Global Generative Artificial Intelligence (AI) in Healthcare Market Insights Forecasts to 2033

• The Global Generative Artificial Intelligence (AI) in Healthcare Market Size was Valued at USD 1.5 Billion in 2023
• The Market Size is Growing at a CAGR of 34.84% from 2023 to 2033
• The Worldwide Generative Artificial Intelligence (AI) in Healthcare Market Size is Expected to Reach USD 29.8 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Generative Artificial Intelligence (AI) in Healthcare Market Size is Anticipated to Exceed USD 29.8 Billion by 2033, Growing at a CAGR of 34.84% from 2023 to 2033.

Market Overview

Gen AI is revolutionizing healthcare and life sciences, pivotal in the healthcare sector transforming patient care and research. Due to the advanced capabilities of GenAI, there is an enhancement in diagnostics, treatment plans, and drug discovery processes. The integration of artificial intelligence is leading to more personalized and efficient healthcare solutions, and improving patient outcomes. Healthcare providers and life sciences researchers are leveraging Gen AI which ultimately promotes global generative AI in the healthcare market. Personalized patient care and research advancements due to GenAI in the healthcare system leveraging the great impact of Gen AI in healthcare and life sciences. Generative AI includes automated systems, enhanced clinical decision-making, and democratization of expertise with diagnostic support tools providing timely, personalized suggestions that ultimately promote transformation into an advanced healthcare system. In addition, the application of generative AI in research, diagnosis, treatment, and billing leads to an effective, equitable, and efficient healthcare system. There is a growing use of AI tools in healthcare sectors which are reliable and dependent on AI-assisted decision making.  

Report Coverage

This research report categorizes the market for the global generative artificial intelligence (AI) in healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global generative artificial intelligence (AI) in healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global generative artificial intelligence (AI) in healthcare market.

Driving Factors

The rising demand for precision medicine and treatment for seeking personalized and targeted healthcare interventions augment to drive global generative artificial intelligence (AI) in the healthcare market. Further, there is a rising focus on enhancing medical imaging technologies to enhance the accuracy and efficiency of disease diagnosis. Through this process, AI can assist healthcare professionals in detecting abnormalities, identifying specific structures, and predicting disease outcomes that ultimately leverage market growth. The increasing venture funding is also affecting the market. For instance, Crunchbase data shows that more than a fifth of all venture funding in February 2023 went to AI companies, with $4.7 billion invested in the sector.

Restraining Factors

There is concern regarding data privacy and security as AI can potentially lead to the exposure of sensitive information. Several regulatory compliance of the market for mitigating potential risks associated with legal and regulatory repercussions, safeguarding organizations from potential fines, penalties, and reputational damage. Failure to comply with these laws and regulations about AI can result in legal consequences that may hamper the market.

Market Segmentation

The global generative artificial intelligence (AI) in healthcare market share is classified into component, application, and end-use.

• The solution segment is expected to hold the largest share of the global generative artificial intelligence (AI) in the healthcare market during the forecast period.   

Based on the component, the global generative artificial intelligence (AI) in the healthcare market is categorized into solutions and services. Among these, the solution segment is expected to hold the largest share of the global generative artificial intelligence (AI) in the healthcare market during the forecast period. The resulting outcomes from diagnostics, accelerated drug development, and precise patient care contribute to the domination of a specific generative AI solution in the healthcare market in the solution segment.

• The medical image analysis & diagnostics segment is expected to hold the largest share of the global generative artificial intelligence (AI) in healthcare market during the forecast period.   

Based on the application, the global generative artificial intelligence (AI) in healthcare market is categorized into personalized treatment, patient assistance, patient monitoring & predictive analytics, medical image analysis & diagnostics, drug discovery & development, and others. Among these, the medical image analysis & diagnostics segment is expected to hold the largest share of the global generative artificial intelligence (AI) in the healthcare market during the forecast period. Medical image analysis & diagnostics is a set of processes for extracting clinically useful data from various imaging modalities for diagnosis. It plays a pivotal role in advancing and shaping the healthcare industry, thus offering potential advancement in precision, which ultimately promotes the market in the medical image analysis & diagnostics segment.

• The healthcare providers segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the end-use, the global generative artificial intelligence (AI) in healthcare market is categorized into healthcare providers, pharmaceutical and life science companies, and healthcare payers. Among these, the healthcare providers segment is expected to grow at the fastest CAGR during the forecast period. The healthcare providers segment includes hospitals, clinics, and diagnostic centers. AI has streamlined medical processes, enhanced diagnostics, and optimized patient care leading to improved efficiency, accuracy in diagnostics, and overall advancement in healthcare delivery, resulting in innovation and progress in healthcare technology. These factors are propelling the market growth in the healthcare providers segment.

Regional Segment Analysis of the Global generative artificial intelligence (AI) in healthcare Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global generative artificial intelligence (AI) in healthcare market over the predicted timeframe.

North America is projected to hold the largest share of the global generative artificial intelligence (AI) in healthcare market over the forecast period. Technological advancement and the presence of well-established healthcare infrastructure in the region, lead to the adoption and combination of advanced AI solutions. Further, investments in R&D by the government and private sectors propel the market. The leading research institutes and AI-focused tech companies in the region promote innovative ecosystems. These factors are responsible for the successful emphasis on healthcare efficiency and precision medicine.

Asia-Pacific is expected to grow at the fastest CAGR growth of the global generative artificial intelligence (AI) in healthcare market during the forecast period. The rapid digital transformation with a growing tech ecosystem in Asia-Pacific countries like China, India, Japan, and Singapore are paving the way for the seamless adoption and integration of advanced AI technologies within the healthcare sector. Further, the presence of world-class research institutions and strong collaborations between academia and industry are responsible for accelerating the development of generative AI thus revolutionizing healthcare outcomes in the region. 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global generative artificial intelligence (AI) in healthcare market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM Watson
• Open AI
• Google LLC
• Microsoft Corporation
• Johnson & Johnson
• Neuralink Corporation
• NioyaTech
• Oracle
• Saxon
• Syntegra
• Tencent Holdings Ltd.
• Epic Systems Corporation
• Insilico Medicine
• Nvidia Corporation
• Abridge AI Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2023, Cognizant expanded collaboration with Google Cloud, utilizing generative AI to enhance administrative processes, aiming for cost optimization and improved user experiences. This collaborative partnership aimed to strengthen healthcare solutions, improve business efficiencies, and enhance user experiences.

• In September 2023, HARMAN launched a new private large language model for the healthcare industry- HARMAN HealthGPT. HealthGPT represents a leap in healthcare solutions by leveraging generative AI to empower healthcare professionals, researchers, and institutions through advanced patient care, medical research, and decision-making.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global generative artificial intelligence (AI) in healthcare market based on the below-mentioned segments: 

Global Generative artificial intelligence (AI) in healthcare Market, By Component

• Solutions
• Services

Global Generative artificial intelligence (AI) in healthcare Market, By Application

• Personalized Treatment
• Patient Assistance
• Patient Monitoring & Predictive Analytics
• Medical Image Analysis & Diagnostics
• Drug Discovery & Development
• Others

Global Generative artificial intelligence (AI) in healthcare Market, By End-Use

• Healthcare Providers
• Pharmaceutical and Life Science Companies
• Healthcare Payers

Global Generative Artificial Intelligence (AI) in Healthcare Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa