Key catalysts of Watson Health
The growing demand for AI in the health industry has encouraged IBM (IBM) to target the health sector with its Watson Health technology. The company’s increasing presence, particularly in oncology and not only in the United States but also in highly populated countries such as China and India, is also contributing to Watson Health’s growth.
IBM Watson Health came on the market three years ago with more than 210 million records on clinical trials and claims. Watson AI for oncology is now available in more than 150 hospitals and health organizations. The demand for Watson Health is growing considerably in local government agencies, as well as life sciences and oncology.
Steps to boost Watson Health
The implementation of Watson Health technology in hospitals helps doctors quickly diagnose patients based on historical records easily available to them. Integrating AI into health also offers better treatments and time and cost savings for hospitals and clinics. The demand for Watson Health is on the rise.
In April 2016, IBM bought cloud-based healthcare data operator Truven Health Analytics for $2.6 billion. The acquisition helped IBM keep a diverse collection of health-related data. IBM has already invested more than $4 billion to strengthen its cognitive healthcare capacities.
IBM also teamed up with Pfizer (PFE) to leverage Watson Health for drug discovery and help step up Pfizer’s research in immune-oncology. From the chart above, you can see the five-year trend in the IBM Cognitive segment, which includes Watson Health.