Generative AI making waves in medical device industry: Report

New Delhi, July 13 (IANS) Generative artificial intelligence (AI) is making a significant impact on the medical device industry, according to a report on Thursday.

From crunching massive data sets for research and development (R&D) breakthroughs to mimicking human speech for improved patient care, the technology is making waves.

Generative AI is being implemented across the medical value chain for applications ranging from R&D, imaging and diagnostics to patient care and support, leading to better patient outcomes, revealed the report by GlobalData, a leading data and analytics company.

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

"Generative AI 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," said Alexandra Murdoch, Medical Analyst at GlobalData, in a statement.

In addition to the many current uses of generative AI in medical, 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 per cent of respondents believed that the generative AI is hyped, but that they could see a use for it. A close second (37.7 per cent of respondents) believed the technology would live up to all its promises.

"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 generative AI has already made a mark in many industries, including medical," Murdoch said.