Generative AI is revolutionizing healthcare by addressing challenges such as rising costs, cybersecurity threats, and workforce shortages. This transformative technology optimizes operational efficiency, enhances cybersecurity, and mitigates physician burnout. With a market size expected to reach USD 2.5-3 billion in 2023, Generative AI is ushering in personalized care and diagnosis, impacting healthcare providers, payers, and the MedTech sector. Hyperscalers are actively contributing to its adoption, fueling growth in AI-driven drug discovery and coding. The unifying power of Generative AI transforms disparate data into a comprehensive resource, offering improved patient outcomes and a streamlined healthcare ecosystem. This report explores its evolution and future trends.