GenAI to Register CAGR 23.56% Growth by 2030 in Indian Healthcare: Report

The study highlights the revolutionary potential of GenAI in enhancing various aspects of healthcare delivery.

In a recent report, PwC India unveiled the transformative potential of generative artificial intelligence (GenAI) within the Indian healthcare sector.

Titled "Understanding the Impact of GenAI on the Indian Healthcare Ecosystem," the report delves into how GenAI is reshaping patient care, diagnostic accuracy, and operational efficiency while shedding light on the challenges of data privacy, security, and ethics.

According to the report, GenAI is poised to revolutionize Indian healthcare, with the market expected to witness a remarkable compound annual growth rate (CAGR) of 23.56% from 2024 to 2030.

This rise marks a significant shift in how healthcare is delivered and perceived in the country, promising better patient outcomes and operational excellence.

Transformative Effects & Emerging Challenges

The study highlights the revolutionary potential of GenAI in enhancing various aspects of healthcare delivery, including patient care, operational processes, medical research, and treatment personalization.

By leveraging cutting-edge technologies such as natural language processing and predictive analytics, GenAI offers solutions ranging from real-time clinical decision support to personalized patient interaction and care.

Sharing thoughts, Arnab Basu, an advisory leader, PwC India, said, "Generative AI is revolutionizing 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."

He emphasized the need to address significant challenges such as ethical standards, data privacy, and equitable technology deployment.

"Success hinges on collaborative efforts across the healthcare ecosystem, uniting policymakers, professionals, and patients to foster a responsible and innovative healthcare future," he added.

Navigating Challenges through Comprehensive Frameworks

The report underscores the importance of comprehensive governance frameworks to mitigate risks associated with the integration of GenAI into healthcare.

It introduces a tailored framework for the healthcare sector, focusing on modernizing data systems, developing scalable AI solutions, and fostering a culture that embraces technological advancement while prioritizing patient safety and data privacy.

Dr Rana Mehta, Healthcare Leader, PwC India, emphasized the need to balance technological advancement with patient-centric values and ethical considerations.

The report aims to serve as a roadmap for healthcare providers, policymakers, and technologists to harness the benefits of GenAI effectively while ensuring patient safety and data privacy.

Highlighting how GenAI bridges inherent gaps in the Indian healthcare space, 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.’’

He further mentioned that the current focus on patient health data driven by the Ayushman Bharat Digital Mission (ABDM) makes GenAI all the more pertinent to work towards a universal health interface across the 1.4 billion population.

The report calls for strategic adoption of GenAI technologies by healthcare leaders, advocating for a balanced approach that promotes innovation while ensuring ethical, secure, and equitable healthcare delivery.

It outlines strategic recommendations to overcome existing barriers, facilitating the smoother integration of GenAI into the healthcare ecosystem.

As India embarks on a journey towards a technologically advanced healthcare system, the responsible adoption of GenAI stands as a cornerstone for delivering superior patient care and operational efficiency.

With collaborative efforts and comprehensive frameworks, the healthcare sector can harness the transformative power of GenAI while upholding ethical standards, safeguarding data privacy, and ensuring equitable access to innovative healthcare solutions.