The healthcare and life sciences sector is emerging as a leader in AI adoption, far outpacing other industries in both the number of AI models produced and the overall maturity of AI initiatives.
About half (48%) of respondents from the healthcare and life sciences sector responded to test A study conducted by 451 Research on behalf of Vultr found that AI is the most vital technology advancement that will impact industrial networks over the next five years, with 49% of respondents expecting AI to improve network management across IT and OT systems.
Over 170 AI models
Healthcare and life sciences organizations have deployed more than 170 AI models into production on average, and that number is expected to rise to 182 over the next year, according to the report.
This is significantly higher than the average of 159 AI models in production reported by other sectors. The number is expected to reach 174 models in the same period.
The study found that rapid and widespread adoption of AI in the healthcare and life sciences sector translates into significant benefits for businesses – 81% of healthcare and life sciences companies that have implemented AI-based solutions will see better results in 2023 than in 2022.
Eighty percent of healthcare and life sciences organizations reported moderate or significant improvements in customer satisfaction, and 82% of these organizations reported improved revenue growth.
Marketing improvements
When it comes to marketing effectiveness, 81% of healthcare and life sciences companies that have implemented AI have seen improvements in conversion rates, return on ad spend, and customer acquisition cost.
The technology’s impact is stretching across the healthcare and life sciences sectors, with half of organizations predicting AI will be implemented across all business units and applications within the next two years.
The strategic focus on AI in the healthcare and life sciences sector is also reflected in IT budget allocations. The study indicates that 24% of IT budgets in AI-mature healthcare and life sciences organizations are now dedicated to AI initiatives.
Nearly all (93%) of healthcare and life sciences organizations surveyed said they plan to raise AI spending by 2025. The study found that two-thirds of these organizations are either building their models on-demand or using open-source models to deliver AI functionality.
Additionally, 62% of companies partner with external entities to develop their AI models, 28% choose AI specialists, 23% choose global systems integrators, and only 11% operate hyperscalers such as AWS, Google Cloud Platform, and Microsoft Azure.
Challenges still remain
Despite the industry’s progress in AI, the study found that challenges remain. The top two obstacles to achieving transformational AI are data management and compliance, with security coming in second.
The survey also found that nearly three-quarters (73%) of healthcare and life sciences organizations say assessing cybersecurity risk across their supply chains is a challenge, compared with 74% of CIOs in the sector.
The study highlights the rapid transformation taking place in the healthcare sector thanks to AI, as service providers, medtech startups and others rush to adopt the technology.
From the Mayo Clinic using artificial intelligence to support 3D imaging Since the recent establishment of a fellowship in quantum computing and artificial intelligence (AI) at the Cleveland Clinic, AI has become an increasingly integral part of the healthcare ecosystem, even though its operate is fraught with risks and concerns.
One possible solution to protect patient data during training of AI models is encryption technology used, for example, during elections.