Microsoft Boosts AI Healthcare Market – Research

Microsoft’s recent announce­ment that it will be further in­tegrating artificial intelligence (AI) into its applications is ex­pected to contribute significant­ly to the 31% CAGR in the AI healthcare space between 2022 and 2027, says research group GlobalData.

In the last few years, the inte­gration of AI in the healthcare and life sciences (HLS) industry has surged, promising transfor­mative impacts on patient care, re­search, and operational efficiency.

At the recently held 2024 Healthcare Information and Management Systems Soci­ety Global Health Conference and Exhibition, Microsoft an­nounced that it will be further integrating AI in its applica­tions through new collabora­tions to facilitate innovation within the medical device space.

GlobalData’s thematic report – Artificial Intelligence in Med­ical – reveals that the AI health­care space was worth $4,8-bil­lion in 2022 and is forecast to reach $18.8 billion in 2027.

“The medical devices indus­try is highly regulated and, as a result, can be slow to adopt new technologies,” says Joselia Carlos, medical device analyst at GlobalData.

“However, leaders in the medical devices industry are realising the benefits AI can bring such as aiding physicians in making faster and more reli­able diagnostic decisions, data management, and the poten­tial of remote surgery. Seeing how AI brings several benefits, many physicians are eager to incorporate AI into their prac­tices.”

Despite the immense poten­tial AI has in the HLS sector, several challenges and consid­erations must be addressed to ensure its responsible and ef­fective adoption. These include concerns regarding data priva­cy and security, and the need for robust regulatory frameworks to govern AI applications in healthcare.

That is why Microsoft joined a group of healthcare leaders to form the Trustworthy and Re­sponsible AI Network – one of the first health AI networks that implements principles aimed at improving the quality and safe­ty of AI in the healthcare space.

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“AI systems collect person­al data to train AI models to personalise the patient experi­ence,” adds Carlos. “In essence, the more data an AI model has, the better it will learn and per­form for a patient.

“However, this creates a huge privacy concern espe­cially since these AI models will be accumulating personal information. Data that is not adequately safeguarded could result in a series of phishing attacks and data breaches.

“Looking ahead, the integra­tion of AI in the HLS industry is poised to continue its up­ward trajectory,” Carlos says. “Collaborations between HLS leaders – such as the network formed by Microsoft – are nec­essary for overcoming barriers, ensuring ethical and responsi­ble AI implementations, and harnessing medical innovation.

“Despite the potential chal­lenges associated with AI inte­gration, AI will certainly be a key driver of healthcare inno­vation,” Carlos said.

SOURCE: Independent