With technological advancements and rising internet penetration, Artificial Intelligence is being inculcated in various domains. AI is now being added from banking services, and e-commerce, to the healthcare sector. For instance, almost 90.1% of hospitals have artificial intelligence strategies in place. Generative AI is expected to become an integral part of conducting hospital operations. Some of the below-written data corroborates the fact that numerous healthcare organizations are already recognizing the potential of generative Artificial Intelligence:
- Market players are witnessing improved efficiency of up to 92.1% and enable quicker decision-making of almost 65.5%.
- Almost 82.3% of healthcare market players are planning to implement structures for generative AI
- Almost 75.3% of leading healthcare market players are experimenting with scaling Artificial Intelligence across all the enterprise.
- AI tools in healthcare can generate almost USD 151 billion in annual savings in the US.
- A tool known as DeepMind made by Google can predict kidney injury with 91% of accuracy in 48 hours.
In this blog, we will read about various aspects associated with the market of generative AI in healthcare. Let us first understand how AI is being utilized in various tasks:
- Robot-assisted surgery
It was surveyed that almost 11.2 million robotic surgeries were performed globally by the end of the year 2023. Doctors and people prefer robot-assisted surgeries due to the minimally invasive approach. In this, patients do not have to suffer a lot of pain and there is less tissue damage which allows faster recovery. In a survey conducted in the year 2022, almost 33.6% of participants preferred robotic surgeries.
- Virtual health assistance
The invention of generative AI such as virtual health assistance is bridging the gap between healthcare services and people living in the hinterland. In the United States alone, almost 60.1 million people face limited healthcare access because they reside in rural areas.
The virtual health assistance can lower healthcare service costs by almost 71%, because it generally does not require employment benefits. Other than this, the advent of the pandemic has accelerated the adoption of telehealth services and virtual care, leading to an increase in demand for virtual health services by up to 41.2%. Moreover, the study found that almost 64.2% of patients finding it comfortable using AI for nurse support.
- Personalized Treatment Plan
The algorithms in Artificial Intelligence consider individual characteristics, such as biomarkers, genetics, lifestyle factors, etc, to develop tailored treatments for the patients. The personalized treatment plans maximize the therapeutic outcomes by eradicating the adverse effects.
- Medical Image Analysis
By amalgamating AI with medical image analysis, healthcare workers can get medical images with precision. It is also helpful in identifying the early stages of diseases that may not be detected: with traditional methods.
Generative AI in the Healthcare Market:
Generative AI in the healthcare market is projected to reach USD 99 billion by the end of the year 2036, growing at a CAGR of 35% during the forecasted period. The growth of the market can be attributed to the following factors such as:
- Benefits of AI in terms of economy
- Smoothening the administrative workflow
- High reduction in dosage error
- Aids in providing less invasive surgeries
- Helpful in fraud prevention
- Less costly
- Rising demand for precision medicine and treatment
- Expanding advancements in AI
- Rising venture funding
However, concerns about data privacy and regulatory concerns are acting as hindrances to Generative AI in the healthcare market. The market players are working on these factors and trying to deliver robust services.
Other than this, the North America region is expected to garner a significant share during the forecasted period. The growth of the market can be attributed to the support given by both the private and government sectors driving the market. The second region is Asia Pacific which is anticipated to hold a significant share in the market. The growth of the market can be attributed to cutting-edge AI technology in the healthcare industry.
The prominent companies in the market are Epic Systems Corporation, DiagnaMed Holdings Corp, Syntegra Medical Mind, IBM Watson Health Corporation, Google LLC, Oracle Corporation, Microsoft Corporation, Nvidia Corporation, Insilico Medicine, Abridge AI Inc, ELEKS, and Persistent Systems.
In a nutshell,
The information illustrates that the market holds innumerable opportunities for growth in the future. However, the market players are required to know the intricacies of the domain to make prudent decisions for the business. An exhaustive market research report gives a detailed analysis of various aspects such as regional aspects, market constraints, growth-driving factors, etc. These factors are helpful for businesses to carve a niche for themselves. Also, detailed market reports act as tools for navigating the road to get to the top of the business.