GenAI revolutionizing the medical device industry, reports GlobalData

Data and analytics company GlobalData has issued a report on the impact of generative artificial intelligence (GenAI) in various aspects of healthcare.

From leveraging data sets to simulating human speech to enhance patient care, GenAI is being deployed throughout the medical value chain. Its applications span research and development, imaging and diagnostics, patient care and support, the company says. It projects robust growth for the global AI market, forecasting a compound annual growth rate of 35.2 per cent, with revenue expected to surge from US$81.3 billion in 2022 to US$908.7 billion in 2030.

Alexandra Murdoch, a medical analyst at GlobalData, said, “GenAI can improve medical treatment in a few ways. It can help to improve the accuracy of diagnostic imaging, provide guidance along medical workflows (such as surgery), and aid the aging population by reducing the manual workload of healthcare professionals.”

As the technology continues to evolve, there is growing speculation about its future applications in healthcare. A recent GlobalData poll (registration required) conducted in June 2023, with 211 respondents, revealed that 45 per cent considered GenAI to be over hyped, but still acknowledged its potential utility, while over one-third of respondents (37.7 per cent) expressed confidence that the technology would fulfill all its promises.

Murdoch concluded, “We are already seeing the effects of AI in healthcare, and there are many good uses for it. Whether or not it will live up to the hype and promises remains unknown, the fact remains that genAI has already made a mark in many industries, including medical.”