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AI Spending in Healthcare To Rise as Investments Pay Off
More than 80 percent of healthcare professionals surveyed for a recent Nvidia report credited AI use for helping increase their revenues.
That's one of the takeaways of the AI giant's first ever "State of AI in Healthcare and Life Sciences" report, which surveyed over 600 healthcare professionals around the world, including insurers, digital healthcare providers, pharmacy techs and more, about how they're using AI in their organizations.
Nvidia found that a "robust" amount (about 66 percent) of respondents are actively using AI -- and to measurable benefits. Nearly half (45 percent) said their AI use helped increase their revenues within a single year.
"The healthcare and life sciences industry is seeing how AI can help increase annual revenue and reduce operational costs," Nvidia said in a press release about the report. "Forty-one percent of respondents indicated that the acceleration of research and development has had a positive impact. Thirty-six percent of respondents said AI has helped create a competitive advantage. And 35% have said it’s helped reduce project cycles, deliver better clinical or research insights, and enhance precision and accuracy, respectively."
Given those returns, most of the survey pool said they plan to invest even more on AI this year -- 78 percent, to be exact. About 33 percent expect their AI budgets to increase by at least 10 percent.
Nearly half (48 percent) of respondent said "identifying additional AI use cases" is a major spending priority of, while just over a third (34 percent) expect to focus their spending on "optimizing workflow and production cycles." About one-quarter (26 percent) plan to spend their AI budgets on new hires with AI expertise.
Among the report's other findings:
- "58% cited data analytics as the top AI workload, with generative AI second at 54%, and large language models third at 53%."
- "59% of respondents from pharmaceutical and biotech companies cited drug discovery and development among their top AI use cases."
- "[I]n the payers and providers industry segment...48% of respondents said their top AI use case was administrative tasks and workflow optimization."
- "For the medical tools and technologies field, 71% of respondents said their top AI use case was medical imaging and diagnostics."
- "[F]or digital healthcare, 54% of respondents said their top use case was clinical decision support.
- "54% from the pharmaceutical and biotech fields prioritized drug discovery and development.