Alphabet’s (NASDAQ:GOOGL) Google is actively fortifying its healthcare offerings by leveraging the expanding capabilities of generative AI, which have emerged as significant growth drivers for the company. Over the past year, its shares have surged by 47.4%, outpacing the growth of the Zacks Computer & Technology sector at 47.2%.
Recently, Google introduced Vertex AI Search for Healthcare, a generative AI-powered tool tailored for the healthcare sector. This tool harnesses generative AI to aid clinicians in retrieving information from patient notes, scanned documents, and other clinical data. By understanding medical terminology and specific data points, the tool enhances transparency and reduces errors.
Vertex AI Search for Healthcare seamlessly integrates with Google’s other generative AI-powered healthcare tools such as Health Data Engine and MedLM, bolstering data interoperability and offering a wide array of algorithms for various healthcare use cases. Alphabet anticipates significant adoption among clinicians, researchers, and health and life science organizations with this latest offering.
Augmenting Healthcare Solutions With Gen AI
In addition to Vertex AI Search for Healthcare, Alphabet introduced MedLM, a suite of generative AI models tailored for the healthcare domain. These models facilitate medical documentation analysis, drug development research, and identification of chatbot providers.
Furthermore, the company has announced global accessibility for Healthcare Data Engine, providing interoperable patient data and clinical insights in FHIR format, thereby enhancing AI’s efficacy in the healthcare landscape. Google also plans to expand its MedLM capabilities by introducing MedLM for Chest X-rays to assist in their classification for operational, screening, and diagnostic purposes, along with a Condition Summary feature to enrich task-specific API capabilities.
These initiatives are poised to capitalize on growth opportunities within the global generative AI healthcare market, which is projected to witness a robust CAGR of 36.7% between 2023 and 2030, according to a Grand View Research report. Moreover, the expansion of healthcare offerings is expected to bolster Alphabet’s portfolio strength, potentially enhancing its overall financial performance in the coming years.
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