The future of the healthcare industry will be shaped by a range of disruptive themes, with artificial intelligence (AI) being one of the themes that will have a significant impact on healthcare companies. A detailed analysis of the theme, insights into the leading companies, and their thematic and valuation scorecards are included in GlobalData’s thematic research report,. Buy the report here.
Healthcare, including pharma, medical devices, healthcare providers, and payers, is a highly regulated industry, and therefore can be slow to adopt new technologies and modernise. However, the healthcare industry is realising the benefits AI can bring, and it is now being used in different areas across the entire value chain. Additionally, its use in the healthcare space is expected to continue to increase in the next five years. The applications of AI in healthcare are many, with the potential to transform key aspects of the industry and drive innovation. Uses include data management, remote surgery, diagnostic and procedural AI assistants, drug discovery, and clinical trial design.
Between 2019 and 2024, GlobalData forecasts that the market for AI platforms for the entire healthcare industry is expected to grow a compound annual growth rate (CAGR) of 23%. This will be driven by the use of AI by healthcare providers and payers.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.
Insights from top ranked companies
In October 2019, Humana and Microsoft announced a seven-year strategic partnership to focus on building modern healthcare solutions for Humana members aimed at making their care experiences simpler to navigate. Humana will develop predictive solutions using Microsoft’s AI tools and automation to improve its members’ care by providing real-time access to information through a secure platform. Humana has also implemented AI tools with WorkFusion to automate tasks with unstructured data using natural language processing (NLP).
UnitedHealth Group, one of the largest healthcare companies in the US, has been applying AI for its healthcare services. In 2019, UnitedHealth implemented AI to use NLP models to understand what callers are specifically looking for and answer queries automatically or guide the caller to the right department or representative. NLP models can also be used to streamline the process of authenticating patients’ identities on the call. An AI-powered interface can help customer representatives during the call by pulling up the patient’s records or providing recommendations on the agent’s computer screens.
Mayo Clinic uses AI tools to programme computers to process and respond to data quickly and consistently for better treatment. For instance, Mayo Clinic applied AI techniques to a new screening tool for left ventricular dysfunction in people without noticeable symptoms. According to Mayo Clinic, the AI screening tool was able to identify people at risk of ventricular dysfunction 93% of the time.
To further understand the key themes and technologies disrupting the healthcare industry, access GlobalData’s latest thematic research report on AI in Healthcare.
Frequently asked questions
1. How are Healthcare companies using artificial intelligence (AI)?
Healthcare companies are using artificial intelligence (AI) in various ways, such as improving diagnosis and treatment, streamlining administrative tasks, enhancing patient monitoring, and enabling personalized medicine.
2. How does artificial intelligence impact the Healthcare industry?
Artificial intelligence has a significant impact on the healthcare industry by automating routine tasks, improving accuracy in diagnosis and treatment planning, enabling predictive analytics for better patient outcomes, and facilitating remote patient monitoring and care.
3. Who are leading adopters of artificial intelligence (AI) in Healthcare?
Leading adopters of artificial intelligence (AI) in healthcare include Harvard Medical School, Kings College London, Mayo Clinic, IQVIA, Pfizer, Sanofi, Novartis, AstraZeneca, Johnson & Johnson (J&J), Bristol Myers Squibb, and Medtronic.
4. Who are the leading vendors of artificial intelligence (AI) solutions to the Healthcare industry?
The leading vendors of artificial intelligence (AI) solutions to the healthcare industry include Alibaba, Meta, Nvidia, Novartis, Takeda, Alpha MOS, Microsoft, BenevolentAI, 3M, Mayo Clinic, Alphabet (Google, Waymo), iFlytek, Cyclica, GSK, CVS Health, Amazon, Mobileye, Atomwise, Roche, and GE.
5. What are the advantages of artificial intelligence in Healthcare?
The advantages of artificial intelligence in healthcare include improved efficiency and accuracy in diagnosis and treatment, enhanced patient monitoring and care, personalized medicine, predictive analytics for better outcomes, and automation of administrative tasks.
6. What are the challenges with adoption of artificial intelligence in Healthcare?
The challenges with the adoption of artificial intelligence in healthcare include concerns about data privacy and security, ethical considerations, risk of incorrect information or misuse, interoperability issues with existing IT systems, environmental impact, and the need for stakeholder buy-in and skilled personnel.
7. What is the projected market size of artificial intelligence in Healthcare?
The projected market size of artificial intelligence in healthcare is expected to grow significantly, with estimates ranging from billions to trillions of dollars, depending on the specific applications and market segments.
8. Who are the leading specialist artificial intelligence vendors in Healthcare?
The leading specialist artificial intelligence vendors in healthcare include companies like Alpha MOS, BenevolentAI, Cyclica, and Atomwise, which provide AI-enabled solutions for various healthcare applications.
9. What are the components of the artificial intelligence value chain?
The components of the artificial intelligence value chain in healthcare include hardware (such as semiconductors and edge equipment), data management, foundational AI technologies, advanced AI capabilities (such as machine learning and natural language processing), and delivery models (such as AI as a service or hardware appliances).