Generative AI forecasts USD 120 billion market by 2030, transforming the healthcare industry

Generative AI Forecasts USD 120 Billion Market by 2030, Transforming the Healthcare Industry

London, October 2023 – The generative artificial intelligence (GenAI) market is poised for exponential growth, with projections estimating it will reach USD 120 billion by 2030. This burgeoning field is anticipated to have a substantial impact, particularly within the healthcare sector, where early signs of its transformative potential are already visible.

Generative AI, a subset of artificial intelligence, leverages advanced algorithms to generate new data and insights. Its application spans various sectors, but its potential in healthcare is heralded as particularly revolutionary, promising to overhaul existing practices and create novel solutions previously deemed unattainable.

Personalised Care and Guided Diagnosis

Healthcare providers are grappling with the challenge of managing data from numerous sources and systems to deliver optimal patient care. Generative AI emerges as a solution, synthesising patient medical histories, genetic backgrounds, and lifestyle factors to provide summarised key data points. These insights can offer physicians precise recommendations for patient follow-ups, thereby enhancing the diagnostic process.

For example, studies are ongoing into the use of GenAI for diagnosing sepsis, a critical condition. Additionally, it shows promise in enhancing medical imaging, aiding in the early detection of diseases, and ultimately driving better patient outcomes. GenAI’s ability to compile comprehensive medical histories acts as a resource multiplier in an overstressed healthcare system.

Healthcare Management

Beyond individual patient care, GenAI holds significant potential in population health management. By aggregating data from various systems, including socioeconomic sources, it can help healthcare providers design policies aimed at improving overall health outcomes. Large language models (LLMs) powered by GenAI can create customised educational materials for patients, explaining medical conditions and treatments in simple terms.

These models could also bridge language barriers by translating medical information, thereby expanding outreach efforts. Generative AI facilitates targeted campaigns to identify and assist at-risk populations, promoting more inclusive and effective healthcare strategies.

Drug Discovery

GenAI introduces a transformative approach to drug discovery, differing markedly from traditional methodologies. Given criteria and constraints set by researchers, GenAI can generate new drug candidates, simulate their structures, and predict their safety and efficacy by analysing vast datasets of drug-target interactions.

This innovative approach can identify patient subgroups more likely to respond positively to specific drugs, personalising treatments and improving outcomes. Moreover, by minimising the need for costly and time-consuming experimental trials, GenAI could significantly reduce drug development timelines and expenses.

Operational Efficiencies

Generative AI also promises to boost productivity and operational efficiency within healthcare. Studies indicate that AI-based conversational assistants can enhance workers’ productivity by 14%, measured by issues resolved per hour. Implementing GenAI can alleviate administrative burdens, improving member communications through digital channels and acting as a physician scribe.

Physicians can use GenAI systems to automate the extraction of pertinent medical information from recorded discussions, summarise interactions, and integrate notes into electronic health records (EHR) systems. This automation can lead to improved physician productivity and data accuracy. Additionally, the use of virtual agents, or chatbots, can enable healthcare providers to lower costs and offer more tailored, proactive communications.

GenAI also has significant implications for healthcare payers, enhancing capabilities across the value chain. It can transform communication with policyholders through digital channels, automate the generation of approval and denial letters, and expedite responses to prior authorisation and claim requests.

Investment and Future Prospects

The growing excitement around GenAI is reflected in substantial financial investments. Analysts report that venture capital firms have allocated USD 5 billion to generative AI solutions over the past three years, with AI-enabled drug discovery and AI software coding receiving the most funding.

Providers are increasingly integrating GenAI into their strategies to scale operations, accelerate workflows, reduce costs, and adopt new business models. Despite these advancements, challenges such as bias, intellectual property issues, and data privacy remain and must be addressed through robust governance frameworks.

Overall, the anticipated growth and application of GenAI underscore its potential to reshape the healthcare industry, introducing innovations that promise to enhance patient care, optimise operational efficiency, and drive down costs.

Source: Noah Wire Services