Generative Artificial Intelligence (AI) in Healthcare Market Size, Share and Industry Analysis, By Offering (Software and Services), Application (Electronic Health Records, Personalized Medicine, Disease Diagnosis, Drug Discovery and Development, and Others), End-user (Hospitals & Clinics, Biopharmaceutical Companies, Diagnostic Centers, and Others), and Regional Forecast 2024-2032

Generative artificial intelligence (AI) is a type of artificial intelligence technology that uses machine learning algorithms to analyze unstructured data, such as patient health records, medical images, audio recordings of consultations, and others, to improve patient outcomes and streamline healthcare workflows. The increasing penetration of generative artificial intelligence (AI) to analyze complex genetic and molecular data to assist healthcare professionals in the interpretation of information relevant to individualized treatment has increased the demand for generative artificial intelligence (AI) in the healthcare industry.

The increasing focus of key players on launching new generative artificial intelligence (AI) products has been fueling the market growth.

• For instance, in August 2023, Codoxo launched ClaimPilot, its new generative artificial Intelligence (AI) product aimed at improving the efficiency of healthcare cost containment and payment integrity programs and limiting the healthcare workforce challenges.

Moreover, advancements in deep learning modules to aid in the early detection of diseases fuel the market growth.

The global generative artificial intelligence (AI) in the healthcare market experienced an increase in its growth during the COVID-19 outbreak in 2020 as there was an increased utilization of generative artificial intelligence (AI) solutions. During the pandemic, people faced huge losses and there was a lack of employment due to lockdown restrictions, which had a negative impact on people’s mental health.

Generative artificial intelligence (AI) was used to track the health of people during the pandemic, which increased the demand for generative artificial intelligence (AI) solutions. For instance, in October 2023, a research study published by the National Center for Biotechnology Information (NCBI) stated the use of generative artificial intelligence (AI) to investigate the impact of COVID-19 on mental health in the U.S.

Moreover, the market grew at a significant growth rate in 2021 and 2022 as generative artificial intelligence (AI) was used extensively by many healthcare providers for the diagnosis of symptoms in COVID-19 patients to reduce the risk of health deterioration.

Key Insights

The report covers the following key insights:

• Prevalence of Chronic Diseases - by Key Countries/Sub-region, 2022/2023


• Overview on the Use of Generative Artificial Intelligence (AI) in Healthcare


• Technological Advancements


• Key Industry Developments (Mergers, Acquisitions, Partnerships, and Others)


• Impact of COVID-19 on the Market

Segmentation

Analysis by Offering

On the basis of offering, the software segment accounted for a significant market share in 2023. The segment growth is attributed to the increasing focus of key players on collaborations to expand the use of generative artificial intelligence (AI).

• For instance, in June 2023, Google Cloud announced a collaboration agreement with the Mayo Clinic to transform healthcare with generative artificial intelligence (AI) to improve the efficiency of clinical workflows and help improve patient outcomes.

Moreover, the services segment is expected to grow at a substantial CAGR during the forecast period. The segment growth is attributed to the increasing launch of generative artificial intelligence (AI) services to improve clinical outcomes.

• For instance, in July 2023, Amazon Web Services, Inc. announced AWS HealthScribe, a new service that empowers healthcare software providers to build clinical applications. AWS HealthScribe uses speech recognition and generative artificial intelligence (AI) to help save clinicians time by generating clinical documentation.

Regional Analysis

North America accounted for a significant share of the global generative artificial intelligence (AI) in healthcare market in 2023. The growth of the market in the region is attributed to the strong focus of key market players on launching new products for generative artificial intelligence (AI).

• For instance, in September 2023, Oracle launched the Oracle Clinical Digital Assistant, a new generative artificial intelligence (AI) service for healthcare organizations. The Oracle Clinical Digital Assistant is integrated with Oracle's electronic health record (EHR) solutions, which enables healthcare providers to reduce manual work by using voice commands to improve patient outcomes.

Moreover, the Europe market is expected to grow at a significant CAGR during the forecast period. The adoption of strategies such as collaborations and agreements by key market players has been fueling the market growth.

Key Players Covered

The report includes the profiles of Generative Artificial Intelligence (AI) in healthcare market key players such as Persistent Systems, NVIDIA Corporation, Abridge Al, Inc., ELEKS, Oracle, Syntegra, Epic Systems Corporation, DiagnaMed Holdings Corp., Insilico Medicine, and Codoxo.

Key Industry Developments

• In February 2024, Persistent Systems launched an innovative generative artificial intelligence (AI)--powered population health management (PHM) solution in collaboration with Microsoft.


• In August 2023, Cognizant expanded its partnership with Google Cloud to develop healthcare large language model (LLM) solutions with the use of Google Cloud’s generative artificial intelligence (AI) technology.


• In April 2023, Microsoft expanded its collaboration agreement with Epic Systems Corporation to develop and integrate generative artificial intelligence (AI) into healthcare. According to the agreement, Microsoft would use the Azure OpenAI Service with Epic Systems Corporation’s electronic health record (EHR) software to increase productivity, enhance patient care, and improve the financial integrity of health systems globally.


• In March 2023, NVIDIA Corporation announced its collaboration with Medtronic to accelerate the development of generative artificial intelligence (AI) technology in the healthcare system and to bring new artificial intelligence (AI)-based solutions into patient care.


• In November 2022, Syntegra announced the launch of Syntegra Medical Mind 2.0 to expand its generative artificial intelligence (AI) technology to generate synthetic healthcare data.