AI integration will be a key driver of healthcare innovation

Microsoft announced at the 2024 Healthcare Information and Management Systems Society Global Health Conference and Exhibition in Orlando, Florida, US that it will be further integrating AI into its tools by forming new collaborations with healthcare partners to facilitate innovation within the healthcare and life sciences (HLS) space. With such collaborations, the hope is to speed up the implementation of AI in patient care. AI can bring benefits such as aiding physicians in making faster and more reliable diagnostic decisions, data management and the potential of remote surgery in rural areas. Despite the immense potential AI has in the HLS sector, data privacy and the need for sufficient regulatory frameworks to monitor its applications are some of the challenges that must be addressed. Given that AI models will be dealing with patients’ personal information, data that is not adequately safeguarded could result in phishing attacks and data breaches. Regardless, the integration of AI in healthcare applications is set to experience an upward trajectory. According to GlobalData’s thematic report on Artificial Intelligence in Medical, the AI healthcare space is forecast to experience a robust compound annual growth rate of 31% from 2022 to 2027. Despite the potential challenges, AI will certainly be a key driver of healthcare innovation.