The healthcare and life sciences sector is emerging as a leader in the adoption and implementation of artificial intelligence, significantly outpacing other industries in both the number of AI models in production and the overall maturity of AI initiatives.
Around half (48%) of healthcare and life sciences respondents to a study conducted by 451 Research and commissioned by Vultr said they view AI as the most significant technological advancement poised to impact industrial networking over the next five years, with 49% expecting AI to improve network management across both IT and OT systems.
More than 170 AI models
According to the report, healthcare and life sciences organizations have deployed an average of more than 170 AI models in production, a figure expected to grow to 182 within the next year.
This is notably higher than the average of 159 AI models in production reported by other sectors, which are anticipated to reach 174 models in the same period.
The study indicated rapid and widespread adoption of AI within the healthcare and life sciences sector is driving substantial business impacts, with 81% of AI-mature healthcare and life sciences enterprises performing better in 2023, compared with 2022.
Eighty percent of healthcare and life sciences organizations reported moderate to significant enhancements in customer satisfaction, and 82% of these organizations saw better outcomes in terms of revenue growth.
Marketing improvements
In terms of marketing efficiency, 81% of AI-mature healthcare and life sciences companies saw improvements in conversion rates, return on ad spend and cost per customer acquisition.
The technology’s influence extends across various functions within the healthcare and life sciences sector, with half of organizations expecting AI adoption across all business units and applications over the next two years.
The strategic focus on AI within the healthcare and life sciences sector is also reflected in the allocation of IT budgets. The study indicates 24% of IT budgets in AI-mature healthcare and life sciences organizations are currently dedicated to AI initiatives.
Nearly all (93%) of healthcare and life sciences organizations surveyed said they plan to increase their AI spending by 2025, and the study revealed two-thirds of these organizations are either custom-building their models or using open-source models to deliver AI functionality.
Additionally, 62% are partnering with external entities to develop their AI models, with 28% choosing AI specialists, 23% opting for global systems integrators and only 11% leveraging hyperscalers such as AWS, Google Cloud Platform and Microsoft Azure.
Challenges still remain
Despite the sector’s advancements in AI, the survey indicated challenges remain, with the top two obstacles to achieving transformational AI status based in data governance and compliance concerns, followed by security issues.
The study also revealed nearly three-quarters (73%) of healthcare and life sciences organizations find it challenging to assess cybersecurity risks within their supply chains, a sentiment shared by 74% of CIOs in the sector.
The study underscores the rapid transformation AI is making across the healthcare space, as providers, health tech startups and others rush to deploy the technology.
From the Mayo Clinic leveraging AI to power 3D imaging to the Cleveland Clinic’s recent establishment of a quantum computing and AI fellowship, AI is becoming an ever more integral part of the healthcare ecosystem even as the risks and concern about its use are highlighted.
To protect patient data while training AI models, for example, encryption technology used in elections is being considered as one possible solution.
The HIMSS AI in Healthcare Forum is scheduled to take place Sept. 5-6 in Boston. Learn more and register.
Nathan Eddy is a healthcare and technology freelancer based in Berlin.
Email the writer: [email protected]
Twitter: @dropdeaded209
Source : Healthcare IT News