Worldwide healthcare cognitive computing markets are poised to achieve continuing growth as the healthcare delivery system responds to new products. Growth is achieved in response to changing technology, better analytics, and new information systems that leverage natural language, and changing market conditions. Healthcare decision support markets consist of traditional market participants led by McKesson and Watson from IBM. IBM Watson offers structured and unstructured data in combination. This represents a major breakthrough in what kind of decision support can be offered.
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IBM Watson can provide a far more differentiated testing assessment. Watson knows what tests are relevant to further characterize a particular patient condition and what tests are not. It is a great help to physicians to have an assistant that is able to have read the latest journal articles and is loaded with medical information to recommend what tests may be relevant in a particular situation. Wrong tests, tests that are not useful in a particular situation, account for 30% of the costs of healthcare delivery in the US. This is a lot. To have a new system available that addresses these issues is great.
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IBM Watson is initiating a new era of cognitive computing that extends the tabulator and application program intensive enabling new market opportunities based on cognitive performance. Watson is so powerful and so new that the uses for it are not even defined yet. The tools and methods released by natural language computing systems are remarkable. They are very exciting.
Healthcare decision support markets at $201.7 million in 2012 are anticipated to reach $239 billion by 2019 as consumers access apps and these apps generate micro-payments in increments of $.05 per query. Physician access is anticipated to be at a cost of $60 per month per physician, and every facility will have to give its physicians access to IBM Watson and cloud based healthcare decision support.
Personal, consumer queries are anticipated to account for 93% of the healthcare decision support revenue by 2019. Growth is a result of new cognitive computing technology availability. It is not enough to maintain a static position in a market, nimble competitors steal market share away if innovation is not pursued, this is increasingly true in the healthcare decision support markets. Innovation provides competitive advantage and protection of market position.
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