The Generative AI in Healthcare Market Dimension Categorized by Function (Virtual Nursing Assistants, Image Analysis, Support for Clinical Decision-Making/Diagnosis, Workflow & Administrative Duties, AI-Enhanced Robotic Surgery), By Application (System and Clinical), By End User (Clinical Research, Hospitals & Clinics, Diagnostic Centers, Healthcare Organizations and Others), Region Global & Projections, 2024-2033
The Generative AI within the Healthcare Market is expected to reach a worth of USD 3,753 Million by 2023, and with a steady growth trajectory forecasted, it is anticipated to reach a valuation of USD 24,218 Million by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 37.2% throughout the projected period of 2024-2033.
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Generative artificial intelligence, a specialized branch of AI that utilizes algorithms to create new videos, images, and text that closely mimic its source material, is experiencing rapid expansion. This innovation distinguishes itself from other AI methods by employing predictive models to forecast results based on previously gathered patient information. Unlike traditional AI, which focuses mainly on identifying patterns, making decisions, analyzing data, and categorizing data, genAI constructs original content, chat replies, designs, and synthetic information.
Recent Trends in Artificial Intelligence (AI) within the Healthcare Sector:
In July 2024, GE HealthCare and Amazon Web Services are joining forces to develop AI models for decoding complex medical data, a significant challenge in the healthcare field.
In August 2024, the healthcare sector is undergoing transformation due to major investments and partnerships in artificial intelligence, such as Spring Health's $3.3 billion valuation, CytoReason's $80 million funding round, and the AWS-GE HealthCare alliance.
In August 2024, ISB and AIG Hospitals are teaming up to launch the 'Artificial Intelligence in Healthcare Initiative', designed to enhance AI skills and knowledge in clinical practices, ultimately improving patient outcomes in diagnosis and treatment.
In August 2024, VNS Health has devised generative AI algorithms to assist doctors in assessing and anticipating patients' palliative care needs. The open-source approach, which converted diagnostic and billing data into narrative form, was employed to identify patients' requirements. The findings were shared at the International Nurse Informatics Conference.
In August 2024, The Mayo Clinic is partnering with 3D imaging enterprise JelloX Biotech to develop AI-driven image analysis technologies for precise cancer diagnosis. JelloX has created 3D pathology imaging for spatial examination, and the Mayo Clinic intends to further develop and assess this technique.
Market Overview
Market Size in 2023: USD 3,753 Million
Market Forecast in 2033: USD 24,218 Million
CAGR (2024-2033): 37.2%
Study Details
Base Year: 2023
Historic Data: 2016-2022
Forecast Period: 2024-2033
Segments Covered
By Function: Virtual Nursing Sidekicks, Image Analysis, Aid Clinical Judgment/Opinion, Workflow & Administrative Tasks, AI-Supported Robotic Surgery
By Application: System and Clinical
By End User: Clinical Research, Hospitals & Clinics, Diagnostic Centers, Healthcare Organizations, and Others
By Region: North America, Europe, APAC, South America, Middle East & Africa
Regional Scope
Regions: North America, Europe, APAC, South America, and Middle East & Africa
Country Scope
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
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Growth Drivers
AI-driven generative models enhance the accuracy and efficiency of medical image analysis, including disease detection and classification in radiology and pathology images.
NLP-powered generative AI extracts valuable insights from unstructured clinical notes, patient records, and medical literature, supporting improved data analysis and medical research.
AI-powered chatbots and virtual healthcare assistants offer remote patient monitoring and telemedicine services, improving accessibility and patient engagement.
Key Companies
NioyaTech
Syntegra
Oracle
Tencent Holdings Ltd.
Neuralink Corporation
Johnson & Johnson
IBM Watson
Saxon
OpenAI
Google LLC
Microsoft Corporation
Other notable players
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