The medical industry is investing major bucks into the potential of generative AI. Some 75% of leading healthcare companies are either experimenting with it or planning to implement it throughout their businesses, according to the “2024 Life Sciences and Health Care Generative AI Outlook Survey.” We can expect a 17-fold increase in the industry’s investments in this technology within the next decade. According to the data, the global generative AI in healthcare market is expected to grow to $17.2 billion in 2032 from only $800 million in 2022.
So, how do these healthcare professionals plan to use AI? From summarizing research to helping diagnose patients, the potential applications are endless, but we need to proceed with caution. We need to make sure that we’re adopting technology in a way that best serves the most relevant use cases in this high-stakes environment.
Generative AI is expected to impact research, clinical decision support, patient care, healthcare administration, communication, and clinician education and training.
When it comes to medical research, generative AI can create synthetic data and assist in drug discovery. In fact, it’s anticipated to reduce the cost and time required for breakthroughs by 20-30%.
– Clinical Decision Support
Generative AI is expected to go beyond classic AI’s capabilities in diagnosing and disease management with its ability to analyze unstructured data and provide more personalized results.
– Patient Care
AI may aid clinicians in patient care, from diagnostics to therapy planning.
– Healthcare Administration
This technology can streamline administrative tasks, such as documentation and form completion.
Generative AI may support communication requirements within the medical industry for creating content and providing patient information.
– Education and Training
From personalized homework to exam questions, generative AI will change the landscape of healthcare training and education, extending knowledge and creating more equity for providers and patients.
While there are amazing opportunities for generative AI in healthcare, we also need to be conscious of the risks that come with it. It’s a powerful tool, and we need to make sure we’re using it as effectively and responsibly as possible.