The healthcare industry has undergone a significant evolution over the past several years, moving from an antiquated, paper-based records system to a more efficient and integrated system that often incorporates physical, payer, and patient-generated health data. This explosion of data means there is a strong need for systems that not only will help extract and organize this information, but will also analyze and even provide insights and recommendations on how best to utilize the data. According to a new report from Tractica, artificial intelligence (AI) is being increasingly used to improve the depth of data analytics capabilities, in addition to automating key healthcare-related tasks.
Tractica forecasts that global software revenue from 22 key healthcare AI use cases will grow from $511.7 million in 2018 to $8.6 billion annually by 2025. Including the hardware and services sales that will be driven by these software implementations, the market intelligence firm anticipates that the total revenue opportunity for the healthcare AI market will surpass $34 billion by 2025.
Tractica projects that the top 10 use cases for healthcare AI will be as follows:
- Medical image analysis
- Healthcare VDAs
- Computational drug discovery and drug effectiveness
- Medical treatment recommendation
- Patient data processing
- Medical diagnosis assistance
- Converting paperwork into digital data
- Automated report generation
- Hospital patient management system
- Biomarker discovery
“It is no secret that healthcare is expensive,” says principal analyst Keith Kirkpatrick. “Cost reduction is a major driver of many healthcare initiatives and incorporating AI technology is no exception. AI applications are designed to address specific, real-world use cases that make the diagnosis, monitoring, and treatment of patients more efficient, accurate, and available to populations around the world.”
Tractica’s report, “Artificial Intelligence for Healthcare Applications”, focuses on 22 healthcare-focused use cases for artificial intelligence, including an assessment of the market opportunity for AI software, hardware, and services in the healthcare market. The market analysis and forecasts within the study cover industry dynamics in five major world regions and are based on an in-depth assessment of major companies as well as startup-level activity in the healthcare AI space. Revenue forecasts for each use case are segmented by world region, and the study also includes profiles of 22 key industry players. An Executive Summary of the report is available for free download on the firm’s website.