Market Research Report
Artificial Intelligence Market-Key Application Areas for Growth in Healthcare IT, Forecast to 2022
|Published by||Frost & Sullivan||Product code||689273|
|Published||Content info||126 Pages
Delivery time: 1-2 business days
|Artificial Intelligence Market-Key Application Areas for Growth in Healthcare IT, Forecast to 2022|
|Published: August 24, 2018||Content info: 126 Pages||
Optimizing Quality and Efficiency of Healthcare Delivery with AI
The study describes how AI technologies are paired with legacy healthcare IT systems to deal with the complexity & growth of medical data. Frost & Sullivan acknowledges that AI intuitively finds ways to convert these ever-expanding resources into actionable evidence for end users. In this study, Frost & Sullivan has forecast global revenue for primary healthcare IT segments* which leverage AI to augment product functionalities. Additionally, the study also features and assesses various progressive AI vendors, offering visionary capabilities that strive to normalize disparate patient data, apply scientific algorithm to generate healthcare evidences and drive cognitive reasoning to predict population health outcomes.
The global market revenue has been classified by these end users' corporate receptivity, behavioral agility, and financial ability to fund and sustain AI-enabled HC interventions that promise better outcomes for all.
Today, AI-powered digital health solutions primarily allow healthcare enterprises to predict, automate, and prescribe evidence-based business decisions. However, AI-powered digital health solutions from technology maturity and real-word applicability standpoint are still in their infancy. Hence the technology penetration across all end users is low to moderate. It has been estimated that at present only around 20% of these end users would be actively using AI to drive real change in the way healthcare has been conceived and delivered. However, as leading IT companies such as IBM Watson Health, Google, Amazon, Microsoft, Philips, GE Healthcare and Salesforce have started to offer impeccable cloud services and tools to independent AI software developers, more progressive applications, capable of ensuring tangible ROI to end users would flourish and drive the overall market penetration for these technologies.
Google is primarily using AI to source and normalize EHR data to identify disease patterns that were historically untraceable. IBM continues to grow its presence in healthcare, driven by a focus on AI-powered clinical decision support, imaging analytics and population health management through its Watson Health business. Additionally, Amazon is making inroads into various aspects of healthcare AI (and could make a big move voice applications, cloud infrastructure solutions and visionary research works)-or several big moves-- in this year. Major EHR companies are committing to reduce physicians' IT burden by incorporating AI-enabled and voice based medical assistants into their incumbent EHR workflows. Epic recently announced that it has integrated Nuance's AI-powered virtual assistant platform into its EHR. Functionalities include the ability for clinicians to ask for lab results, medication lists, visit summaries and other information in the Epic Haiku mobile app. Athenahealth is also partnering with progressive start-ups that help physicians automate the process of patient scheduling, clinical documentation and coding.
“Big-tech” must acknowledge that patient generated data which next-generation IT platforms interpret has multiple utilities for diverse healthcare stakeholders. Fully informed consent from patients coupled with 100% compliance with stringent data usage regulation has to be ensured to remain relevant in the market.
Frost and Sullivan's new research report on Artificial Intelligence Market - Key Application Areas for Growth in Healthcare IT provides a comprehensive analysis on the global healthcare AI market which is primarily segmented into three service verticals that embrace a range of AI technologies to modernize care, personalize treatment and improve outcomes for key end users.
Key Service Segments (Vendors are Selected by Sub-Segments), covered in the Research Study:*
*Adoption of AI for the pharmaceutical market, as it relates to digital health, is also discussed but is not included in the market revenue numbers.