Artificial Intelligence Systems Poised for Dramatic Market Expansion in Healthcare
January 5, 2016 | PRNewswireEstimated reading time: 2 minutes
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 Frost & Sullivan, Artificial Intelligence & Cognitive Computing Systems in Healthcare, 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.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
Suggested Items
IDC Forecasts Slower Growth for Global Telecommunications Services Market: Could AI Help Telcos to Maintain Healthy Margins?
05/08/2024 | IDCWorldwide spending on Telecom Services and Pay TV Services reached $1,509 billion in 2023, an increase of 2.1% over 2022, according to the International Data Corporation (IDC) Worldwide Semiannual Telecom Services Tracker.
Simbe Partners with Plexus to Scale Manufacturing and Meet Global Retail Demand
05/08/2024 | Globe NewswireSimbe, the leading provider of Store Intelligence™ solutions that increase retailer performance through unprecedented visibility and insights, today announced a partnership with Plexus Corp. to bring its best-in-class retail robotics-as-a-service to market quickly and at global scale.
IDTechEx Discusses Low-Loss Materials: The Enabler of Future Connected Vehicles?
05/06/2024 | IDTechExFuture connected vehicles will offer future drivers a safer, smoother, and more convenient driving experience. Not only will drivers get access to more navigation and entertainment options, but they will also gain access to safety technologies that will potentially reduce accidents, improve congestion, and reduce emissions globally by allowing vehicle safety systems to communicate with each other and with city traffic infrastructure.
HBM Prices to Increase by 5–10% in 2025, Accounting for Over 30% of Total DRAM Value
05/06/2024 | TrendForceAvril Wu, TrendForce Senior Research Vice President, reports that the HBM market is poised for robust growth, driven by significant pricing premiums and increased capacity needs for AI chips.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.