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How Generative AI Revolutionizes Healthcare - A $45.2 Billion Market by 2026

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Generative AI (Artificial Intelligence) is transforming various industries. Healthcare isn’t an exception. According to a report published by MarketsandMarkets, “Artificial intelligence in healthcare is expected to touch $45.2 billion by the end of 2026”. With a growing CAGR of up to 44.9%, AI in healthcare opens new possibilities.

Artificial intelligence technology has brought innovation, creativity and solutions to the healthcare industry. Whether it’s about dealing with drug discovery or personalized patient care, AI-driven solutions come as the best option to go with.

This blog is going to reveal how AI-driven medical innovations are transforming the healthcare industry for everyone.

What Are the Applications of Gen-AI in Healthcare?

If you want to unveil the new possibilities in healthcare with artificial intelligence technologies, you first need to unlock the applications of generative AI in healthcare.

So, let’s keep unveiling the applications of Gen-AI in Healthcare.

How AI Does Drug Discovery & Development

It is a fact that the drug discovery and development process is time-consuming and expensive. With the usual cost of discovery and developing a new medicine estimated up to 2.6 billion but the success rate of it is only 10% (Drug Stats). Now, generative AI has transformed this process by swiftly detecting potential medicine candidates and predicting their safety and efficacy.

Innovative AI models analyze vast amounts of available chemical and biological data to generate new compounds as well as optimize the existing ones. It means that AI-driven systems in healthcare significantly reduce cost and time of drug development.

1 - Identification of Potential Drug Candidates

  • Gen-AI models rapidly go through great amounts of biological and chemical data to detect new drug candidates.
  • Typically, this process takes years. But now, artificial intelligence can perform this job within a few months or even weeks.

2 - Predicting Drug Safety and Efficacy

  • Innovative AI algorithms can now predict how safe and effective a drug could be and whether it may have any negative side effects or not.
  • So, this ability of AI helps in identifying the most promising candidates for initial development as well as clinical trials.
  • Therefore, it improves the success rate of drug discovery.

3 - AI Models Optimize Existing Compounds

  • You can also use generative AI to optimize existing compounds, increasing effectiveness of the same and reducing negative side-effects.
  • Remember, this approach leads to the betterment of existing drugs, making these drugs safer and more efficient for patients.

4 - Personalized Medicine

  • Grand View Research reports that generative AI plays a vital role in the development of personalized medicines, which is expected to be a market of $738 billion by 2025.
  • Generative AI models analyze genomic data to detect specific mutations as well as predict how specific patients may respond to different types of treatments.
  • It allows healthcare facilities to develop customized treatment plans that come with least side-effects but more effectiveness.
  • According to a report published by McKinsey, “Personalized medical treatment can easily improve patient results by 60% especially compared to available standard treatments.

5 - Genomic Data Analysis

  • Generative AI solutions for healthcare analyze patients’ genetic details to detect specific mutations that might influence their response to specific treatment.
  • This highly personalized approach opens possibilities to personalized treatments according to the specific genetic profile of patients.

6 - Generative AI Predicts Treatment Response

  • The key role of generative AI implementation in drug discovery and development is that it predicts how different patients may respond to different treatments.
  • It means that AI helps doctors to choose the most effective drugs or therapies for patient treatment with almost no side-effects.

Enhanced Patient Care

When it comes to revolutionizing the healthcare industry using Generative AI, the importance of patient care can't be ignored. AI-driven healthcare tools are used to enhance diagnostics, patient monitoring and treatment planning. These tools also analyze and evaluate medical images like MRIs, and X-rays to identify diseases at an initial stage with great accuracy.

A research report, published by Stanford University, says, “AI-driven healthcare tools can diagnose specific conditions with an accuracy rate of up to 90%.”

Accenture reports that AI-enabled patient monitoring easily reduces hospital readmission rates by 20%. It’s surely a great advantage that AI brings for the healthcare industry.

Let’s learn more about how generative AI is revolutionizing the healthcare industry.

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1 - Improved Diagnostics

  • Since AI-driven diagnostic tools analyze medical images such as MRIs and X-rays, it is easier to detect potential diseases at an early stage.
  • This early detection of disease with the help of AI reduces the risk of various fatal diseases such as cancer.

2 - Disease Detection with AI

  • AI models can diagnose diseases with great accuracy, often going beyond the limit of human medical professionals.
  • Since AI diagnoses diseases with accuracy, it ensures that all patients receive accurate treatment on time.

3 - Best Treatment Planning

  • Since generative AI can predict patients outcomes, it assists doctors in treatment planning.
  • AI in healthcare helps medical professionals to make data-driven and informed decisions.

AI-Driven Robotic Surgeries

Artificial intelligence plays a crucial role in the healthcare industry when it comes to surgeries. With the advent of AI-driven robotic surgeries, the healthcare industry has been witnessing a tremendous transformation.

Artificial intelligence plays a crucial role in the healthcare industry when it comes to surgeries. With the advent of AI-driven robotic surgeries, the healthcare industry has been witnessing a tremendous transformation.

1 - Precision & Control

  • Robotic systems powered by artificial intelligence help surgeons to perform complicated surgeries with improved control and precision.
  • These AI-powered medical robotics reduce the potential risk of health complications, and thus improve recovery time.
  • Mordor Intel and Bain report that the global market for AI-driven robotic surgery options is expected to reach up to $17.87 billion by the end of 2029.

2 - Invasive Surgeries

  • Robots powered by artificial intelligence technology allow minimally invasive surgeries, and thus leading to reduced pain and swifter recovery for health patients.
  • A study, conducted by ACS, shows that AI-driven robotic surgery can thoroughly reduce blood loss and hospital stays by 30%.

Administrative Efficiency

There are various repetitive admin tasks that healthcare units or hospitals need to deal with. This results in delayed healthcare services. By integrating generative AI in healthcare, repetitive admin tasks can be automated.

1 - Automation of Repetitive Tasks

  • A generative AI infrastructure for healthcare can automate repetitive admin tasks like processing insurance claims, scheduling appointments, and organizing patient records.
  • When AI automates admin tasks, it reduces the additional burden from healthcare professionals. Now, they can concentrate on patient care.
  • McKinsey reportsthat AI-driven automation in the healthcare industry will save up to $150 billion per year in the US alone by the end of 2026.

2 - NLP (Natural Language Processing)

  • NLP (Natural Language Processing) tools easily transcribe as well as interpret clinical details, making medical documentation more accurate and effective.
  • AI-power tools increase the quality and speed of data entry, decreasing errors but improving the overall productivity at healthcare premises.
  • A report, published by JAMIA (Journal of the American Medical Informatics Association), says that NLP reduces medical documentation time by 45% as well as error rates by about 85%.

Final Words

Now, you have got an insight about how generative AI is transforming the healthcare industry. Since AI in healthcare is going to touch $45.2 billion market cap by 2026, it’s necessary to learn how to integrate AI in hospitals, clinics and other healthcare units.

About The Author

AK 

Arshad Khan

Founder and CEO

The visionary author Arshad Khan with 20+ years of experience in AI & Machine Learning believes the future of Generative AI is bright and full of possibilities. However, it comes with a responsibility to use this transformative technology ethically and responsibly. The comprehensive guide provided in this book offers a roadmap for business leaders, entrepreneurs to navigate this exciting journey. Generative AI has become a force for innovation, competitiveness, and positive change in the business world.

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