5-year forecast: exponential growth for AI healthcare market

Among other things, say experts, AI-driven technologies can help with the delivery of targeted and personalized medicine while simultaneously ensuring seamless communication and high productivity within smart hospitals.

The AI in healthcare market is projected to expand from its current $2.1 billion to $36.1 billion in 2025, representing a staggering compound annual growth rate (CAGR) of 50.2 percent.

That’s according to new research from ReportLinker, which notes that the rapid increase in value will be driven largely by North American investment, with the United States at the forefront of innovation and spending.

Hospitals and physician providers will be the major investors in machine learning and artificial intelligence solutions and services, the report predicts.

“A few major factors responsible for the high share of the hospitals and providers segment include a large number of applications of AI solutions across provider settings; ability of AI systems to improve care delivery, patient experience, and bring down costs; and growing adoption of electronic health records by healthcare organizations,” noted the summary of the report.

“Moreover, AI-based tools, such as voice recognition software and clinical decision support systems, help streamline workflow processes in hospitals, lower cost, improve care delivery, and enhance patient experience.”

Natural language processing (NLP) tools will play an important role in bringing these improvements to providers. NLP can translate speech into text, extract concrete data elements from unstructured input, and power chatbots that offer customer service or even basic triage for low-level complaints.

These services will be valuable to consumers seeking more convenient, on-demand access to care as well as among providers looking to reduce their keyboard time and simplify interactions with their electronic health records (EHRs).

Using artificial intelligence to create more intuitive, user-friendly workflows is a top goal for EHR developers moving into 2019, especially as provider burnout continues to rise and dissatisfaction with existing products hits a fever pitch.

Combining machine learning with medical-grade or consumer-facing devices may exponentially increase the impact of both technologies, noted a report from Frost & Sullivan in 2018.

Developing Internet of Medical Things (IoMT) strategies that match sophisticated sensors with AI-backed analytics will be key for developing the smart hospitals – and smart homes – of the future.

“Sensors, artificial intelligence, big data analytics, and blockchain are vital technologies for IoMT as they provide multiple benefits to patients and facilities alike,” Varun Babu, Senior Research Analyst, TechVision, told tech writer Jennifer Bresnick, in a review of the Frost & Sullivan report.