Generative AI in Digital Health – Hype or Reality? (Executive Briefing)
The healthcare industry is undergoing a major transformation thanks to the advances in artificial intelligence (AI) and Generative AI in Digital Health. These technologies have the power to create new possibilities for drug discovery, diagnosis, treatment, and prevention of diseases. They can also enhance the quality, efficiency, and accessibility of healthcare services.
But how much do we really know about AI and Generative AI in healthcare? How can we separate the facts from the fiction, and the opportunities from the risks? How are Digital Health innovators leveraging Artificial Intelligence and Generative AI? Which healthcare industry verticals are experimenting with Digital Health ventures using Generative AI? How can we ensure that these technologies are used in a way that respects the values, rights, and interests of patients, healthcare professionals, and society at large?
This first-of-a-kind report by the Galen Growth Research team explores how Artificial Intelligence and Generative AI is being applied by Digital Health ventures to showcase the possibilities and challenges of the technology. Generative AI in Digital Health is still in its infancy and faces many obstacles before it can become a useful tool for the Digital Health industry, but this report highlights some of the ventures that are at the forefront of this innovation.
Key Insights
- Close to 4,000 Digital Health ventures are powering their services through the use of Artificial Intelligence; check out the list we created in HealthTech Alpha to see who uses it!
- The shift from AI to Generative AI (GenAI) in Digital Health is still in its early stages, with new ventures being incorporated and existing ventures adapting and exploring the advantages. Mid 2023, 2% of the private Digital Health ventures across the globe declare using a form of Generative AI technology.
- With 63% of the private ventures in the Middle East using Artificial Intelligence technology, the region is 5x denser with AI ventures than North America or Europe.
- The most common Digital Health Cluster among ventures using GenAI technology is Health Management Solutions, which accounts for 27% of the total number of ventures using GenAI technology.
- More than 330 private ventures using AI or GenAI technology announced partnerships with Health Systems over the past 5 years, making Health Systems the most common collaborator for Digital Health ventures that use AI or GenAI. The number of announced partnerships with Health Systems has grown 2.0x from H1 2022 to H1 2023.
Vendors highlighted in the Generative AI in Digital Health – Hype or Reality? report
This Global Digital Health Innovation Thematic Report includes data on the following companies:
Atomwise, Athelas, Insilico Medicine, Huma, Hint Health, Neumora Therapeutics, HeartFlow, Monogram Health, Aledade, Gympass, Quris, Precision Scientific, Alentis Therapeutics, Strive Health, Viome Life Sciences, Rome Therapeutics, Hippocratic AI, Spring Health, MindMaze, BrainScope, Perceiv AI, Fathom, Mirvie, MediPixel, Suki, Navina, Medivis, IgniteData, Sonde Health, Vida Diagnostics, AIM Medical Service, Biorelate, Nova, Tempus, Nye Health, PicnicHealth, Anumana, Medii, Woebot Health, Virgin Pulse, Ginger.io, PathAI, Evio, Hinge Health, Cedar, Sensely, Roche, AstraZeneca, Novartis, Pfizer, Bayer, Mayo Clinic, NHS, Mass General Brigham, Mount Sinai Health System, Memorial Sloan Kettering, Cigna, Humana, AXA, Elevance Health, Kaiser Permanente, OpenAI, Google, Microsoft, Amazon
HealthTech Alpha, a Galen Growth proprietary solution, and the global leading Digital Health private market data, intel and insights platform powers this report!
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