The Becker’s Health IT & CIO Report recently published the following commentary from BIP Capital’s health industry expert, Sarath Degala in his piece “The future is now: Two exciting advances in healthcare AI”:
In its recent report, “Artificial Intelligence: Healthcare’s New Nervous System,” Accenture predicts that growth in the AI health market will reach $6.6 billion by 2021. That’s a compound annual growth rate of 40 percent.
That impressive growth rate is feasible because AI has wide-reaching applications across the spectrum of healthcare. Think cybersecurity, robot-assisted surgery, fraud detection, virtual nursing assistants and more. Accenture estimates that, combined, these applications represent a savings potential of $150 billion.
Two areas I’ve had my eye on in recent months are radiology and administrative workflow assistance. Global research and consulting firm Frost & Sullivan predicts that in coming years, “Clinical support from AI will strengthen medical imaging diagnosis processes. In addition, the use of AI solutions for hospital workflows will enhance care delivery.”
As a venture capitalist, I’m already seeing the potential of AI becoming reality in the form of startup companies leveraging this technology to turn possibility into delivered solutions.
>> Continue reading in Becker’s Health IT & CIO Report