From $600M to $6B, AI Systems Poised for Dramatic Market Expansion in Healthcare

January 25, 2016 at 12:05 AM

MOUNTAIN VIEW, Calif., Jan. 5, 2016 -- Changes in healthcare delivery methods, timelines and payment options are requiring the adoption of innovative tools to manage patient information and make decisions. The need for data mining and decision-making has put artificial intelligence (AI)-enabled solutions at the forefront of the healthcare revolution. AI facilitates greater accessibility, relevancy and actionability of healthcare information.

New analysis from Frost & Sullivan, Artificial Intelligence & Cognitive Computing Systems in Healthcare, finds the market earned revenues of $633.8 million in 2014 and estimates $6,662.2 billion in 2021 at a compound annual growth rate of 40 percent.

Clinical support from AI will strengthen medical imaging diagnosis processes. In addition, the use of AI solutions for hospital workflows will enhance care delivery. Overall, AI has the potential to improve outcomes by 30 to 40 percent while cutting treatment costs by as much as 50 percent.

Read the source article at PR Newswire