United States Building Product Market Assessment, By Product Type [Wall Panels, Ceiling Panels, Columns, Molding, Flooring, Decking, Trims, Siding, Door and Door Frames, Others], By Application [New Construction, Renovations, Reconstruction], By Material

United States Building Product Market Assessment, By Product Type [Wall Panels, Ceiling Panels, Columns, Molding, Flooring, Decking, Trims, Siding, Door and Door Frames, Others], By Application [New Construction, Renovations, Reconstruction], By Material Type [PVC, Plywood, MDF, Particle Board, Solid Acrylic, Others], By End-use [Residential, Commercial, Industrial], By Region, Opportunities and Forecast, 2017-2031F

Global generative AI in healthcare market is projected to witness a CAGR of 26.95% during the forecast period 2024-2031, growing from USD 1.15 billion in 2023 to USD 7.76 billion in 2031. The integration of generative artificial intelligence (AI) in the healthcare sector has the potential to improve patient care, accelerate medical research, and personalize treatment plans. By harnessing the potential of this cutting-edge technology, healthcare providers can access unprecedented levels of efficiency, innovation, and accuracy in their practices. Additionally, generative AI models can generate synthetic data by comprehending the underlying data distribution from the original data and then generating one that is statistically the same as the original data.

The leading market players are also increasingly investing in health tech companies to leverage digital innovations and transform the healthcare sector. In October 2024, Google LLC announced a significant investment in Ubie Inc. to transform Japan’s healthcare system. The company’s Ubie AI symptom checker, Ubie Medical Navigator, and Ubie for pharma guide patients to appropriate medical care by providing personalized guidance and assessing their symptoms. The company’s AI system checker aids over 12 million individuals every month in accessing the required medical care by providing personalized guidance and assessing their symptoms, whereas their medical navigator streamlines the patient intake process and improves the quality of medical consultation. The investment also aims to improve the systems provided by the company to improve patient outcomes.

The rising adoption of generative AI in healthcare can also be attributed to the different applications of AI in enhancing clinical decisions, treatment simulations, and data extraction. Generative AI is also evolving as a crucial discipline for research and has the potential to revolutionize the industry by enabling applications, including treatment approach design, synthetic data generation for treatment models, and drug discovery, among others.

Novel Launches Boost Market Growth

The growing efforts of various software companies to bolster the development and availability of generative AI solutions for healthcare applications is one of the major factors propelling the global generative AI in healthcare market growth. In October 2024, Weave Communications, Inc. announced the launch of their AI-powered Call Intelligence product to transform healthcare practices for leveraging and analyzing call data, boosting operational efficiency, and elevating patient experiences. By deploying Wave’s custom generative AI model, healthcare professionals can extract actionable insights and gain comprehensive information from patient interactions.

Additionally, in October 2024, Microsoft Corporation also unveiled new healthcare AI agent services and models for connecting care experiences, empowering healthcare professionals, enhancing team collaborations, and providing operational and clinical insights.

Increasing Collaborations and Partnerships Support Market Expansion

In October 2024, Kipu Health LLC, one of the leading providers of technological solutions for behavioral health, announced a collaboration with Amazon Web Services, Inc. to bring innovative AI solutions for streamlining clinical workflow by providing chart summaries, transcribing patient sessions, and generating progress notes. With the collaboration, the companies aim to unite cutting-edge technology with behavioral health expertise to reduce the administrative burden on therapy providers and clinicians, allowing them to focus on the patients. The Kipu Intelligence Program is going to leverage Amazon Web Service’s AI services to develop ethical AI solutions that will ensure data governance, transparency, and patient safety. Such efforts of the leading companies are expected to bolster the availability of novel AI solutions and provide lucrative growth opportunities to the market.

Additionally, companies are also collaborating to make healthcare systems that are preventive and predictive instead of reactive. In August 2024, GE HealthCare Technologies Inc. and Amazon.com, Inc. announced a partnership to create artificial intelligence models to aid clinicians in sorting mass volumes of patient data in an efficient manner. GE HealthCare plans on using Amazon’s Bedrock to build generative AI applications to allow clinics and hospitals to gain insights and access to enhance patient care with the help of comprehensive data sets. Such partnerships and collaborations are expected to aid healthcare professionals in detecting health issues in a time-efficient manner, improving and enhancing patient outcomes, and providing lucrative growth opportunities to the market.

