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Optimizing Quality and Efficiency of Healthcare Delivery with AI
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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. Democratization of AI is on the horizon, which may disrupt the way healthcare has been perceived and delivered. 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.‘Big-Tech’ is taking the lead to catalyse innovation in the healthcare AI market. 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. Putting Patient Data into Work is a Critical Perquisite of Success for AI-powered health IT solutions.“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 Regional Markets, Covered in the Research Study • The United States of America• The United Kingdom• France • Germany • China • Switzerland • Japan • India Types of AI Products Discussed in the Report • SaaS Based • App Based • Integrated Hardware • Research-based • Doctor-facing • Patient-facing • Telehealth Key Service Segments (Vendors are Selected by Sub-Segments), covered in the Research Study* • Clinical Applications • EMR • Clinical Decision Support Systems • Clinical Analytics• Imaging IT• Precision Medicine/Genomics IT • Wearable • Femtech• Mental Health• Patient Engagement • Population Health Management • Telehealth • Operational Applications • Administrative Management• Supply Chain Management • Enterprise Content Management • Cybersecurity • Financial Applications• Business Intelligence • Revenue Cycle Management• Coding and Claims Management Key Disease Categories, covered in the Research Study • Cancer • Cardiology • Diabetes • Endometriosis • Infectious Diseases • Rare Diseases *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.
Key Issues Addressed
Growth Insight—Role of AI in the Pharmaceutical Industry, Global, 2018–2022
Digital Transformation of the Global Medtech Industry, Forecast to 2024
Middle East and North Africa (MENA) Life Sciences Industry Outlook, Forecast to 2020
Overview of Medical Imaging Market in Turkey, Forecast to 2021
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Growth Opportunities in the Global Professional Headset Market, Forecast to 2025
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Technologies Transforming the Biomanufacturing Landscape
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