for scientists to investigate large, previously unreachable chemical regions, which has resulted in the discovery of intriguing treatment possibilities for conditions ranging from cancer to uncommon genetic abnormalities.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 35% |
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Base Year Market Size (2023) |
~ USD 2 Billion |
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Forecast Year Market Size (2036) |
~ USD 99 Billion |
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Regional Scope |
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Application (Clinical, System)
Based on application, the clinical segment in the generative AI in healthcare market is projected to hold the largest share of about 60% during the forecast period. Because generative AI is being integrated into specialist fields like cancer, infectious disease, dermatology, and cardiovascular care, this market segment has become a dominant force in the healthcare industry. Advanced cardiac data analysis is one way that generative AI is being used in cardiovascular health to support accurate diagnosis and individualized therapy planning. By examining skin issues, dermatology can provide more precise diagnosis and therapy recommendations. Generative AI aids in the identification of pathogens and facilitates quick reactions to outbreaks of infectious diseases. It is essential for genetic analysis and tailored treatment recommendations in oncology, demonstrating the substantial influence of generative AI in improving clinical decision-making. Globally, cardiovascular diseases (CVDs) account for 17.9 million deaths annually, making them the leading cause of death.
Component (Solutions, Service)
Based on the component, the solution segment in the generative AI in healthcare market is predicted to hold the largest share of about 58% during the forecast period. Code generation uses machine learning models to generate code automatically. A rapidly developing field, generative AI has several potential uses in the medical field, such as drug development, predictive modeling, and improved medical imaging. A given solution segment's prospective domination would probably result from its shown efficacy, affordability, regulatory compliance, and smooth integration into the current healthcare infrastructures. Better diagnostic results, faster drug development, and more accurate patient care are some of the factors that could lead to a particular generative AI system dominating the healthcare sector.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Function |
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End-Use |
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North American Market Forecast
Generative AI in healthcare market in the North American region is anticipated to hold the largest revenue share of about 30% during the forecast period. This region is favourable to adopting and implementing cutting-edge AI technologies since it has a strong technology landscape and a well-established healthcare infrastructure. Furthermore, substantial R&D expenditures along with robust backing from public and private sectors have expedited the expansion of generative AI applications in the healthcare domain. In addition, the area is home to a large number of top AI-focused research institutes and tech firms, which promotes creativity and teamwork. Thus, there is a growing interest in generative AI, which is driving its growth and popularity in the North American healthcare arena, as a result of the pressing need for breakthroughs in precision medicine, patient outcomes, and healthcare efficiency. Artificial intelligence (AI) industry revenue is estimated value of USD 24.9 billion.
APAC Market Statistics
Generative AI in healthcare market in the Asia Pacific region is projected to hold the second-largest share with about 28% during the forecast period. Rapid digital transformation and a developing tech ecosystem in nations like China, India, Japan, and Singapore are opening the door for the easy adoption and integration of cutting-edge AI technology in the healthcare industry. Because of this changing environment and the region's large and diverse population, precision medicine is becoming more and more important, which is driving demand for customized healthcare solutions.
Author Credits: Radhika Pawar
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