Generative AI is beginning to impact many sectors, and the medical devices sector is no exception. Generative AI is a type of AI technology that uses machine learning to create content such as text, images, audio, video, design, and software code. Generative AI has grown faster than any other technology; GlobalData estimates that the total AI market will be worth $908.7bn in 2023, and will grow at a compound annual growth rate (CAGR) of 35% from 2022–2030.
There are several uses for generative AI in the medical sector, including research, disease prevention, diagnostics, treatment, and monitoring. According to a recent GlobalData survey, most respondents believe treatment has the most potential for generative AI adoption in the medical devices industry. Generative AI can improve medical treatment in a few ways: It can help to improve the accuracy of diagnostic imaging, it can provide guidance along medical workflows (such as surgery), and it can aid the ageing population by reducing the manual workload of healthcare professionals.
The effects of AI in healthcare are already evident, and there are many good uses for it. GlobalData forecasts that the global specialised AI application market will be worth $477.6bn in 2030, up from $31.1bn in 2022. DiagnmaMed, a medical devices company, has rolled out several new AI devices and platforms, including a brain health AI platform, a GenAI medical chatbot, and FormGPT.io, a generative AI data collection and analysis solution. All of these solutions are intended to improve the quality of care through better data collection or relieving healthcare workers of additional manual labour, freeing up time for more patient-centred tasks.
In addition to the many current uses of generative AI in medicine, many are speculating on future uses as the technology improves and changes over time. Whether people believe in the potential uses of generative AI or not is split, as another recent GlobalData survey asked respondents what their thoughts were on generative AI. 45% of respondents believed that the technology 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 of its promises.
Whether or not generative AI will live up to the hype and promises remain unknown, but the fact remains that generative AI has already made a mark in many industries, medical included.