Provided by BIS Research
There has been a steep rise in the volume of patients, and hence, the patient healthcare data has also increased manifold. The healthcare industry has faced difficulties in putting that data to practical use, in addition to the cyber-attacks that recently rattled the industry.
Artificial Intelligence (AI) has been a boon for the healthcare industry as it can draw inferences based on the vast expanse of raw data. The healthcare industry has already integrated robotics and smart devices in their operations and AI can help the industry in further streamlining the processes and expanding the domain within the industry in various tasks such as surgery, building bionic limbs, etc.
There are a number of examples of the AI application in the healthcare industry and the potential that these applications exhibit is quite optimistic. For example, Babylon is an application for Android and iOS users, which is based on common medical knowledge and personal medical history. This personal health and nursing assistant application checks the symptoms reported by the user against a database of diseases with the help of speech recognition and suggests an appropriate action after analyzing the circumstances and the patient's history. The app follows up with the patients about their health and also notifies them for the medication and thus, helps the patients to decrease their waiting time at the hospitals and increase the efficiency of a diagnostic process.
The biggest challenge faced by the healthcare industry is the unstructured data, the data that is not in the organized databases. These data make a great amount and are difficult to organize with traditional computational algorithms. With the organizations using clouds and servers to store such data, the cyber-attacks have created a menace for them. The potential of these data is huge and life changing and AI is a tool to realize their full potential to make patient care more efficient and cost-effective.
According to the latest market report by BIS Research, titled ‘Global Artificial Intelligence Market in Healthcare Sector: Analysis & Forecasts, 2017-2025', the global AI market in healthcare sector is expected to grow at a robust CAGR of 45.1% from 2017 to 2025. This tremendous growth rate is attributed to the increasing need for driving huge amount of complex data which can be achieved with the use of artificial intelligence. However, governmental regulations, lack of skilled workforce and high upfront investment are acting as restraints for the growth of artificial intelligence market in healthcare sector.
The application which utilizes the artificial intelligence the maximum in the healthcare sector is the personal health and nursing assistant application. People around the world are focusing more on their health and want to spend their time on something productive rather than to waste it in the hospitals waiting for their check-up and diagnosis. Hence, the adoption of personal health and nursing assistants has witnessed a strong growth over the last few years. The assistants support the patients by analyzing their medical history and present conditions.
The market is dominated by North America currently, whereas the Asia Pacific region is expected to grow at the highest rate in the coming years. In North America, the U.S. acquires the major market share owing to the presence of several key players and the high investments. The U.S. government has also been the single largest purchaser of healthcare services in the U.S. In 2015, the U.S. government launched the Precision Medicine Initiative with the aim of collecting genetic data from people, and in 2016, the U.S. government invested $1 billion in funding towards artificial intelligence research. Asia Pacific is the fastest growing region in terms of developments and innovations owing to the presence of the leading companies such as IBM, Microsoft, Apple, Google, Siemens and GE Healthcare, among others.
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