Generative AI in Medicine Market Report 2024

This Generative AI In Medicine market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The generative artificial intelligence (AI) in medicine market size has grown exponentially in recent years. It will grow from $0.46 billion in 2023 to $0.66 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth observed in the historic period can be attributed to increased computational power and advancements in machine learning algorithms, the expansion of precision medicine, a rising demand for drug discovery, greater adoption of AI in diagnostic imaging, and increased investment in AI research and development.

The generative artificial intelligence (AI) in medicine market size is expected to see exponential growth in the next few years. It will grow to $2.81 billion in 2028 at a compound annual growth rate (CAGR) of 43.6%. The anticipated growth during the forecast period is driven by the increasing availability of high-quality medical data, a heightened focus on preventive healthcare, the growing need for efficient clinical trials, rising demand for AI-enhanced patient engagement tools, and the expanding use of AI for drug repurposing. Key trends expected to shape this period include technological advancements, telemedicine, personalized medicine, predictive analytics, and wearable health technology.

The growth of the generative artificial intelligence (AI) in medicine market is expected to be driven by the increase in digital health records. Digital health records, or electronic health records (EHRs), are systematic collections of patient health information stored electronically, which facilitate sharing across healthcare settings and enhance the efficiency and quality of patient care. This surge in digital health records is fueled by improvements in patient care, greater efficiency in healthcare delivery, regulatory support and incentives, technological advancements, and enhanced patient engagement and empowerment. AI in medicine enhances digital health records by automating documentation, organizing data, providing predictive insights, and generating personalized summaries to improve accuracy, accessibility, and overall patient care. For example, in July 2024, the European Commission reported that access to electronic health records increased to 79% in 2024 from 72% in 2023. Thus, the rise in digital health records is significantly driving the growth of the generative AI in medicine market.

Leading companies in this market are concentrating on developing innovative technologies, such as AI solutions for brain health and wellness, to advance cognitive assessment, improve patient care, and enhance mental health management. AI solutions for brain health and wellness are advanced technologies designed to assess, monitor, and improve cognitive function and mental well-being. For instance, in February 2024, DiagnaMed Holdings Corp., a Canada-based company specializing in AI-powered digital therapeutics, launched CERVAI, the first AI solution for human mental health and wellness. This solution utilizes advanced AI to comprehensively evaluate cognitive function and brain wellness. It features cutting-edge algorithms that analyze various data inputs, including cognitive tests and brain imaging, to provide accurate insights into mental health conditions. The tool offers personalized assessments and actionable recommendations, facilitating early detection of cognitive issues and tailored interventions.

In March 2022, Microsoft Corporation, a US-based technology company, acquired Nuance Communications Inc. for an undisclosed amount. This acquisition aims to enhance Microsoft's AI-driven, cloud-based solutions across various industries, improving customer experiences and productivity through advanced conversational AI and ambient intelligence. Nuance Communications Inc., a US-based software technology corporation, focuses on integrating generative AI into the healthcare sector.

Major companies operating in the Generative AI in medicine market are Microsoft Corporation, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Philips Healthcare, Veeva Systems Inc., Nuance Communications Inc., Babylon Health Ltd., Tempus Labs Inc., DeepMind Technologies Limited, Owkin Inc., Viz.AI inc., Recursion Pharmaceuticals Inc., Caresyntax Inc., Relay Therapeutics Inc., Exscientia plc, Paige AI inc., BenevolentAI Limited, Atomwise Inc., Healx Ltd., Zebra Medical Vision Ltd., Eyenuk Inc., Syntegra Ltd., Arterys Inc.

North America was the largest region in the generative artificial intelligence (AI) in medicine market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the Generative AI in medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the Generative AI in medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative artificial intelligence (AI) in medicine involves using AI systems to create new data, models, or insights to advance healthcare and medical research. Its goal is to enhance diagnosis, treatment, and overall patient care by leveraging data-driven insights and innovative solutions.

Key components of generative AI in medicine include solutions and services. In this context, solutions refer to the advanced technologies and tools designed to improve healthcare delivery and outcomes. These solutions cover a broad range of applications, such as AI-driven diagnostic tools, virtual nursing assistants, and platforms for medical imaging analysis. Key functions include virtual nursing assistants, robot-assisted AI surgery, administrative process optimization, and medical imaging analysis. Applications span medical imaging, drug discovery, medical diagnosis, patient data analysis, and more. These technologies are utilized by various end-users, including hospitals and clinics, clinical research organizations, healthcare organizations, diagnostic centers, and others.

The generative artificial intelligence (AI) in medicine market research report is one of a series of new reports that provides generative artificial intelligence (AI) in medicine market statistics, including generative artificial intelligence (AI) in medicine industry global market size, regional shares, competitors with a generative artificial intelligence (AI) in medicine market share, detailed generative artificial intelligence (AI) in medicine market segments, market trends and opportunities, and any further data you may need to thrive in the generative artificial intelligence (AI) in medicine industry. This generative artificial intelligence (AI) in medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The generative artificial intelligence (AI) in medicine market consists of revenues earned by entities providing services such as drug discovery and development, clinical trials, diagnostics, and virtual health assistants. The market value includes the value of related goods sold by the service provider or included within the service offering. The generative artificial intelligence (AI) in medicine market also includes medical imaging analysis tools, drug discovery platforms, clinical decision support systems, patient data synthesis solutions, administrative automation software, and precision medicine applications. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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