Artificial Intelligence in Healthcare Market is expected to exhibit a CAGR of 56.2% | IBM Corporation, Google – EIN News
Artificial Intelligence in Healthcare Market
Artificial intelligence (AI) is the creation of one-of-a-kind systems using algorithms and software that can accomplish particular tasks
SEATTLE, WASHINGTON, UNITED STATES, December 8, 2021 /EINPresswire.com/ — Artificial intelligence (AI) is the creation of one-of-a-kind systems usin…….
Artificial Intelligence in Healthcare Market
Artificial intelligence (AI) is the creation of one-of-a-kind systems using algorithms and software that can accomplish particular tasks
SEATTLE, WASHINGTON, UNITED STATES, December 8, 2021 /EINPresswire.com/ — Artificial intelligence (AI) is the creation of one-of-a-kind systems using algorithms and software that can accomplish particular tasks without human interference or instructions. AI is the combination of numerous technologies, such as machine learning, natural language processing, reasoning, and perception. In healthcare, AI is utilized to approximate human cognition and analyze complicated medical and diagnostic imaging data. AI in healthcare is largely employed to examine the relationship between treatment strategies and patient outcomes. AI programs are being used in medical procedures such as diagnostics, medication development, personalized treatment, and monitoring patients. For instance, AI could help in healthcare processes by assessing vital signs, asking questions, and prescribing medications to patients. During medical procedures, AI systems can also be utilized for alerts and notifications, picture interpretation, retrieval of information, and therapeutic planning. Deep learning technology, the most commonly used type of AI technology, is utilized for image recognition, data mining, and signal recognition.
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Artificial Intelligence in Healthcare Market – Impact of Coronavirus (Covid-19) Pandemic
The pandemic of COVID-19 has expedited the use of artificial intelligence in healthcare. As a response to the COVID-19 issue, AI-based tools and solutions were applied on a wide scale. All AI-powered devices are reacting actively to the outbreak, from diagnosis through treatment and prevention of viral transmission. Microsoft, Apple, Google, Facebook, and Amazon among others, are engaging in programs involving remote communication between patients and therapists, contact tracing, and drug research. With their broad reach, capabilities, and financial resources, these players are in a great position to control the U.S.s’ fragmented health system and profit from rising demand for consumer tools such as monitoring apps that put patients in the responsibility of their doctor’s care.
Artificial intelligence in the healthcare market was worth US$ 3,285.0 Mn in 2020 and is expected to grow at a CAGR of 56.2% over the forecast period 2020 and 2027.
Rising uses of AI in technologies used in the pharmaceutical industry is expected to propel the global artificial intelligence in the healthcare market growth over the forecast period
Growing usage of Artificial Intelligence (AI) technologies in fields varying from drug development to patient care are expected to fuel the global artificial intelligence in the healthcare market growth over the forecast period. Furthermore, an increase in collaborations between leading AI suppliers and life science firms is expected to contribute to the rapid adoption of AI in medical devices and drug research. For instance, Owkin France, a predictive analytics startup, raised US$ 11 million in a Series A funding round in January 2018 to develop AI algorithms for accelerating the drug discovery process. This investment will be used to scale out the company’s revolutionary platform, OWKIN Socrates, establish high-value collaborations with top healthcare organizations, and drive internal growth.
Moreover, pharmaceutical companies can use ai technology to accelerate the drug development process, from drug discovery to commercialization. It has the potential to contribute to the development of customized medications. Furthermore, it is rapidly being employed in advanced disease control, such as cancer detection and therapy, since research has shown that AI could identify breast cancer spreading to lymph nodes.
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For instance, researchers from Harvard Medical School, MIT’s Computer Science and Artificial Intelligence Laboratory, and Massachusetts General Hospital in October 2017 partnered to leverage AI in breast cancer diagnosis and detection. The model devised by these researchers accurately diagnosed 97% of the cases in 335 patients with high-risk lesions.
Artificial Intelligence in Healthcare Market – Restraints
Artificial intelligence (AI) is now experiencing specific technological and feasibility hurdles in the healthcare industry, such as the lack of a specific format or central repository of patient data in the U.S. For instance, extraction of information is difficult for AI when patient files are faxed, emailed as unreadable PDFs, or sent as photographs of written notes. A massive amount of data, in standardized and labeled format, is required in many types of artificial intelligence (AI), such as deep learning and supervised machine learning. Furthermore, the data must be detailed enough to be valuable while also protecting users’ privacy.
Artificial Intelligence in Healthcare Market – Regional Analysis
Increased R&D activities in the field of AI in healthcare have propelled market growth in the North America region over the forecast period. Furthermore, in January 2018, researchers from Waterloo University and Wilfrid Laurier University partnered to examine the use of AI for the early identification of Alzheimer’s disease.
The Asia Pacific is expected to experience considerable market growth, owing to increased government efforts to assist artificial intelligence in the healthcare market growth in this region. For instance, China’s National Clinical Research Center for Cancer (NCRCC) in October 2017 announced a partnership with the Institute of Computing Technology of the Chinese Academy of Sciences (CAS) to apply artificial intelligence in medical imaging. At the World Artificial Intelligence Healthcare Conference held in Shanghai in July 2020, the Chinese government will build a global medical artificial intelligence research platform.
Artificial Intelligence in Healthcare Market – Competitive Landscape
Major players contributing to the global artificial intelligence in the healthcare market are Atomwise Inc., iCarbonX, Koninklijke Philips N.V., Next IT Corporation, Nvidia Corporation, Google LLC, CloudMedx Inc., Medtronic Plc, IBM Corporation, and Microsoft Corporation.
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December 08, 2021, 12:46 GMT
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