Generative artificial intelligence (GenAI) is rapidly gaining momentum within the healthcare and pharmaceutical sectors, heralding significant progress.
This momentum was observed in 2021, whereby the global AI in healthcare market surpassed USD 11 billion. Presently, the market is projected to grow to approximately USD 188 billion by 2030. Moreover, around 20% of healthcare organizations worldwide engaged in early-stage AI initiatives, as of 2021.
According to GlobalData, a prominent data and analytics firm, this technology not only addresses cost challenges but also enhances patient experiences by improving efficiency and outcomes. Overall, it is poised to transform various facets of the industry.
Saurabh Daga, Associate Project Manager of Disruptive Tech at GlobalData, emphasized that GenAI is reshaping healthcare, fundamentally changing how the industry approaches efficiency and productivity. It streamlines drug discovery, refines predictive models for drug effectiveness, and tailors treatment plans for individual patients. As GenAI becomes indispensable, it is crucial to uphold responsible AI practices to enstill trust and mitigate risks.
GenAI Application Development
GlobalData's latest Innovation Radar report, titled “New Prescription: Generative AI Meets Healthcare (Vol. 2),” examines over 50 cutting-edge real-world applications of GenAI across more than 20 healthcare domains. These applications span from optimizing drug development and trials to enhancing pharmaceutical marketing and enabling personalized medicine.
For example, QIAGEN’s Biomedical KB-AI accelerates drug discovery processes by generating causal relationships among genes, diseases, and drugs from extensive biomedical datasets, expediting target identification.
Moreover, Deepcell's partnership with NVIDIA harnesses AI for advanced cell image analysis, refining diagnostic precision and advancing morphologic research.
Additionally, Hyro’s AI-powered tools, integrated with Salesforce Health Cloud, streamlines patient interactions and supports healthcare facility operations by offering more efficient communication and data management solutions.
Furthermore, Carium’s GenAI-enhanced virtual care platform utilizes AI to oversee and optimize care for patients with chronic conditions, facilitating early interventions and customized care plans through real-time data analytics.
Daga stated, “In highly regulated sectors such as pharma and healthcare, the GenAI landscape is teeming with promise but also presents notable challenges. It's imperative to tackle issues surrounding bias, discrimination, and privacy with robust governance frameworks. Collaborating with seasoned organizations that fuse technological expertise with industry insight is key to maximizing the benefits of these breakthroughs.”
Also Read: Canada Releases Voluntary Code of Conduct for Generative AI Systems
