GlobalData forecasts Microsoft’s AI health ecosystem to drive 31% annual growth in healthcare AI sector, reports ET HealthWorld.

In recent years, the integration of artificial intelligence (AI) in the healthcare and lifesciences industry has seen significant growth, with promises of transformative impacts on patient care, research, and operational efficiency. At the 2024 Healthcare Information and Management Systems Society Global Health Conference and Exhibition, Microsoft announced new collaborations to further integrate AI in its applications, contributing to the projected 31% CAGR in the AI healthcare space between 2022 and 2027, as reported by GlobalData. The AI healthcare space was valued at $4.8 billion in 2022 and is expected to reach $18.8 billion by 2027.

Joselia Carlos, a Medical Device Analyst at GlobalData, highlighted the benefits of AI adoption in the medical devices industry, emphasizing its potential to aid in faster and more reliable diagnostic decisions, data management, and even remote surgery. Despite the promising potential of AI in the HLS sector, challenges such as data privacy, security, and regulatory frameworks must be addressed for responsible and effective adoption.

Microsoft, along with other healthcare leaders, has formed the Trustworthy and Responsible AI Network to ensure ethical AI implementations in the healthcare space, aiming to improve the quality and safety of AI applications. Carlos noted the importance of safeguarding personal data used to train AI models, highlighting the privacy concerns associated with accumulating personal information without adequate protection.

Looking ahead, the integration of AI in the HLS industry is expected to continue its upward trajectory, driven by collaborations among industry leaders. Despite potential challenges, AI remains a key driver of healthcare innovation, with initiatives like the Trustworthy and Responsible AI Network playing a crucial role in overcoming barriers and ensuring ethical AI implementation.