Latest News- Generative AI In Healthcare Market: On-premises is expected to lead the Component segment during 2025-2029

The Generative AI In Healthcare Market is being driven by Pressing need to enhance operational efficiency and alleviate clinician burnout

The Generative AI In Healthcare Market is expected to grow at a CAGR of 38.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 9378.4 million. The generative AI market in healthcare is witnessing a notable transition from mono-modal, text-focused models to advanced multimodal systems. These state-of-the-art models can simultaneously process, analyze, and generate insights from a wide range of data types, such as unstructured text from electronic health records (EHRs), structured lab results, medical images like X-rays and MRIs, genomic sequences, and even audio from patient consultations. This evolution marks a significant departure from earlier AI applications, which were confined to a singular data domain. Multimodal AI systems replicate the intricate decision-making process of human clinicians, who integrate information from multiple sources to devise comprehensive diagnostic and treatment strategies. 

Get more information on Generative AI In Healthcare Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • On-premises
  • cloud
• Application
  • Drug discovery and development
  • Medical imaging and diagnostics
  • Personalized medicine
  • Virtual health assistants
  • Others
• End-user
  • Hospitals and clinics
  • Pharmaceuticals companies
  • Research institutes
  • Health insurance companies
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Pressing need to enhance operational efficiency and alleviate clinician burnout
• Potential for radical acceleration in drug discovery and development
• Convergence of big data availability and advanced computational infrastructure

However, the market also witnesses some limitations, which are as follows:

• Regulatory hurdles and challenges of explainability
• Data privacy, security, and ethical imperatives
• Prohibitive costs and complex technical integration

Benefits of Buying Global Generative AI In Healthcare Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Generative AI In Healthcare Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

In the healthcare sector, Generative AI is revolutionizing various applications, including Natural Language Processing (NLP) for healthcare data analysis, AI in radiology for medical image processing, and patient engagement tools for improved communication. AI models generate insights from complex data, ensuring data security, automating workflows, and enhancing clinical trials with predictive analytics, real-world evidence, and regulatory compliance. Generative AI also drives therapeutic innovations, such as drug repurposing, diagnostic accuracy improvement, and personalized cancer treatment, while addressing concerns like bias mitigation, explainability, and healthcare cost reduction. Additionally, it aids in clinical trial recruitment, disease pathway analysis, adverse event detection, and regulatory compliance for medical devices.

Market Research Overview

In the expansive IT software industry, the global application software market represents a significant segment, encompassing businesses specializing in the creation and distribution of software solutions for specific business or consumer applications. This sector comprises enterprise and technical software, as well as cloud-based solutions, excluding those classified under interactive home entertainment or systems software. According to Technavio's market analysis, the application software market size is determined by aggregating the revenues of companies providing all types of software, including cloud services. Large language models, natural language processing, machine learning algorithms, and deep learning applications are essential components of advanced application software, driving innovation and growth within the healthcare sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/