SANTA CLARA, Calif., Sept. 13, 2018 /PRNewswire/ -- Frost & Sullivan expects artificial intelligence (AI)
"AI in healthcare IT allows many providers to pursue precision medicine approaches based on the real-time integration of a patient's genomic, clinical, financial, and behavioral data to improve outcomes," said Koustav Chatterjee, Industry Analyst, Transformational Health. "For maximum impact, AI algorithms also consider the latest academic research evidence and regulatory guidelines before recommending personalized treatment pathways to high-risk, high-cost patient populations. AI is also used to expedite the process of clinical trial eligibility assessment and generate prophylaxis plans that suggest evidence-based drugs. However, physicians remain the key decision maker and should be the final authority on any AI-driven care plan."
Frost & Sullivan's recent analysis, Artificial Intelligence Market—Key Application Areas for Growth in Healthcare IT, Forecast to 2022, examines key AI vendors as well as forecasts global revenue for primary healthcare IT segments that leverage AI to augment product functionalities. In addition, it assesses the competitiveness of 10 key markets that pioneered AI in healthcare. In total, this market is expected to grow to $6.16 billion at a compound annual growth rate (CAGR) of 68.55% between 2018 and 2022.
For further information on this analysis, please visit: http://frost.ly/2qu.
In the next three to five years, the status-quo is going to improve dramatically. Democratization of AI is now made possible by big IT companies such as IBM Watson Health, Microsoft, Google, Philips, GE Healthcare, Amazon and Salesforce, which are offering cost-effective infrastructure support to modular and speciality-specific vendors, striving to help end users embrace precision diagnosis, treatment and follow-up for patients and their family members across the care continuum.
Currently, the United States is the global hub of healthcare AI due to its strong performance across seven AI maturity metrics by Frost & Sullivan: investment, incubator, infrastructure, patent, talent, global collaboration, and end-user adoption. China has already established its dominance in AI, while Japan and India are gradually establishing footprints. Europe, on the other hand, is struggling to pioneer AI innovations due to restrictive data policies.
Healthcare IT companies that are eager to expand their business will find growth opportunities in:
"To be successful, healthcare IT providers need to devise AI-based business models that fetch real benefits in the form of tangible return on investment (ROI) to end users," noted Chatterjee. "More importantly, one must realize that patient-generated data which AI 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."
Artificial Intelligence Market—Key Application Areas for Growth in Healthcare IT, Forecast to 2022 is part of Frost & Sullivan's global Digital Health Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Artificial Intelligence Market—Key Application Areas for Growth in Healthcare IT, Forecast to 2022K26D-48
Contact:Mariana FernandezCorporate CommunicationsT: +1 210 348 10 12T: +54 11 4778 3540E: Mariana.Fernandez@frost.comhttp://ww2.frost.com
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SOURCE Frost & Sullivan
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