Morgan Stanley found that 94 percent of healthcare companies utilize artificial intelligence in some way and projected the average budget AI allocation to increase from 5.7 percent in 2022 to 10.5 percent in 2024.
The research found that AI is poised for wider adoption in biopharma, healthcare services, life sciences tools and medical technology, according to the Aug. 15 report. Specifically, the report noted that only 24 percent of medical devices currently utilize AI tools.
The news comes as funding for healthcare AI is expected to fall 28 percent year-over-year.
The researchers believe that larger healthcare companies will have the opportunity to collect data, train, invest and implement AI tools.