Artificial Intelligence Will Transform Healthcare
May 15, 2020
Artificial intelligence (AI) research and application within medicine is growing rapidly. In 2016, healthcare AI projects attracted more investment than AI projects within any other sector of the global economy. According to the British Journal of General Practice (2018), investment banking giant Morgan Stanley estimates that the global market for AI in healthcare could surge from $1.3 billion today to $10 billion by 2024, growing at an annual compound rate of 40% (Buch et al, 2018).
Harvard University tells us why—advances in computational power paired with massive amounts of data generated in healthcare systems make many clinical problems ripe for AI applications. In Forbes, Accenture reports that the ten most promising AI applications for healthcare, led by robot-assisted surgery, virtual nursing assistants, and administrative workflow assistance, could create up to $150 billion in annual savings for U.S. healthcare by 2026.
Just a few examples show that AI-informed healthcare can significantly improve outcomes, from outperforming physicians’ ability to detect cancer (Harvard, 2019) and increasing the time that doctors can spend with patients to screening medications for effectiveness against the Ebola virus (Amisha, 2019).
Amisha et al, “Overview of artificial intelligence in medicine,” Journal of Family Medicine and Primary Care, 2019 Jul; 8(7): 2328–2331, Retrieved at https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6691444/.
Buch, V., Ahmed, I., and Maruthappu, M., “Artificial intelligence in medicine: current trends and future possibilities,” British Journal of General Practice 2018; 68 (668): 143-144, Retrieved at https://bjgp.org/content/68/668/143.
This blog post is an excerpt from the longer HealthStream article, Trends That Will Shape the Next Decade in Healthcare. Focused on the people providing healthcare, HealthStream is committed to helping customers address and solve big problems in our industry. From hospitals to long-term care and across the care continuum, there are challenges stemming from demographic changes, governmental mandates, and the need for higher care quality. Download the webinar, Ten Healthcare Trends for 2020, where Robin Rose, Vice President, Healthcare Resources Group, HealthStream discusses this information in detail. HealthStream is dedicated to improving patient outcomes through the development of healthcare organizations' greatest asset: their people. Learn more about our healthcare workforce development solutions.