Artificial intelligence in healthcare a $6 billion industry
Artificial intelligence systems are at the forefront of the healthcare revolution, with the market forecast to earn revenues of more than $6 billion. Selecting the right solution partners and business models is crucial for vendor success.
That’s according to new research from Frost & Sullivan, who says changes in healthcare delivery methods, timelines and payment options are requiring the adoption of innovative tools to manage patient information and make decisions. AI facilitates greater accessibility, relevancy and actionability of healthcare information.
According to the research, Artificial Intelligence & Cognitive Computing Systems in Healthcare, the market earned revenues of $633.8 million in 2014 and estimates $6,662.2 billion in 2021 at a CAGR of 40%. The analyst firm says clinical support from AI will strengthen medical imaging diagnosis processes. In addition, the use of AI solutions for hospital workflows will enhance care delivery. Overall, AI has the potential to improve outcomes by 30 to 40% while cutting treatment costs by as much as 50%. “Already playing a critical role in other industries, AI systems are poised to transform how we think about disease diagnosis and treatment,” explains Harpreet Singh Buttar, transformational health industry analust at Frost & Sullivan.
“Augmenting the expertise of trained clinicians, AI systems will provide an added layer of decision support capable of helping mitigate oversights or errors in care administration,” he says. Buttar says the capacity to extract information from disparate information silos, translate large unstructured data sets, and tools for natural language processing allow AI systems to tackle challenges in care coordination that previously had no other means of recourse. Further research and fine-tuning of the AI engine will facilitate the optimsed use of AI systems for both clinical decision support and workflow logistics within hospitals, Buttar explains.
He says selecting the right solution partners and business models will be a critical determinant of success for vendors. “By 2025, AI systems could be involved in everything from population health management, to digital avatars capable of answering specific patient queries,” explains Buttar. “On a global scale, in regions with high underserved patient populations, AI is expected to play a significant role in democratisation of information and mitigating resource burdens.”