Worldwide AI Healthcare Industry Projected to Grow 10-Fold by 2025

A recent report predicts that the use of artificial intelligence in healthcare will become a $13 billion dollar industry by 2025.

Global Markets Insight, a market research and consulting service, released a report in February claiming that the healthcare artificial intelligence market will grow by roughly 10-fold in the next six years. The report valued the world’s healthcare AI market in 2018 at $1.3 billion.

Currently, AI is mostly used for administrative and financial purposes, but new innovations have expanded AI’s usefulness in clinical and diagnostic tasks, as well.

According to a recent article in Forbes, AI has the potential to improve healthcare administration, from organizing billing to analyzing revenue to identifying the best use of resources. Besides improving the performance of these tasks, AI adoption has another potential perk: If healthcare workers can spend less time on administration, they can spend more time focusing on patient care.

Beyond administrative functions, though, AI may also be used in health-related technologies that aid in both diagnosis and treatment. Health Analytics compiled a list of the “Top 12 Ways Artificial Intelligence Will Impact Healthcare.” The article notes AI can help restore a patient’s abilities to speak and move through AI-assisted Brain-Computer Interfaces (BCIs). AI software can also be used to analyze tumors on MRI and CT scans, screen X-rays for signs of tuberculosis, and provide warnings for signs of declining health.

Artificial intelligence could replace the need for tissue samples. New radiologic technology can perform “virtual biopsies” which, when paired with AI algorithms, can help clinicians understand the genetic makeup of tumors and predict how they may behave.

AI may also improve diagnostic accuracy. AI’s ability to aggregate and process massive amounts of data may make its predictions and analyses more accurate than those of human healthcare workers in some cases.

Image by Pexels.

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