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Cranfield, UK, 10/1/2024 – The Signify Research Generative AI Team and our Signify Premium Insights Generative AI Editor, Alan Stoddart, have compiled their top five predictions for this year’s Generative AI market.
1. Clinical Workflow & Patient Engagement will be the Standout Early Use Cases of Generative AI
Despite some of the hype and claims about the high-flying potential of generative AI in healthcare, in 2024 the tools that gain traction will be more grounded: patient engagement and clinical workflow.
2. Generative AI will Enable Doctors to focus on Healthcare
Doctors offer their patients the greatest value when they are focused on clinical care, not administrative tasks. Gen AI will help free physicians from this burden, allowing their efforts to be directly expended on patients’ clinical care.
3. Tailored Data offers a Crucial Competitive Edge
Data will be one of the key differentiators between purveyors of gen AI solutions. Those who own data, who control access to data or facilitate the use of data therefore inhabit a lucrative space.
4. Competition Will Intensify. Everywhere
The excitement around generative AI, and the potential for both patients and profits, means that competition will be intense. In some areas the barriers to entry are relatively low, here in particular, will vendor battles be especially fierce.
5. No Software as a Medical Device Will Come to Market in 2024
Gen AI’s potential in healthcare is great, but so too are the hurdles. One particularly significant obstacle for solutions to be used as medical devices is regulation. Generative AI’s novelty and nuance mean regulatory frameworks could be a long time in the making, stymieing the technology’s use for diagnosis and detection, for example.
Related Research
Signify Research’s Generative AI Market Intelligence Service 2024 provides rolling 12-month coverage of the fast-moving Generative AI market. It includes six market reports over this period examining:
- Healthcare IT Vendor Opportunities and Strategies
- Generative AI – Key Use Cases and Applications
- Detailed Analysis of Generative AI Trends Observed and New Products
Announced at Key Industry Events (e.g. HIMSS, RSNA)
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About Vlad Kozynchenko
Vlad joined Signify Research in 2023 as a Senior Market Analyst in the Digital Health team. He brings several years of experience in the consulting industry, having undertaken strategy, planning, and due diligence assignments for governments, operators, and service providers. Vlad holds an MSc degree with distinction in Business with Consulting from the University of Warwick.
About Alan Stoddart
Alan brings nine years of editorial expertise and leads Signify Research’s Insight and analysis services. Prior to joining, Alan held editorial positions covering a diverse range of technology and engineering/IT topics working with Kantar Media and Kimberley Media Group.
About the Digital Health Team
Signify Research’s Digital Health team provides market intelligence and detailed insights on numerous digital health markets. Our areas of coverage include electronic medical records, telehealth & virtual care, remote patient monitoring, high-acuity clinical information systems, patient engagement IT, health information exchanges, generative AI and integrated care & value-based care IT. Our reports provide a data-centric and global outlook of each market with granular country-level insights. Our research process blends primary data collected from in-depth interviews with healthcare professionals and technology vendors to provide a balanced and objective view of the market.
About Signify Research
Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.
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