Report details reform's impact on AI market

The ongoing move from volume to value is driving numerous markets, including artificial inteligence (AI), according to a new report from Frost & Sullivan.

The AI industry was worth $1.58 billion in 2015 and will reach $1.68 billion in 2016, growing at a rate of 6.9 percent, according to the company.

Approximately 24 percent of consumers currently use mobile apps to track health and wellness, 16 percent use wearable sensors and 29 percent use electronic PHRs. Significantly, 47 percent of consumers reported they would consider using wearables in the near future, which is driving technology developers to design wearables with advanced sensing, capture and analytical functionalities. The collected data from wearables are gaining relevancy through AI-facilitated patient guidance and coaching.

“There had been considerable excitement surrounding consumerization in healthcare for many years, now it has begun to acquire new dimensions,” said Frost & Sullivan Transformational Health Research Analyst Siddharth Shah. “There are more options for wellness and fitness technologies, virtual care and tools for disease management. Furthermore, there is greater flexibility in pricing and a higher degree of customization.”

For example, consumerization is growing with increased transparency allowing patients more insight into quality of care and subjecting providers to incentives and penalities.

“In 2015, retailers made sizeable investments in expanding their clinical footprint, acquiring new tools and forming unique partnerships with healthcare companies,” said Shah. “These investments are expected to bring great returns in 2016 and help companies execute their strategies of becoming the front line of primary care services.”

Access the complete report.