The global generative AI in medicine market size was valued at USD 501.06 million in 2022 and it is expected to hit around USD 21,586.75 million by 2032, expanding at a CAGR of 45.69% over the forecast period from 2023 to 2032.
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With the technological advancements in every sector, artificial intelligence technology has achieved a significant position. In recent times technology has occupied almost every industry. Being a prominent branch of artificial intelligence technology, generative AI is observed to be the most advanced and faster technology that can assist industries to grow by generating content. Generative AI has the ability to tackle the problems and hurdles that come across in the development of the sector. Medicine is the most emerging sector in the world due to the rise in diseases in the population.
Generative AI could help the medical sector in various ways; artificial intelligence could help with precise diagnostics. It can analyze the disease by examining the patient’s data, previous health records, etc. Algorithms of generative AI can provide accurate insights about the condition.
Generative AI has the capability to transform the medical industry. It can be helpful for industry operators as it provides powerful tools for analyzing the patient’s data and helping provide a patient’s accurate diagnosis. Generative AI models are capable of offering personalized or customized medicine plans according to the patient’s needs. This element is observed to accelerate the market’s growth owing to the rising demand for customized treatment plans.
Generative AI in medicine or healthcare can create higher quality medical imaging and recorrect missing or corrupted data. The accurate and precise information collected by analyzing the data will give the exact diagnosis and treatment decisions. Generative AI can minimize the burden of administration. The medical industry contains an enormous amount of data that artificial intelligence can do quickly and effectively. Generative AI informs or predicts the maintenance of medical devices or when they will fail. So, it would be more convenient for the hospital or medical administration to manage the repairs and maintenance of the equipment or devices.
The continuous upgradation of artificial intelligence technology will make the medical industry work faster with improved productivity. Artificial intelligence in the medical industry would solve multiple challenges with the sector's expansion. It maintains a larger amount of data and even manages the procedures associated with drug discovery and development. All these factors significantly impact the growth of generative AI in the medicine market.
Report Scope of the Generative AI in Medicine Market:
|Market Size in 2023||USD 729.99 Million|
|Market Size by 2032||USD 21,586.75 Million|
|Growth Rate from 2023 to 2032||CAGR of 45.69%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||By Deployment, By Application, and By End-User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Accurate and real-time data offered by generative AI
Healthcare procedures throughout the world have already been altered by artificial intelligence. Examples of innovations include appointment scheduling, translating clinical information, and maintaining patient histories. Healthcare institutions are now able to automate more time-consuming and delicate activities owing to the power of generative AI. Sophisticated radiological equipment can recognize important visual indicators, saving hours of meticulous investigation. There are also automated methods for arranging appointments, monitoring patients, and making suggestions for care. Reviewing health and life insurance is one specific duty that generative AI streamlines. Generative AI is utilized to reduce expenses brought on by denied insurance claims. Healthcare providers may find and correct incorrect claims with the help of AI algorithms. The hospital personnel no longer have to spend time going through resubmitting the healthcare-associated data. All these factors are expected to boost the adoption of generative AI systems in the medical sector by promoting market growth.
Lack of diverse data
Medical data is often unstructured, fragmented, and stored in various formats, such as electronic health records (EHRs), medical images, and clinical notes. This lack of standardized data poses challenges in preprocessing and harmonizing the data for use in generative AI models. Incomplete or inconsistent data quality can lead to biased or unreliable model outputs. Generative AI models rely on diverse and representative data to produce accurate and generalizable results. In medicine, obtaining a diverse range of patient data, covering various demographics, clinical conditions, and medical procedures, can be challenging. The lack of diversity in the available data can lead to biased or incomplete models, limiting their reliability and applicability. Thus, the lack of diverse data for generation acts as a major restraint for the market.
