AI tools to save healthcare industry $52B by 2021: 3 report insights

Artificial intelligence applications will save the global healthcare sector an estimated $52 billion by 2021, according to report by market research advisory firm ABI Research.

In its report, ABI Research hypothesizes that AI solutions will have a large influence on healthcare within the next four years. Although only a few AI applications have resulted in commercialized solutions thus far, many emerging solutions have shown promising results in proof of concept studies, including tools targeted toward hospitals and pharmaceutical companies.

Here are three of the report's insights into how AI will affect the healthcare industry.

1. Hospitals in the U.S. and Israel, in particular, have adopted AI-based predictive analytics models, which will drive the majority of AI savings by 2021. North America represents the continent set to accumulate the most healthcare savings at $21 billion in savings, according to the report.

2. Three companies already targeting hospitals and medical institutions with AI-based predictive analytics solutions for patient monitoring, clinical trials matching and medical transcription, among other services, include EarlySense, Deep 6 AI and LexiconAI.

3. To drive adoption, ABI Research suggested AI vendors help hospitals implement IT infrastructure and data collection solutions, noting the number of patient monitoring devices providing data to train AI models for predictive analytics is expected to rise from 53,000 in 2017 to 3.1 million in 2021.

"Unfortunately, clinicians in most hospitals often must work with pen and paper or pagers from 20 years ago and have limited access to secure, networked devices," Pierce Owen, principal analyst at ABI Research, said in a June 4 statement. "These institutions need help to collect data in a secure manner and deliver actionable analytics while staying compliant with all regulations."

More articles on artificial intelligence:
For first time, AI beats experienced dermatologists in detecting skin cancer
10 hospitals in India to go live on IBM Watson's oncology, genomics platforms
Alphabet's investment arm funnels $7M into startup using AI to improve medical research

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