Hospitals Account for Significant Market Share

Generative AI has emerged as a transformative tool for improving patient outcomes and has the potential to revolutionize clinical decision making by generating new data including images and text. Technology also promises to expand treatment outcomes, revolutionize disease diagnosis, and improve patient care. Various hospitals across the world are deploying generative AI models for reducing the workload of healthcare professionals and optimizing the diagnostic and treatment processes. In November 2023, Chi Mei Medical Center, Tainan, Taiwan, rolled out multiple copilots or generative AI assistants that were built with Microsoft Corporations’ Azure OpenAI Service. Generative AI assistants aid doctors in generating progress notes and medical reports from admission, ensuring time efficiency. The copilots are also being used by nutritionists and nurses in the medical center. In May, generative AI was used about 36,000 times for 3,500 individuals.

Similarly, in August 2024, Kaiser Foundation Health Plan, Inc. (Kaiser Permanente) partnered with Abridge AI, Inc. to roll out latter’s generative AI clinical tech in their 40 hospital systems. The integrated nonprofit also rolled out generative AI at over 600 medical offices across Washington D.C. and eight other states.

North America Holds Major Market Share

The rapid growth of the market in North America can be attributed to the increasing implementation and adoption of advanced AI solutions in various countries across the region and the presence of a well-established healthcare sector, increasing the ease of integration of novel technologies. North America houses some of the leading healthcare organizations and med tech companies, further increasing their accessibility to novel technologies that have significant applications in healthcare, including generative AI. Additionally, the United States is increasingly deploying AI agents from clinical settings to research laboratories. For instance, a team of researchers at the National Cancer Institute (NCI) are using various AI models for annotating and segmenting 3D CT imaging. Meanwhile, a team at the National Institutes of Health’s (NIH) National Center for Advancing Translational Sciences (NCATS) is using generative AI-based virtual screening for reducing the cost and time of developing new drug molecules. Furthermore, generative AI is also being used for designing novel proteins that are promising drug candidates. The Genetic and Rare Diseases Information Center is exploring the development of generative AI tools to enhance their ability to gather data from the previously hard to reach databases.

Future Market Scenario (2024 – 2031F)

As per the global generative AI in healthcare market analysis, the market is expected to witness significant demand in the coming years due to the rapid population growth and expansion of the healthcare industry. According to the estimates of the United Nations, in 2050, the global population is expected to be 9.7 billion, and by mid-2080s, the population is expected to reach approximately 10.4 billion. This rapid growth is expected to increase the burden on the medical industry and healthcare professionals, increasing the dependency on generative AI and providing lucrative growth opportunities to the market. Additionally, the integration of generative AI with other novel technologies including Internet of Things (IoT), among others is also expected to enhance its capabilities, allowing for real-time patient monitoring and secure data sharing. Generative AI is also expected to accelerate diagnostic processes by analyzing large amounts of medical information in a time efficient manner and allowing healthcare organizations to provide more personalized therapies and medications. Generative AI is also expected to go beyond traditional AI in the near future and open doors for a new era of accelerated innovation, personalized medicine, and improved efficiency.

Key Players Landscape and Outlook

The rising efforts of the market players towards the introduction of new technologies propels the growth of the global generative AI in healthcare market. In May 2023, DiagnaMed Holdings Ltd. announced the launch of FormGPT.io (www.FormGPT.io), a generative AI data analysis and collection solution that has applications in the healthcare sector. The first commercial product of the company, FormGPT.io is a part of their initiative to launch a suite of customizable and generative AI ready-made applications that are powered by GPT-4 for improving operational workflow and efficiency and supporting real-world situations in enhancing patient outcomes. Additionally, FromGPT.io also aims to improve patient outcomes and engagement as well as user services and workflow.

Similarly, in September 2023, Oracle Corporation announced new generative AI services for healthcare organizations. Their new Oracle Clinical Digital Assistant is integrated with the company’s electronic health record solutions, allowing healthcare professionals to leverage generative AI with voice commands to reduce manual tasks and improve patient care. Such developments aid in reducing errors and improving the quality of care provided to the patients as the digital assistant simplifies administrative tasks, allowing physicians to give their complete attention to patients.