The global AI health care market is anticipated to grow beyond $180 billion by 2030, significantly transforming the industry. AI has the potential to reduce the administrative burden on physicians, act as initial patient contact, and enhance medical research and diagnosis. Currently, two-thirds of physicians employ AI, reflecting a 78% growth since 2023. CVS Health, a major industry player, is spearheading innovation under the leadership of Tilak Mandadi, who emphasizes AI's role in healthcare similar to leapfrogging technology in developing countries.
The health care industry has not been an enthusiastic or early adopter of technology. There was a time when the health care industry lagged behind industries, like finance and others, in the adoption of technology.
My view is very similar to what happened in the developing world, where they lagged behind the developed world in the adoption of wire telecommunications. Then, when cellular came into the picture, they actually leapfrogged the developed world in how connected people became.
AI has transformative potential for the health care field. According to the American Medical Association, two in every three physicians are using AI, an increase of 78% compared to in 2023.
Innovation is already underway to disrupt the health care industry. Tilak Mandadi, the executive vice president of ventures and the chief experience and technology officer at CVS Health, discusses his most pressing agenda items and his predictions for the health care industry in the AI era.
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