Ongoing technological advancements
Researchers continue to develop and refine algorithms and models for generative AI in medicine. Novel approaches, such as variational autoencoders (VAEs), generative adversarial networks (GANs), and transformer-based models, have shown promise in generating realistic medical images, synthesizing patient data, and aiding in medical diagnosis and treatment planning. Generative AI models can be used to augment and synthesize medical data, addressing the issue of limited labeled data. By generating synthetic data, these models can help overcome data scarcity challenges and enhance the training process for other AI algorithms. This facilitates better training and more accurate predictions in medical applications. Overall, ongoing technological advancements provide opportunities for generative AI in medicine to revolutionize healthcare delivery, improve patient outcomes, and contribute to scientific advancements in the field.
The cloud-based segment dominated the market with the highest market share in 2022, the segment is expected to acquire a significant share of the market during the forecast period. Through increased efficiency and decreased dependency on on-premises equipment, cloud technology may make healthcare systems more cost- and sustainably effective. Telemedicine and online consultation are expanding alternatives for conventional consultation measures. Patients now have remote access to their health information, test results, and medications due to cloud-based technologies. Healthcare practitioners are now able to monitor chronic conditions, give remote treatment, and even perform procedures with the help of cloud-based deployment. All these factors and the additional capabilities of generative AI promote the growth of the segment.
The medical Imaging segment dominated the market with the highest market share in 2022, the segment is expected to be the most attractive segment of the market during the forecast period. The growth of the segment is attributed due to the increased use of generative AI solutions by the healthcare system for better and earlier diagnosis of patients. Early disease detection leads to more effective therapy. It can considerably help to reduce costs in healthcare on a worldwide scale when its use is broadened beyond the field of diagnosis and into the domains of prevention and therapy. Medical imaging when deployed with generative AI platforms comes at a fair price. It improves and increases the effectiveness of the healthcare sector.
On the other hand, the drug discovery segment is expected to register the fastest rate of growth during the forecast period. Generative AI techniques can be used to optimize drug properties, such as solubility, bioavailability, and selectivity. By exploring chemical space and iteratively generating and refining molecules, AI algorithms can generate drug candidates with improved properties, increasing the likelihood of success in preclinical and clinical development.
The hospital and clinics segment is expected to grow at a significant rate while sustaining its position in the market during the forecast period. The growth of the segment is attributed to the increasing use of generative AI in medicine by hospitals and clinics for various healthcare purposes. Hospitals and clinics use generative AI for the analysis of patient data, drug research, medical image, etc. Algorithms of generative AI can be very useful for the hospital with which they can analyze the medical data and images much more effectively without human intervention.
Moreover, many hospitals and clinics actively engage in research collaborations with academic institutions, technology companies, and startups. These partnerships facilitate the development and validation of generative AI models in a real-world clinical setting.
On the other hand, the diagnostics center segment is expected to grow at a significant rate during the forecast period. Diagnostic centers typically have access to extensive medical databases and patient records, including imaging data, pathology reports, and clinical data. These datasets provide a valuable resource for training generative AI models, allowing them to learn from a wide range of cases and improve their accuracy and performance.
North America dominated the market with the largest market share in 2022. The rapid adoption of artificial intelligence-based solutions by the medical sector in the region is observed to be the major factor behind the growth of the market. North America has a well-established ecosystem of startups, that foster innovation in artificial intelligence technology for numerous fields and industries. Along with this, government initiatives and private investments that promote the adoption of generative AI solutions for the growth of the medical field act as a growth factor for the market in North America.
The United States food and drug administration has already stated the potential of generative AI in healthcare sector, which is establishing guidelines and frameworks to ensure the safe and effective use of these technologies. This element promotes the growth of the market in North America.
Asia Pacific is expected to acquire a significant share of the market by witnessing significant growth during the forecast period. Rising healthcare expenditure in the region is promoting the potential for enhancing medical research activities. This element is expected to highlight the rapid adoption of generative AI platforms in the region. Countries such as China, Japan, India and South Korea are on the edge of technological advancements, these countries have the potential of researchers, and engineers along with a strong IT industry. All these factors collectively supplement the growth of the market.
Moreover, governments in these regions are actively promoting the research and development of AI-based technologies. For instance, China has launched New Generation AI Development Plan to drive AI innovation, this element is observed to fuel the growth of the market in Asia Pacific.
Key Market Players:
Segments Covered in the Report:
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