Healthcare generative AI predicted to reach $22B by 2032
The Genative AI Tracker said this week that the market for generative artificial intelligence in healthcare is valued at more than $1 billion by 2022, but that technology companies and investors will play a major role in its development. They will work with healthcare companies, including providers, payers and others in the healthcare ecosystem, to train large language models based on healthcare-specific data and build robust benchmarks.
WHY IT MATTERS
The Genative AI Tracker is a collaboration between Pymnts and Reno-based AI-ID, a platform that captures artificial intelligence output and manages authentication, source validation, and data.
Their dive into the current state and future potential of generative AI in healthcare shows that while most healthcare-focused companies and startups turning to generative AI for complex drug discovery, diagnostic testing, and patient care challenges are further expanding their solutions need to develop, some are already in the process of reforming them. care provision and expansion of research opportunities.
Wednesday update, Generative Al can improve health and revolutionize healthcareexplores the role generative AI can play in transforming healthcare and how companies are using machine learning, natural language processing and more to do that now.
It found that generative AI has already begun to reshape diagnostics, treatment plans and care delivery as healthcare providers “consider its implications,” while generative AI innovations in healthcare are boosting researchers’ capabilities and accelerating drug discovery and diagnostics.
However, the Tracker states that generative AI in healthcare requires further development, citing the training of LLMs on healthcare-specific data and establishing robust benchmarks, and discusses the following key market drivers:
- Startups are poised to transform the healthcare continuum.
- Generative AI drives medical research and drug development.
- Emerging technology has not yet been perfected for healthcare.
- Regulations are still being developed.
It covers use cases, provides examples of emerging regulations, and highlights select startups making strides to address complex healthcare challenges – Epic, Huma, Tempus, Google’s MedPaLM 2 LLM trained on medical data, Medwise.ai, Innovacer, Babylon Health and others.
“Generative AI has the potential to revolutionize the way we deliver care, making it more efficient, personalized and effective,” Robert C. Garrett, CEO of Hackensack Meridien Health, said in the report.
According to the Tracker, generative AI in healthcare is not yet fully optimized and with many growing pains, it has yet to gain a foothold.
“A recent study shows that management consultancy Bain & Company are the most important barriers
for generative AI in healthcare are a lack of resources, expertise and regulations, with data access and quality and organizational resistance hot on its heels,” the authors said.
THE BIG TREND
Generative AI, a class of machine learning models that are trained on large amounts of text, audio, or image data to generate new content, could have many applications in data-rich healthcare environments.
“I believe that in the coming years, the industry will embrace generative AI-based systems that support, complement and automate processes that have historically undermined healthcare and driven unsustainable costs,” said Dr. Shiv Rao, a practicing cardiologist and therapist. CEO of Abridge, a provider of generative AI-powered clinical documentation technology.
In the long run, Rao said Healthcare IT news in August, he believes generative AI “will make enormous contributions to clinical decision-making, how we train and employ physicians, and how we can drive better healthcare policy.”
“We will gain a much more complete and real-time understanding of patients, the efficacy of treatments and the best ways to help optimize the health of populations that share key characteristics,” he said.
ON THE RECORD
“No real benchmarks exist, but we estimate that (ChatGPT) performance is at the level of someone who has just graduated from medical school, such as an intern or resident,” says Dr. Marc Succi, associate professor of innovation and commercialization and strategic innovation leader at Mass General Brigham, said: “This tells us that LLMs… have the potential to be a supportive tool for medical practice and to drive clinical decision making with impressive accuracy. to support.”
Andrea Fox is editor-in-chief of Healthcare IT News.
Email: afox@himss.org
Healthcare IT News is a HIMSS Media publication.