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.
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.
GlobalData forecasts that the market for AI platforms for the entire healthcare industry will reach $4.3bn by 2024, up from $1.5bn in 2019. This will be driven by the use of AI by healthcare providers and payers, which is forecast to reach $2.9bn by 2024.
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.
- Ping An Insurance
- Cleveland Clinic
- One Medical
- Tata Consultancy Services
- HCA Healthcare
- Walgreens Boots Alliance
- Molina Healthcare
- CommonSpirit Health
- Assicurazioni Generali