Generative Artificial Intelligence Growth Opportunities in the Healthcare and Life Science Industry
Published on: 29-Sep-2023 | SKU: CM_2023_171

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This project provides an overview of the effects of generative AI (Gen AI) on the healthcare and life science industry and numerous growth opportunities, including how it could overcome regulatory and cybersecurity obstacles, address the build-borrow-buy conundrum, and impact the value chain of pharmaceutical companies, medical device developers, payors, and providers.

Although still in the nascent stage, there is cautious enthusiasm about Gen AI’s potential. Pharmaceutical companies and provider organizations are taking the lead in incorporating this technology in their workflows. Gen AI currently is showing the highest impact and use case development in R&D (new product/service development) and customer interaction, notable in processes involving extensive documentation or communication.

Gen AI comes with its own set of challenges regarding the safe, reliable and ethical use of the technology. Organizations also face the quandary of whether to build models in-house, forming a development partnership, or buying something that already exists. All three scenarios present different cost, timeline, and accountability challenges that organizations must think through.

Author: Nitin Manocha

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

Impact of the Top 3 Strategic Imperatives on Generative Artificial Intelligence in the Healthcare and Life Science Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis and Methodology

Applications

What is Gen AI?

Foundational Models Form the Backbone of Gen AI

Gen AI Benefits and Challenges

When is Gen AI Required?

Growth Environment

Growth Drivers

Growth Restraints

Regulations Impacting Gen AI

Cybersecurity and Gen AI

Enterprise Gen AI Implementation Considerations

Governance for Customizing Foundational Models to Enterprise Needs

Transitioning from Co-pilot to Enterprise Intelligence

Build-Borrow-Buy Path

Gen AI will Enable a Strong Digital Core by 2030

Pharma Industry Value Chain

Pharma Industry Current State (2023) → Future State (2030)

Gen AI Impact Across Pharma Industry Value Chain

Pharma Industry Gen AI Use Cases

Pharma Industry Gen AI Use Cases (continued)

Pharma Industry Gen AI Use Cases (continued)

Gen AI Inflection Point—Solving Real Business and Human Problems

Company to Action—Janssen Pharmaceuticals

Company to Action—Pfizer

Medical Device Industry Value Chain

Medical Device Industry Current State (2023) → Future State (2030)

Gen AI Impact Across Medical Device Industry Value Chain

Medical Device Industry Gen AI Use Cases

Medical Device Industry Gen AI Use Cases (continued)

Gen AI Inflection Point—Solving Real Business and Human Problems

Company to Action—Medtronic

Company to Action—Fujifilm Medical Systems

Payor Industry Value Chain

Payor Industry Current State (2023) → Future State (2030)

Gen AI Impact Across Payor Industry Value Chain

Payor Industry Gen AI Use Cases

Payor Industry Gen AI Use Cases (continued)

Payor Industry Gen AI Use Cases (continued)

Payor Industry Gen AI Use Cases (continued)

Gen AI Inflection Point—Solving Real Business and Human Problems

Company to Action—Oscar Health

Company to Action—Reinsurance Group of America, Inc. (RGA)

Provider Organization Value Chain

Provider Industry Current State (2023) → Future State (2030)

Gen AI Impact across Provider Value Chain

Provider Organization Gen AI Use Cases

Provider Organization Gen AI Use Cases (continued)

Provider Organization Gen AI Use Cases (continued)

Provider Organization Gen AI Use Cases (continued)

Gen AI Inflection Point—Solving Real Business and Human Problems

Company to Action—Mayo Clinic

Company to Action—Bon Secours Mercy Health

Growth Opportunity 1 (Pharma): Gen AI and LLMs for Lead Identification and Optimization

Growth Opportunity 1 (Pharma): Gen AI and LLMs for Lead Identification and Optimization (continued)

Growth Opportunity 2 (Pharma): Improving Patient Access with Gen AI-Enabled Marketing Strategies

Growth Opportunity 2 (Pharma): Improving Patient Access with Gen AI-Enabled Marketing Strategies (continued)

Growth Opportunity 3 (Medical Device): Automating Process in Digital Surgery

Growth Opportunity 3 (Medical Device): Automating Process in Digital Surgery (continued)

Growth Opportunity 4 (Medical Device): Early Detection for Effective Disease Management

Growth Opportunity 4 (Medical Device): Early Detection for Effective Disease Management (continued)

Growth Opportunity 5 (Payor): Personalize Member Communication to Promote Preventive Health Efforts

Growth Opportunity 5 (Payor): Personalize Member Communication to Promote Preventive Health Efforts (continued)

Growth Opportunity 6 (Payor): Automate Prior Authorization Process

Growth Opportunity 6 (Payor): Automate Prior Authorization Process (continued)

Growth Opportunity 7 (Provider): Improve Clinical Documentation, Including Discharge and Referrals

Growth Opportunity 7 (Provider): Improve Clinical Documentation, Including Discharge and Referrals (continued)

Growth Opportunity 8 (Provider): Next-Gen Digital Front Door

Growth Opportunity 8 (Provider): Next-Gen Digital Front Door (continued)

List of Exhibits

Legal Disclaimer

List of Figures
  • Gen AI in Healthcare & Life Sciences: Growth Drivers, 2024–2030
  • Gen AI in Healthcare & Life Sciences: Growth Restraints, 2024–2030

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This project provides an overview of the effects of generative AI (Gen AI) on the healthcare and life science industry and numerous growth opportunities, including how it could overcome regulatory and cybersecurity obstacles, address the build-borrow-buy conundrum, and impact the value chain of pharmaceutical companies, medical device developers, payors, and providers. Although still in the nascent stage, there is cautious enthusiasm about Gen AI’s potential. Pharmaceutical companies and provider organizations are taking the lead in incorporating this technology in their workflows. Gen AI currently is showing the highest impact and use case development in R&D (new product/service development) and customer interaction, notable in processes involving extensive documentation or communication. Gen AI comes with its own set of challenges regarding the safe, reliable and ethical use of the technology. Organizations also face the quandary of whether to build models in-house, forming a development partnership, or buying something that already exists. All three scenarios present different cost, timeline, and accountability challenges that organizations must think through. Author: Nitin Manocha
More Information
Deliverable Type Market Research
Author Nitin Manocha
Industries Chemicals and Materials
No Index No
Is Prebook No
Keyword 1 Generative Artificial Intelligence
Keyword 2 Ai Applications In Life Sciences
Keyword 3 Ai In Drug Discovery
List of Charts and Figures Gen AI in Healthcare & Life Sciences: Growth Drivers, 2024–2030~ Gen AI in Healthcare & Life Sciences: Growth Restraints, 2024–2030~
Podcast No
WIP Number K959-01-00-00-00

Generative Artificial Intelligence Growth Opportunities in the Healthcare and Life Science Industry

Chemicals and MaterialsGenerative Artificial Intelligence Growth Opportunities in the Healthcare and Life Science Industry Updated Research Available

Possibilities Exist to Adapt Large Language Models and Reinvent Enterprise Functions

RELEASE DATE
29-Sep-2023
REGION
North America
Deliverable Type
Market Research
Research Code: K959-01-00-00-00
SKU: CM_2023_171
AvailableYesPDF Download
$2,450.00
In stock
SKU
CM_2023_171