The term “artificial intelligence” (AI) is used to describe the practise of designing and developing algorithms and computer programmes to produce autonomously operating systems that can accomplish specific tasks without any direct involvement from a human being. Machine learning, NLP, logical and perceptual reasoning, and other technologies are all part of what makes up artificial intelligence. Artificial intelligence (AI) is utilised in medicine to do tasks like pattern recognition and data processing that would otherwise require a human brain. In healthcare, AI is typically used to examine the link between specific procedures and desired outcomes for patients.
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Diagnostic procedures, drug research, tailored medicines, and patient monitoring are only some of the medical applications of artificial intelligence software. For example, AI could help with clinical procedures like taking vitals, interviewing patients, and prescribing medication. In addition to warnings and reminders, picture interpretation, information retrieval, and therapy planning, AI systems have applications in the medical field. Most applications of artificial intelligence (AI) nowadays use some sort of deep learning, which is employed in fields as diverse as image recognition, signal detection, and data mining.
Artificial Intelligence in Healthcare Market – Impact of Coronavirus (Covid-19) Pandemic
The spread of the COVID-19 pandemic has increased interest in using AI in healthcare. During the COVID-19 pandemic, AI-based technologies and solutions were widely adopted due to their efficiency and effectiveness. Everything from diagnostics to treatment to prevention of further outbreaks is being handled by AI-powered devices in real time. Initiatives including remote patient-doctor communication, contact tracing, and medicine development are just some of the areas where tech giants like Microsoft, Google, Apple, Amazon, and Facebook are actively participating. These companies have the resources to meet the growing demand for consumer tools like monitoring software that put consumers in control of their doctors’ care, and the scale to make an impact on the United States’s disjointed healthcare system.
In 2020, the healthcare application of AI is predicted to be worth $3,285.0 Mn, expanding at a compound annual growth rate (CAGR) of 56.2% between 2015 and 2020. (2020-2027).
The artificial intelligence in healthcare market is anticipated to increase as a result of the increasing use of AI in pharmaceutical sector technologies
The artificial intelligence in healthcare market is anticipated to expand as AI technologies are increasingly used in settings ranging from medication discovery to direct patient care. The rapid adoption of AI in healthcare devices and medication development is anticipated as a result of the growing number of partnerships between prominent AI providers and life science businesses. Owkin France, a predictive analytics firm, raised US$11 million in a Series A fundraising round in January 2018 with the express purpose of creating artificial algorithms to expedite the drug development process. To expand its cutting-edge OWKIN Socrates platform, forge strategic alliances with industry leaders in healthcare, and fuel internal expansion, the business plans to invest the newly raised capital.
Also, adopting AI helps pharmaceutical companies speed up the entire medication development process, from discovery to marketing. It may help in the creation of more effective, patient-specific pharmaceuticals. Studies have shown that artificial intelligence may be able to detect breast cancer metastasis to lymph nodes, hence it is increasingly being employed in advanced illness management.
The Computer Science and Artificial Intelligence Laboratory (CSAIL) at MIT, Harvard Medical School, and Massachusetts General Hospital worked together in October 2017 to use AI in the diagnosis of breast cancer at an early stage. The researchers’ approach successfully diagnosed 97% of 335 patients with high-risk lesions.
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Artificial Intelligence in Healthcare Market – Restraints
There is currently a lack of a standardized format or central repository of patient data in the United States, both of which pose technical and feasibility issues for artificial intelligence (AI) in the healthcare industry. Extracting information from patient files that have been faxed, sent as unreadable PDFs, or provided as photographs of handwritten notes is a problem for AI. Supervised machine learning and deep learning are two types of AI that require a massive amount of data that has been cleaned, normalized, and labeled before it can be used. The information needs to be specific enough to be relevant while still respecting people’s right to privacy.
Artificial Intelligence in Healthcare Market – Regional Analysis
Market expansion in North America can be attributed to the region’s prolific investment in healthcare AI R&D. In January of 2018, for instance, the University of Massachusetts Amherst Center for Data Science collaborated with the Chan Zuckerberg Initiative (CZI) to expedite the application of AI in medical research and development. In addition, a team of academics from Waterloo and Wilfrid Laurier universities worked together in January 2018 to investigate the potential of AI in the early diagnosis of Alzheimer’s disease.
Governments in the Asia Pacific region are making more efforts to foster the development of the artificial intelligence in healthcare industry, which has led analysts to predict rapid expansion in this area. In order to employ AI in the field of medical imaging, for instance, the National Clinical Research Center for Cancer (NCRCC) in China inked a contract with the Institute of Computer Technology under the Chinese Academy of Sciences (CAS) in October 2017. At the International Artificial Intelligence Healthcare Conference in Shanghai in July 2020, the Chinese government unveiled a global medical AI research platform.
Artificial Intelligence in Healthcare Market – Competitive Landscape
IBM Corp., Google LLC, Medtronic Plc, Koninklijke Philips N.V., Nvidia Corp., Microsoft Corp., iCarbonX, CloudMedx Inc., Atomwise Inc., and Next IT Corp. are all major competitors in the worldwide artificial intelligence in healthcare industry.
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Products and Services
- Market Snippet, By Technology
- Market Snippet, By Application
- Market Snippet, By End User
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Opportunities
- Impact Analysis
- Key Developments
- Artificial Intelligence in Cancer Diagnosis
- Artificial Intelligence (AI) In Different Healthcare Segment
- Product Mapping
- Strategic Partnerships & Collaborations
- Regulatory Scenario
- PEST Analysis
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