Changes in healthcare delivery methods, timelines and payment options are requiring the adoption of innovative tools to manage patient information and make decisions. The need for data mining and decision-making has put artificial intelligence (AI)-enabled solutions at the forefront of the healthcare revolution. AI facilitates greater accessibility, relevancy and actionability of healthcare information.
New analysis from Mountain View, CA-based Frost & Sullivan, Artificial Intelligence & Cognitive Computing Systems in Healthcare, published January 5, finds the market earned revenues of $633.8 million in 2014 and estimates$6,662.2 billion in 2021 at a compound annual growth rate of 40 percent.
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 percent while cutting treatment costs by as much as 50 percent.
“Already playing a critical role in other industries, AI systems are poised to transform how we think about disease diagnosis and treatment,” said Frost & Sullivan Transformational Health Industry Analyst Harpreet Singh Buttar. “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.”
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 optimized use of AI systems for both clinical decision support and workflow logistics within hospitals. 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,” noted Buttar. “On a global scale, in regions with high underserved patient populations, AI is expected to play a significant role in democratization of information and mitigating resource burdens.”
Artificial Intelligence & Cognitive Computing Systems in Healthcare is part of the Visionary Healthcare Growth Partnership Service program. Frost & Sullivan’s related studies include: Assessing Ultrasound’s Market Potential within Emerging Clinical Points of Care, Care Coordination Software – US Overview and Outlook, Big Data Opportunities in the US Medical Imaging Market, and Executive Outlook of Health, Wellness, and Wellbeing Technologies in the Global Automotive Industry. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
Source: Frost & Sullivan