Artificial intelligence in healthcare may be closer to becoming a reality than you think. AI market earned revenues in healthcare are estimated to reach $6,662.2 billion in 2021, according to an analysis by Frost & Sullivan. Compare that to the healthcare AI market revenues earned in 2014– $633.8 million—and that’s a compound annual growth rate of 40%, the analysis said.
The need for data mining and decision-making is what is driving these AI-enabled solutions in healthcare, according to the report. The analysis added that AI systems will also strengthen medical imaging diagnosis processes and help deliver better care by improving hospital workflow. AI also has the capacity to extract information from disparate information silos, translate unstructured data sets, and provide tools for natural language processing to allow AI systems to tackle challenges in care coordination.
“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,” Harpreet Singh Buttar, transformation health industry analyst for Frost & Sullivan, said in a press release.
Further, the analysis said that AI has the potential to improve medical outcomes by 30% to 40% and cut treatment costs by as much as 50%.
“By 2025, AI systems could be involved in everything from population health management, to digital avatars capable of answering specific patient queries,” Buttar said. “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.”
However, the release added that more research and fine tuning is needed in order to optimize the use of AI systems for both clinical decision support and workflow logistics in hospitals.