London: Generative artificial intelligence (GenAI) is affecting all industries and the medical device industry is not an exception. From processing massive data sets for R&D breakthroughs to mimicking human speech to improve patient care, technology is making a splash. GenAI is being deployed across the entire medical value chain for applications ranging from Investigation and development, imaging and diagnosis to patient care and support, leading to better patient outcomes, revealed global data.
GlobalData forecasts that the global AI market will grow at a compound annual growth rate of 35.2%, from $81.3 billion in 2022 to $908.7 billion in 2030.
Alexandra Murdoch, GlobalData Medical Analyst, commented: “GenAI can improve medical treatment in a number of ways. It can help improve the accuracy of diagnostic images, provide guidance throughout medical workflows (such as surgery), and help the aging population by reducing the manual workload of healthcare professionals.”
In addition to the many current uses of genAI in medicine, many speculate about future uses, as the technology improves and changes over time.
A GlobalData survey conducted in June 2023 with 211 responses showed that 45 percent of respondents believed that genAI is promoted, but that they could see a use for it. A close second (37.7 percent of those surveyed) believed the technology would deliver on all its promises.
Murdoch concluded: “We are already seeing the effects of AI in healthcare, and there are many good uses for it. Whether it will live up to the hype and promises is yet unknown, but the fact remains that genAI has already made its mark in many industries, including medical.
