Rapid cloud adoption, AI and Language services, and faster R&D will boost the AI in Healthcare market by 12X in the next 8 years.
- Using AI, healthcare companies can develop better solutions using clinical trial data, IoT-enabled devices, EHRs, and patient health variables.
- Language services will also grow as medical companies conduct clinical trials and manufacturing abroad.
- The data generated by AI and Language Services would lead to the next emerging tech in Healthcare 2.0, the cloud.
- Currently, both AWS (54%) and Azure (46%) are witnessing strong adoption for various cloud-based solutions in Healthcare.
Download the full report to capture USD 120 Bn worth of AI, Cloud and Big Data deals in Healthcare and explore emerging trends, challenges, and focus areas for 2023.
“The global AI in healthcare market is projected to be worth USD 120.4 Bn in 2028 climbing from USD 10.2 Bn in 2021 at a CAGR of 41.8%.”
Industry insiders predict that the digital revolution can save the sector upto USD 305 Bn and this is one of the prime reasons emerging technologies are entering the healthcare market. The growth of AI in healthcare will be supported by technologies such as big data and cloud, smarter medical devices and faster R&D enabling it to grow by 12 times in size in the next 8 years. This will be the beginning of a new era, popularly called “Healthcare 2.0.”
Another market that is set to grow with the industry is the Language Services market powered by rapid globalization and localized sales and marketing in healthcare.
This whitepaper explores the potential of AI, big data, cloud and, Language Services market for the healthcare industry and dives deep into relevant industry intelligence required for Healthcare 2.0.
Driving Factors for Market Growth
Each technology mentioned above has witnessed tremendous growth in the pandemic period setting the stage for Healthcare 2.0 and, unlocking opportunities for service providers. In this section, we will understand what contributed to the rapid growth of these technologies and any new use cases we witnessed during the period.
Driving Factors for market growth of AI: The amount of data derived from clinical trials, IoT-enabled devices, EHRs and various patient health variables have made it possible to effectively leverage this data by applying various AI/ML algorithms.
Covid-19 rapidly moved the industry to accelerate innovation of critical drugs & vaccines resulting in the usage of cloud-based big data, analytics, and AI/ML solutions to generate scientific hypothesis and discover new drugs.
Driving factors for market growth of Language Services: Life Sciences & Medtech manufacturing is a heavily globalized industry with complex international infrastructure battling with different regulatory and compliance issues.
Since most medical companies conduct clinical trials and manufacturing outside their home country, the market for Language Services could witness a boost. This builds a gateway to provide accurate translation and localization services to ensure all medical documents & martials comply with local regulations.
Please download the Snippets to access detailed insights on key driving factors of emerging technologies in healthcare.
Language Services Framework
With the world becoming increasingly interconnected, the global Language Services market has seen rapid growth doubling in size in the last seven years to USD 49.6 Bn in 2019. As international commerce and trade continues to boom, so will the need for strong Language Services.
All Language Services can be broadly classified into three categories, each serving a unique purpose in the process.
- Translation services: This refers to translating important written records and data, in line with various compliance & regulatory frameworks for exporting medical devices, products & related supporting documents.
- Interpreting services: Helping patients and doctors communicate with each other using either personal or digitally automated transcription & tools is the process of interpreting.
- Localization services: These services focus on developing localised content with relevant cultural nuances, local product guides, and training courses to enhance sales & marketing of international medical products.
Industry Analysis and the Shift to Cloud
The data created by AI and Language Services can be referred to as big data and would lead to the next emerging tech in Healthcare 2.0, the cloud. The healthcare industry is utilizing the power of cloud in three major categories namely healthtech, medical devices and pharmaceutical.
Health tech: Both AWS (54%) and Azure (46%) are witnessing strong adoption for various cloud-based solutions from the health tech Industry. AI/ML capabilities are also being utilized for building & enabling internal AI/ML Ecosystem to develop various AI algorithms and solutions based on a cloud platform.
Companies like Cerner are utilizing AWS primarily for AI/ML Workloads, Virtual Teleconsultation, and Data Exchange Platforms, and Azure for securing data and building its new configuration management system.
Pharmaceutical: AWS dominated the market in pharmaceutical amongst major prospects, while clinical trials & drug research leveraged a lot of advanced AI/ML tools from both AWS and Azure.
Pharmaceutical firms like AstraZeneca use AWS more than Microsoft Azure for varied cloud needs, focusing on Data Processing, AI/ML workloads, Data Capture, and Data Storage systems.
Medical devices: Even in Medical devices, AWS is slightly more preferred over Azure for various cloud-based solutions, while Azure is preferred heavily for its AI/ML capabilities to improve medical imaging & predict machine maintenance.
Enterprises such as MedTronic prefer AWS for faster software development, testing, and running code requests for research projects without any data administration.
Outsourcing Analysis of AI and Language Services
The outsourcing intensity of the healthcare industry is worth mentioning. With the pandemic disrupting most industries, it gave a much-needed push to the healthcare industry in terms of innovation. However, innovation at such large-scale would require teaming up with players with specific areas of expertise. This has led to an outsourcing hunt for service providers adept with the technologies of today and tomorrow.
Based on Draup’s research, creation of base models & datasets alongside implementation of various ML algorithms are the major AI workloads outsourced. Coming to Language services, IT Consulting, Risk Management, and Software testing are the most deployed verticals by the key players.
Service Provider Opportunities
Even though AI, big data, Language services and cloud are different areas of technology, they come together in a streamlined process when it comes to healthcare. This means service providers operating in any of the areas can enter the Healthcare 2.0 trend and serve enterprises with varied needs.
Service providers adept with technologies such as Artificial intelligence, Machine learning, big data, cloud computing, Language services and database management stand to benefit from fresh opportunities in the healthcare market.
Our sales intelligence platform provides targeted insights to players and service providers active in the healthcare industry. Service providers can gather product/service requirements and other strategic insights to generate proposals and fulfill business intentions based on specific needs of their prospects.