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GenAI taking medical device industry by storm: GlobalData

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GenAI

Generative artificial intelligence (GenAI)’s impact is being felt by every industry including the medical device industry. From crunching massive data sets for R&D breakthroughs to mimicking human speech for improved patient care, the technology is making waves. According to the well-known data and analytics company, GlobalData, GenAI is being implemented across the medical value chain for applications ranging from research & development, imaging & diagnostics to delivering patient care and support, that leads to better patient outcomes.

GlobalData forecasts the global AI market to grow at a compound annual growth rate of 35.2% from $81.3 billion in 2022 to $908.7 billion in 2030.

Alexandra Murdoch, Medical Analyst at GlobalData, comments: “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 ageing population by reducing the manual workload of healthcare professionals.

In addition to the many current uses of GenAI in the medical field, many are speculating on future uses, as the technology improves and changes over time.

A GlobalData poll conducted in June 2023 with 211 responses showed that 45% of respondents believed that the GenAI is hyped, but that they could see a use for it. A close second (37.7% of respondents) believed the technology would live up to all its promises.

Murdoch concludes: “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 the medical field.

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