Healthcare and life sciences companies are turning to generative AI to address 2 critical challenges: soaring costs and staffing shortages.
Estimates indicate that US hospitals lose $262B annually to revenue cycle inefficiencies, while drugmakers spend more than $1B on average to develop a single drug. Meanwhile, the healthcare workforce in the US faces high burnout and a projected shortage of 124,000 physicians by 2034, according to the Association of American Medical Colleges.
Generative AI solutions are addressing these concerns by elevating the speed and accuracy of key workflows, improving the efficiency of high-volume tasks while reducing the workload for overburdened staff.
The healthcare industry is responding positively to this potential — a recent Gradient Flow survey covering generative AI in healthcare revealed that 65% of respondents are actively considering or implementing genAI solutions.
To identify market opportunities, we analyzed the landscape and mapped 87 healthcare and life sciences companies with generative AI products across 20 markets.
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