Artificial Intelligence Moving Towards Brighter Future in Healthcare Industry

According to the The Insight Partners Knowledge Services market research report, the artificial intelligence in healthcare market is estimated to be valued at USD 2.1 billion in 2018 and is estimated to reach USD 36.1 billion by 2025, at a CAGR of 50.2% from 2018 to 2025. 

The world is getting smaller and smaller. We’ve been hearing this saying from our grandparents. We are not sure about the other aspects but regarding healthcare, yes, the world is getting smaller.

The global healthcare artificial intelligence market is segmented on the basis of offering, technology, application and end user. The offering segment includes, hardware, software and services. Based on technology, the healthcare artificial intelligence market is segmented as, deep learning, querying method, natural language processing and context aware processing. Based on application, the healthcare artificial intelligence market is segmented as, robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. Based on end user, the healthcare artificial intelligence market is classified into, healthcare provider, pharmaceutical & Biotechnology Company, patient, and payer.

Artificial intelligence (AI) is creation of unique systems using algorithms and software that can perform certain tasks without human intervention and instructions. Artificial intelligence comprises integration of several technologies such as machine learning, natural language processing, reasoning, and perception. Artificial intelligence is used in healthcare for approximation of human cognition and analysis of complex medical and diagnostic imaging data.

Artificial intelligence has revolutionized the healthcare industry by designing treatment plans, medication management, assisting in repetitive tasks, and drug discovery. Increasing adoption of precision medicine has made enabled simplicity of management and cost reduction. Increasing application in genomics research coupled with incremental innovation in robotic personal digital assistants boost industry growth.

The key players influencing the market are IBM Corporation, NVIDIA Corporation, Microsoft, iCarbonX, Next IT Corp., CloudMedx , Atomwise , Zephyr Health , Deep Genomics , and Medtronic.

Digital health is one of the emerging areas in the today’s technologically advanced world. Penetration of artificial intelligence (AI) in the healthcare sector has many benefits including the discovery of diseases and development of new products. The data handling and analyzing the capacity of AI is at par as compared to humans. So, the effective utilization of AI would help in saving time and lives of patients. Moreover, it has benefits for the firms manufacturing new products and drugs in the healthcare domain. Tech giants have been partnering with healthcare companies to develop AI-powered products and find innovative ways to help patients. Startups have been increasingly introducing innovative products based on AI and expanding their offerings in various countries. The implementation of AI in healthcare has become widespread and research & development activities from many firms would bring new tools & innovative products in the next few years. According to the research firm Allied Market Research, the global artificial intelligence in healthcare market is expected to reach $22.79 billion by 2023. Following are some of the instances through which the AI has been transforming the healthcare industry.

AI in compliance and regulations:

Analyzing the vast amount of data is one of the vital aspects of AI. Implementation of AI in building compliance and regulation system in healthcare through analysis of huge data will bring transformation in the industry. Nutraveris, the French firm has launched its Nol Compliance tool that utilizes the mixture of AI technology and detailed online database of the company to help in determining product compliance. Cédric Bourges, founder and CEO of Nutraveris, said, this tool would help market players looking forward to launching new products in Europe. It would reduce the time and human workload.

Before the launch of this system, the firm working with Nutraveris needed to send labels, technical sheets, formulas, clinical trials, and other data for the team of experts for evaluation. Bourges stated that it took nearly three to ten hours for the team of experts to determine the components and provide the analysis. After the launch of the tool, it takes only 15 seconds after entering the formula and the country in which the other firm wants to sell the product. Companies in the healthcare domain have large departments for R&D, regulatory framework, and product marketing. All of them need rapid analysis and saving of several man-hours if they are launching many products in different countries. So, before launching the products in new territories, this AI-enabled tool would help them in achieving those goals.

Corti’s expansion of cardiac arrest-detecting AI:

Corti, a startup focused on the development of cardiac arrest-detecting AI services, has joined hands with the European Emergency Number Association (EENA) to expand its services to four more cities in Europe. The Copenhagen-based startup has successfully run its pilot in the city. Corti’s system was 93% accurate based on nearly 2,000 emergency calls received for cardiac arrest in 2014. Though the ideal scenario is 100%, the system is better as compared to 73% success rate of human operators.

The system analyzed the emergency calls to determine the words and characteristics used in cardiac arrest calls. Then those words and characteristics were applied to the neural network. When emergency calls are carried out, Corti tries to analyze the breathing patterns and other things. Accordingly, it takes actions such as dispatching the emergency vehicle. This demonstrates how AI can be useful in the healthcare domain and can be expanded in diagnosing other conditions.

AI consultations through Samsung Phones:

In order to offer AI-powered medical consultations through smartphones, Samsung has joined hands with the London-headquartered firm Babylon Health. Medical consultations will be provided through the ‘GP at Hand’ service. The service utilizes AI to determine if the patient requires further attention based on the symptoms. This analysis takes place before directing a patient to a general practitioner (GP) with the help of video chat. Furthermore, if necessary, prescriptions will be sent to the pharmacy chosen by the patient. Else, the patient can choose to go for a physical examination.

Commenting on the partnership, Dr. Ali Parsa, Babylon’s Founder & CEO, said, “Babylon’s mission is to make healthcare accessible and affordable and to put it into the hands of everyone on Earth. Samsung’s vision for empowering individuals and transforming healthcare, partnered with the company’s illustrious history of technological innovation, constant focus on customer satisfaction and truly global reach makes it a perfect fit with our values and mission.”


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