The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Generative AI In Healthcare Global Market Report 2024, the generative AI in healthcare market is expected to show significant growth in the forecast period.

Market Overview

• Current Market Size: The generative AI in healthcare market has shown exponential growth, reaching $1.72 billion in 2023.
• Projected Growth: Expected to grow to $2.36 billion in 2024, with a CAGR of 37.2%.
• Future Projections: By 2028, the market is projected to reach $8.44 billion, with a CAGR of 37.5%.

Key Drivers of Growth

• Historic Growth Factors:
  • Increased healthcare data analytics.
  • Demand for personalized medicine.
  • Adoption of AI-enabled healthcare solutions.
  • Need for personalized treatment plans.
  • Accelerated drug discovery and development processes.
• Future Growth Factors:
  • Advancements in medical imaging techniques.
  • Expansion of AI-powered monitoring systems.
  • Globalization of healthcare.
  • Growth in patient population.
  • Adoption of modern medical treatments.
  • Rise in virtual patient simulation.

View More On The Generative AI In Healthcare Market Report 2024 – https://www.thebusinessresearchcompany.com/report/generative-ai-in-healthcare-global-market-report

Surge in Personalized Medicine

• Fueling Market Growth: Demand for personalized medicine is a significant driver.
• Definition: Precision medicine tailors treatments based on individual genetic, environmental, and lifestyle factors.
• Impact of Generative AI: Utilizes algorithms to analyze patient data for personalized treatment options.
• Example: FDA approved 16 new personalized treatments in 2023, up from 6 in 2022, indicating growing adoption.

Leading Companies in Generative AI Healthcare

• Key Players:
  • Alphabet Inc.
  • Microsoft Corporation
  • Amazon Web Services Inc.
  • Johnson & Johnson Services Inc.
  • Siemens AG
  • Intel Corporation
  • IBM Watson Health Corporation
  • Ernst & Young Global Limited
  • Oracle Corporation
  • Nvidia Corporation
  • Harman International Industries Inc.
  • Epic Systems Corporation
  • Persistent Systems Private Limited
  • Tempus Labs Inc.
  • Verge Genomics Inc.
  • PathAI Inc.
  • BenevolentAI Ltd
  • Abridge AI Inc.

Strategic Collaborations

• Google Cloud and Mayo Clinic Partnership: Integrating generative AI to improve healthcare delivery.
• Objective: Enhance clinical workflows and patient outcomes with HIPAA compliance.
• Impact: Streamlining operations and enabling personalized interactions.

Microsoft’s Strategic Acquisition

• Nuance Acquisition: Acquired Nuance Communications for $19.7 billion in March 2022.
• Goal: Expand enterprise software presence, particularly in healthcare.
• Focus: Enhance AI capabilities for improved healthcare outcomes.

Market Segmentation

• By Component:
  • Solutions
  • Services
• By Function:
  • AI-Assisted Robotic Surgery
  • Virtual Nursing Assistants
  • Aid Clinical Judgment or Diagnosis
  • Workflow and Administrative Tasks
  • Image Analysis
• By Application:
  • Clinical
  • System
• By End User:
  • Hospitals and Clinics
  • Clinical Research
  • Healthcare Organizations
  • Diagnostic Centers
  • Other End Users

Regional Insights

• Current Market Landscape: North America dominated the generative AI in healthcare market in 2023.
• Emerging Market: Asia-Pacific expected to exhibit the fastest growth during the forecast period.

The generative AI in healthcare market is poised for substantial growth, driven by advancements in medical technologies and increasing adoption of personalized medicine. Strategic partnerships and acquisitions are pivotal in enhancing AI capabilities and expanding market presence. With innovations in AI algorithms and expanded applications across healthcare sectors, the future promises transformative advancements in patient care and clinical outcomes globally.

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