GenAI has potential to transform healthcare
New Delhi, March 22: Generative artificial intelligence (GenAI) has the potential to completely transform India’s healthcare system by improving the efficiency with which doctors treat patients, said a report.
PwC India’s report, understanding the impact of GenAI on the Indian healthcare ecosystem, notes that one of the forerunners in the country to use GenAI was healthcare, and this innovation has had a big impact on the industry.
Most Indian industries, such as finance, e-commerce and manufacturing, have been gradually adopting AI technologies, including GenAI, to enhance operational efficiency and automate processes.
“On the other hand, in healthcare particularly, GenAI can augment advanced analytics and provide intelligent humanlike insights to facilitate clinical recommendations and targeted interventions to improve patient outcomes and affordability,” the report said.
Between 2021 and 2023, the number of GenAI start-ups in India has more than doubled, while the overall market size is expected to show an annual growth rate (CAGR 2023-2030) of 27.66 per cent, resulting in a market volume of $4.20 billion by 2030, it said.
PwC said by leveraging technologies such as natural language processing and predictive analytics, GenAI stands at the forefront of a healthcare revolution, offering from real-time decision support patient and care.
“Generative AI is revolutionising the healthcare sector, offering unparalleled opportunities for advancement and efficiency.
“Its impact spans from enhancing patient care to streamlining operational processes, marking a significant leap towards a technologically advanced healthcare system,” said Arnab Basu, advisory leader at PwC India.
The report talks about critical issues such as data solutions clinical to personalised interaction privacy, security and the ethical use of AI, emphasising the need for comprehensive governance frameworks to mitigate risks and ensure responsible deployment of GenAI technologies.
Sayantan Chatterjee, digital healthcare leader at PwC India, said with its ripple effect, GenAI is helping to bridge some of the inherent lacunae in the Indian healthcare space and enabling delivery of better quality care that is data driven, research led and places Indian patients at the centre.
BETWEEN 2021 and 2023, the number of GenAI startups in India has more than doubled, while the overall market size is expected to show an annual growth rate (CAGR 2023-2030) of 27.66 per cent.