AI market in healthcare expected to surpass $34B by 2025
Total revenue for artificial intelligence (AI) in the healthcare market is expected to surpass $34 billion by 2025, according to report by Tractica.
In the report, researchers discussed how the healthcare industry has evolved over the last several years from having mostly paper-based records systems to integrated systems that incorporate physician, payer and patient-generated data. The report focuses on how AI technology is used and incorporated throughout the healthcare industry.
“This explosion of data means there is a strong need and desire 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,” the report said.
With the healthcare industry quickly evolving, researchers believe global software revenue from AI technology in healthcare will grow from $511.7 million in 2018 to $8.6 billion annually by 2025. The total revenue for the healthcare AI market is forecast to surpass $34 billion by 2025.
The report also projects the top uses for healthcare AI will be medical image analysis, healthcare VDAs (virtual desktop access), 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 and biomarker discovery.
“It is no secret that healthcare is expensive,” principal analyst Keith Kirkpatrick said in a statement. “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.”
Danielle covers Clinical Innovation & Technology as a senior news writer for TriMed Media. Previously, she worked as a news reporter in northeast Missouri and earned a journalism degree from the University of Illinois at Urbana-Champaign. She's also a huge fan of the Chicago Cubs, Bears and Bulls.