Santa Clara, Calif. – September 13, 2018 – Frost & Sullivan expects artificial intelligence (AI) and cognitive computing to generate savings of over $150 billion for the healthcare industry by 2025. These technologies are mostly used in healthcare to deal with the complexity and growth of medical data. Some of the real-world benefits of AI-enabled solutions are automated disease prediction, personalization of treatment pathways, intuitive claims management, and real-time supply chain management, which promise to ensure higher profitability and sustain competitive advantage for payers, providers and pharmaceutical enterprises. However, their uptake in healthcare IT has been slow due to strategic and technological challenges. So far, only 15-20% of end users have been actively using AI to drive real change in the way healthcare is delivered.

"AI in healthcare IT allows many providers to pursue precision medicine approaches based on the real-time integration of a patient's genomic, clinical, financial, and behavioral data to improve outcomes," said Koustav Chatterjee, Industry Analyst, Transformational Health. "For maximum impact, AI algorithms also consider the latest academic research evidence and regulatory guidelines before recommending personalized treatment pathways to high-risk, high-cost patient populations. AI is also used to expedite the process of clinical trial eligibility assessment and generate prophylaxis plans that suggest evidence-based drugs. However, physicians remain the key decision maker and should be the final authority on any AI-driven care plan."

Frost & Sullivan's recent analysis, Artificial Intelligence Market—Key Application Areas for Growth in Healthcare IT, Forecast to 2022, examines key AI vendors as well as forecasts global revenue for primary healthcare IT segments that leverage AI to augment product functionalities. In addition, it assesses the competitiveness of 10 key markets that pioneered AI in healthcare. In total, this market is expected to grow to $6.16 billion at a compound annual growth rate (CAGR) of 68.55% between 2018 and 2022.

For further information on this analysis, please visit: http://frost.ly/2qu.

If you are interested in discovering further insights on artificial intelligence in healthcare and speaking with our experts, please call (+1.210.348.1012) or email me (Mariana.Fernandez@frost.com).

In the next three to five years, the status-quo is going to improve dramatically. Democratization of AI is now made possible by big IT companies such as IBM Watson Health, Microsoft, Google, Philips, GE Healthcare, Amazon and Salesforce, which are offering cost-effective infrastructure support to modular and speciality-specific vendors, striving to help end users embrace precision diagnosis, treatment and follow-up for patients and their family members across the care continuum.

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