ANALYTICS

How AI can save the global healthcare industry £114bn by 2025

In the global healthcare industry, use of AI is still relatively small, despite having a great deal of potential. AI technology is being used to help with data as well as claims management and supply chain management. Some innovative technology-led healthcare firms are also using AI to help with disease prediction and to personalise medicine and treatment programmes for patients.

With the potential efficiency and increased productivity AI and cognitive computing can provide, it is a surprise that research by Frost and Sullivan shows that only 15-20% of end users are adopting AI and driving the future of healthcare industry with technology.

How Will AI In Healthcare Grow?

Research by Frost and Sullivan has shown that the AI market will grow at a rate of 69% between now and 2022. While firms are wary because of the technological challenges that AI brings, the fact that big-name IT firms such a Google and Microsoft are leading the way with AI means that the infrastructure is being put in place to support an AI business model.

With support, tools and platforms from the big IT firms, it allows more healthcare businesses to benefit from the infrastructure at a much more cost-effective price. With this in mind, Frost and Sullivan predict that the global healthcare industry as a whole has the potential to realise £114bn ($150bn) in as little as seven years.

How Can AI Help The Healthcare Industry?

One of the most significant benefits of AI is the cost-effective ability to perform a data mining role. By analysing large sets of patient and population data, AI can help medical experts to determine and fill important gaps in clinical service delivery and workflow.
Another benefit is the speed of which AI can operate. This means that healthcare providers will have the insight they need with a much shorter turnaround time. With a quicker turnaround time, it enables healthcare professionals to make fast-thinking and accurate clinical decisions which can increase the quality of care and efficiency of their work.

AI also provides an analytic framework, healthcare professionals are able to input their ‘unstructured data’, and AI can perform analysis to show and determine trends, all of which can work to improve the quality of the healthcare industry.
Already, studies show that the use of AI can reduce costs by 50% as well as improving the outcome for patients by over 50%.

Worldwide Use Of AI In Healthcare

At the moment, the USA is leading the way as an ambassador of AI in healthcare. Thanks to strong support, financial investment and infrastructure, the USA is capitalising on AI uses. However, Europe is seen to be struggling with AI due to the restrictions and legislation surrounding data protection.

The UK is enthused by AI. In fact, a ‘Code of Conduct for AI in Healthcare’ has already been drawn up by the UK government and Health Secretary, Matt Hancock, has also stated his support for innovations in the UK healthcare market.

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