Artificial intelligence and cognitive computing will generate more than $150 billion in savings for the healthcare industry by 2025, according to a report by the market research firm Frost & Sullivan.
Here are five insights into the healthcare AI market from the report:
1. Healthcare AI adoption has been slow worldwide. Today, only 15 to 20 percent of health IT end users have actively used AI to drive changes in healthcare delivery.
2. In the next three to five years, AI adoption will rise "dramatically," according to Frost & Sullivan, thanks in part to companies like IBM, Microsoft, Google, Philips, GE Healthcare, Amazon and Salesforce, which are offering cost-effective support for these technologies.
3. The most common use cases for AI in healthcare are to improve medical imaging, personalized medicine, disease prediction, clinical documentation and revenue cycle management.
4. The global healthcare AI market will reach $6.16 billion by 2022, growing at a compound annual growth rate of 68.5 percent, according to the report.
5. The U.S. is the global "hub" of healthcare AI, and performs well across various maturity metrics, from investment to end-user adoption. China is also dominant in the AI space, while Japan and India are growing their AI footprints. Europe has struggled to maintain a stronghold in AI due to the region's more restrictive data policies.
To download Frost & Sullivan's report, click here.