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Exploring Key Investment Trends, Companies-to-Action, and Growth Opportunities for AI in the Healthcare Industry
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Artificial intelligence (AI) is exhibiting real promise across multiple industries. The healthcare industry is leading the charge when it comes to focused AI application development and attracting AI investment globally. With improvements in healthcare data acquisition and computing power, AI is becoming more of a reality each day. Frost & Sullivan projects that AI and machine learning (ML) will further evolve human and machine interaction across several so far known and probably not well-known applications in healthcare. In the short term (the next 12 to 18 months), the priority will be to bring AI/cognitive platform technology use cases closer to clinical care to augment physicians and even patients with actionable decision-making ability. In particular, AI will begin to see fruition in the imaging diagnostic and drug discovery applications. In the next 2-3 years, AI will become a common theme across all digital initiatives and platforms. Moving forward, as clinicians start to embrace early AI applications, the healthcare industry will start to recognize the limitations of AI and explore the balance between machine-human intelligence. However, pricing for AI solutions remains a critical issue as end-users are often not convinced enough to dedicate an additional budgets for such IT capabilities. A cost-effective approach with clear evidence for potential return on investment (ROI) for both parties can help sustain market growth.
As part of the Growth Opportunities (GO) research process, Frost & Sullivan analysts review the emerging application of AI across focused healthcare application areas by analyzing future industry needs, investment trends, market readiness, and the evolving vendor ecosystem in the healthcare AI space. The main purpose of this study is to analyze and call out major growth opportunities for AI applications in the healthcare industry. Frost & Sullivan performed a qualitative factor analysis by evaluating critical attributes to identify and assess the top 10 AI applications in the healthcare space. This study provides a high-level market overview and investment trends for identified AI applications in the healthcare industry. It, however, does not provide any forecasts for the AI application market for healthcare.
This study analyzes over 250 global companies which are active in providing AI solutions for healthcare applications. Additionally, it provides an assessment of the emerging AI vendor ecosystem and also a capability profile for select Companies to Action across the identified top 10 application areas of AI in the healthcare industry. Amongst these, we identified market disruptors, including both start-ups and established enterprises, which have the potential to shape future application growth. Finally, the study summarizes key success factors and strategic imperatives for healthcare stakeholders.
Key Issues Addressed
Author: Kamaljit Behera
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