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Artificial Intelligence Systems Poised for Dramatic Market Expansion in Healthcare Says Frost & Sullivan - Commercialized cognitive computing and AI platforms are enabling a new era in data driven decision support, says Frost & Sullivan - Frost.com
Artificial Intelligence Systems Poised for Dramatic Market Expansion in Healthcare Says Frost & Sullivan

 

PRZOOM - /newswire/ - Mountain View, CA, United States, 2016/01/05 - Commercialized cognitive computing and AI platforms are enabling a new era in data driven decision support, says Frost & Sullivan - Frost.com.

   
 
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Changes in healthcare delivery methods, timelines and payment options are requiring the adoption of innovative tools to manage patient information and make decisions. The need for data mining and decision-making has put artificial intelligence (AI)-enabled solutions at the forefront of the healthcare revolution. AI facilitates greater accessibility, relevancy and actionability of healthcare information.

New analysis from Frost & Sullivan, Artificial Intelligence & Cognitive Computing Systems in Healthcare , finds the market earned revenues of $633.8 million in 2014 and estimates $6,662.2 billion in 2021 at a compound annual growth rate of 40 percent.

Clinical support from AI will strengthen medical imaging diagnosis processes. In addition, the use of AI solutions for hospital workflows will enhance care delivery. Overall, AI has the potential to improve outcomes by 30 to 40 percent while cutting treatment costs by as much as 50 percent.

“Already playing a critical role in other industries, AI systems are poised to transform how we think about disease diagnosis and treatment,” saidFrost & Sullivan Transformational Health Industry Analyst Harpreet Singh Buttar. “Augmenting the expertise of trained clinicians, AI systems will provide an added layer of decision support capable of helping mitigate oversights or errors in care administration.”

The capacity to extract information from disparate information silos, translate large unstructured data sets, and tools for natural language processing allow AI systems to tackle challenges in care coordination that previously had no other means of recourse.

Further research and fine tuning of the AI engine will facilitate the optimized use of AI systems for both clinical decision support and workflow logistics within hospitals. Selecting the right solution partners and business models will be a critical determinant of success for vendors.

“By 2025, AI systems could be involved in everything from population health management, to digital avatars capable of answering specific patient queries” noted Buttar. “On a global scale, in regions with high underserved patient populations, AI is expected to play a significant role in democratization of information and mitigating resource burdens.”

Artificial Intelligence & Cognitive Computing Systems in Healthcare is part of the Visionary Healthcare (frost.com/c/6671427/home.do) Growth Partnership Service program. Frost & Sullivan’s related studies include: Assessing Ultrasound's Market Potential within Emerging Clinical Points of Care, Care Coordination Software - US Overview and Outlook, Big Data Opportunities in the US Medical Imaging Market, and Executive Outlook of Health, Wellness, and Wellbeing Technologies in the Global Automotive Industry. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Artificial Intelligence & Cognitive Computing Systems in Healthcare / NFFE-54

 
 
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Artificial Intelligence Systems Poised for Dramatic Market Expansion in Healthcare Says Frost & Sullivan

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Frost & Sullivan | Artificial Intelligence
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