Generative AI in healthcare set to soar from $1B to $22B

According to a recent report from PYMNTS, the healthcare sector is expected to witness substantial growth in generative artificial intelligence (AI), with an estimated increase of nearly $21 billion by the year 2032.

As of 2022, the value of generative AI in healthcare stands at $1 billion. The report suggests that major players in the technology industry, as well as venture capitalists and private equity firms, are set to be the primary contributors to the expansion of this technology within the healthcare domain.

However, the question arises: Is the healthcare sector adequately prepared for the impending growth of generative AI? According to a survey conducted by management consulting firm Bain & Co., there are several significant barriers that need to be addressed. These include a shortage of necessary resources, a lack of expertise in implementing generative AI, and the absence of comprehensive regulatory frameworks.

The survey further emphasises that generative AI in the healthcare field is still in its early stages of development, describing it as "nascent." It highlights the need for this technology to demonstrate its effectiveness and gain the trust of the public over time.