Investment Rating - The report maintains a "Positive" investment rating for the AI+Healthcare industry [6] Core Insights - The reasoning and multimodal capabilities of large models are continuously upgrading, and application costs are decreasing, driving healthcare institutions to accelerate the integration of AI technology. The global generative AI market in healthcare is expected to reach $17.2 billion by 2031, with a compound annual growth rate (CAGR) of 32.60% from 2023 to 2031 [1][18] - The current phase of AI in healthcare has transitioned into a multimodal integration stage, addressing issues such as information silos and data fragmentation that existed in earlier AI applications. Large models utilize a "pre-training + fine-tuning" architecture to process multimodal healthcare data [1][12] - DeepSeek, a domestic open-source large model, is characterized by low cost and high performance, accelerating its penetration into the healthcare industry. It can quickly analyze various types of medical data, aiding doctors in complex case management [2][13] - Major international players like NVIDIA and Microsoft are actively entering the healthcare sector, leveraging their core capabilities through acquisitions and ecosystem empowerment. Companies like Tempus AI and HIMS have successfully commercialized AI solutions, showing significant revenue growth [3][42] Summary by Sections 1. Large Model Technology Upgrade Driving AI in Healthcare - The evolution of AI technology in healthcare has progressed through four key stages: rule-driven systems, traditional machine learning, deep learning with single-modal models, and the current multimodal integration era [11] - The multimodal capabilities of large models enable comprehensive data processing, enhancing clinical decision support, drug development, and telemedicine applications [12][18] 2. International Landscape: Major Players and Innovations - NVIDIA and Microsoft are leading the charge in AI healthcare, with NVIDIA focusing on hardware and ecosystem investments, while Microsoft integrates AI tools into its cloud services [22][28] - Tempus AI has built the largest multimodal database, supporting personalized treatment plans and achieving significant revenue growth [35][37] - HIMS has seen rapid growth in subscription users and revenue, driven by its AI-powered healthcare solutions [42][43] 3. Domestic AI+Healthcare Company Overview - Domestic companies in the AI healthcare sector can be categorized into three types: general large model providers, data service companies, and traditional medical IT companies transitioning to AI [4][47] - iFlytek's Starfire medical model has shown superior performance in diagnostic recommendations and health consultations compared to other models [48][50] - Yunzhisheng is leveraging its self-developed "Shanhai" large model to provide specialized medical information support [54]

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 医疗服务概览 CXO领域中美"脱钩"风险阶段性告一段落。2024年12月07日,美国国会参 众两院军事委员会公布了2025财年国防授权法案（NDAA）最终协议文本, 《生物安全法案》未被列入其中,美国对生物科技领域的"制裁" 风波阶段性 落地。回顾来看,美国《生物安全法案》风波几乎贯穿全年,且在一二级市场 上造成了巨大的冲击,现在政策的不确定减少有望为相关CXO企业提供更稳定 的经营环境,有助于国内CXO企业继续在美国市场开展业务,减少因政策变化 带来的风险。 医疗服务一级市场投融热度回暖态势明显。据来觅PEVC数据统计，2024年四季度全国医疗服务领域合计发生融资案例45起，环比增加了36.36%，涉及已 披露融资金额18.19亿元，环比增加了75.75%。 从获投领域来看，2024年四季度医疗研发外包最受资本关注，合计发生融资案例17起，涉及融资金额11.92亿元，其中CXO领域合计发生融资案例12起， 涉及融资金额11.62亿元。从医疗信息化的细分领域来看四季度投融热度领域主要集中在数字医 ...