Some Mind-blowing Stats About AI and IoT in Healthcare
Cost reduction and efficient handling of data explosion are two of the key reasons for incorporating AI in enterprises, and healthcare is not an exception to the rule.
According to a report by Tractica, the use of 22 healthcare AI tools will generate annual revenue of $8.6 billion by 2025, based on the current usage trends. The scope of global revenue will also go beyond $34 billion.
As paper records gradually become a thing of the past, increased inclination towards authentic, measurable, patient-generated data will take its place, which again, is influenced by IoT or Internet of Things.
The limit to human’s mental intelligence and physical strengths is paving the path for AI revolution, especially where data handling is concerned. Innovative solutions using AI and IoMT (Internet of Medical Things) will bring about a digital transformation in the healthcare industry in the following years, glimpses of which are quite evident at this moment. Let’s look at the stats for proof.
Let’s look at the stats for proof.
How AI and IoT are changing the medical hemisphere
- According to a research report by Healthcare IT News, 63% of research subjects agreed that Artificial Intelligence and Machine learning (AI/ML) is already providing excellent value in specialty care departments like radiology, generic pharmacy, and pathology
- 44% of researchers believe that AI/ML is also quite efficient in taking care of patients as of now. These stats are sure to grow in the upcoming years, as more advanced solutions will be implemented in the healthcare industry
- Another report by Smashing Boxes revealed that the IoMT would cut down healthcare industry expenses by $300 billion in the coming years. More patients will be monitored at home, using IoMT wearables and remote monitoring devices, thus reducing admission costs to a great extent. These apart, effective diagnostic tools will also lead to a significant cut down in the number of office visits, saving time and money
- At present, about 705 of smart wearables are dedicated to meet health and fitness requirements. By the end of 2020, about 40% of all the IoT devices will be used extensively by the healthcare industry (Smashing Boxes)
- Backed by IoMT, telemedicine is witnessing a steady growth in the US and providing immense value to the patients and doctors alike. It’s set to cross $20 billion by 2022, as it’s highly effective in bridging the gap between doctors and patients, who are growing impatient with the waiting room scenes. Convenience and affordability are two of the major reasons for the improvement in the telemedicine department, as they will see further growth in the coming years.
- The AI market for healthcare applications is all set to witness a massive growth from 663.8 million in 2014 to 6,662 million in 2021 (pwc.com)
- Investments from both public and private sectors in healthcare AI applications will reach $6.6 billion by 2021 (Forbes)
- IoT revenues in the healthcare industry are set to increase from $24 billion in 2016 to $135 billion in 2025 (Smashing Boxes)
- Currently, there are 26 billion active IoT devices across the globe for the healthcare industry, and this number is going to reach 75 billion by 2025 (Smashing Boxes)
- The price of IoT sensors in the US is going to get reduced by 37% this year, which is one of the biggest reasons for the increase in the number of IoT companies (Reports and Data)
- According to Accenture, AI and machine learning can help meet 20% of all clinical demands, reducing the number of unnecessary visit to the clinics
- At present, AI is being adopted by 46% of service operations, 28% of products and services development, 19% of risk management, 21/% of supply chain management and 17% of marketing and sales in the healthcare industry (Forbes)
While technologies such as IoMT, AI, and machine learning, are new, they are already making tremendous progress in the healthcare sector and will see brighter days in the future.
Several companies globally are coming up with excellent ideas to integrate machine learning in smart wearables, devices, and software applications, thus increasing their efficiency. If things continue at the same pace, the day isn’t far when people will no longer visit hospitals, except in emergencies, thus decreasing costs, saving time, as well as benefitting the environment by reducing the need for physical space.
Seems like science fiction? Not really. There are several hospitals around the world, where this is a reality today. Are you ready for the transformation?