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(Health-NewsWire.Net, April 09, 2020 ) Market Overview
• The Global Artificial Intelligence in Healthcare Market is expected to grow at a CAGR of 49.7% during the forecasting period (2019-2026).
• Artificial intelligence (AI), the term broadly refers to computing technologies that resemble processes associated with human knowledge.
• It is an integration of several techniques such as natural language processing, machine learning, and reasoning. AI is being used for a range of healthcare and research purposes, including detection of disease, management of chronic conditions, delivery of health services, and drug discovery.
• It has the potential to help address significant health challenges as it can approximate the human cognition and analysis of complex medical and diagnostic imaging data.
• AI programs are primarily used to analyze the relationship between treatment techniques and patient outcomes such as drug development, diagnostic processes, personalized medicines, and patient monitoring care. For instance, AI systems can be used for alerts and reminders, image interpretation, information retrieval, and therapy planning during medical procedures.
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Market Dynamics
• The growth of the global AI in the healthcare market is driven by the ability of AI to improve patient outcomes increase in adoption of precision medicine, and need to strengthen coordination between healthcare workforce & patients. With the need for pre-operative planning, high costs associated with healthcare, and rising chronic diseases, the technological advancements are seen in AI are much anticipated.
• Major technology companies – including Microsoft, Google, and IBM – are investing in the development of AI for healthcare and research further driving the market.
• For instance, the Institute of Cancer Research’s cancer database combines clinical data from patients with genetic information from scientific research to aid in drug discovery.
• They used AI to predict targets or cancer drugs and designed Eve, an AI ‘robot scientist’, which can make the process of drug discovery more economical and faster.
• However, the use of AI raises ethical issues the potential for AI to make erroneous decisions and ensuring the protection of potentially sensitive data and the potential for AI to be used for malicious purposes are expected to hamper the market growth.
Segmentation Analysis
• AI in the healthcare market is categorized as hardware, software, and services. The software is the most significant contributor to the market, and it is also projected to witness substantial growth.
• It is attributed to the growing number of software companies and the increasing demand for software-based AI solutions in healthcare advancement.
• The market is segmented into machine learning, speech recognition, natural language processing, disaster recovery, and others. Machine learning techniques are used for image and signal recognition.
• It involves the analysis of structured data such as genetic data, and imaging data and is the most widely used form of AI technology. Natural language processing is another significant segment as it involves extracting information from unstructured data such as clinical notes, and medical journals.
• The market is segmented into imaging & diagnostics, drug discovery, precision medicine, hospital management, insights & risk analytics, wearables, virtual & healthcare robot assistants, and others.
• Hospital management will hold a significant market size as AI will make scheduling, planning and information gathering much more comfortable.
• The instant accessing of information about drug interactions and side effects; scheduling appointments; collecting the latest data about patient medications and procedures; checking for insurance coverage; designing individual diet plans for patients and more will significantly improve and make a more efficient administrative workflow.
Geography Analysis
• North America accounts for the largest share in the global AI in the healthcare market. It is a crucial contributor to the market as it is technologically advanced and with a developed nation such as the U.S. the most dominant market in AI in the healthcare market.
• It can be attributed to the broad base of the patient population and the presence of significant medical companies and major technology companies such as Google, Intel, and Microsoft.
• Moreover, the extensive research activities are undertaken by a majority of prominent players in the area and rise in acceptance of integration of AI with healthcare is likely to show a profitable growth of the AI in the healthcare market. Other factors are the high spending of GDP in healthcare, especially in the US and Canada, and innovative next-gen technologies around AI in the region.
• For instance, Researchers from MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), Harvard Medical School and Massachusetts General Hospital in a collaboration used AI in a model developed to help in the detection and diagnosis of breast cancer. The model could correctly diagnose 97% of the cases.
• The Asia Pacific is expected to witness a significant growth owing it to improving IT infrastructure, favorable government norms, demand for affordable healthcare, and a large number of initiatives taken by large tech companies to expand the use of AI in healthcare are expected to boost the growth of healthcare AI in the region.
• For instance, Welthungerhlife, a Germany-based private aid agency, launched a unique project in India to help address malnutrition in children with a cloud-based, smartphone app called Child Growth Monitor, which is powered by Microsoft Azure Cloud and Artificial Intelligence (AI) services.
Competitive Landscape
• Several companies have adopted merger and acquisitions policies and collaborations to help them to stand out as strong competitors in the market and also expand its sales in the global AI in the healthcare market.
• New and innovative product launches is another strategy adopted by the leading players to improve their market presence.
• January 2019, Microsoft and Walgreens Boots Alliance (WBA) are collaborating to Leverage artificial intelligence for Retail-Style Healthcare.
• The two companies are working together to create innovative, cost-effective, consumer-centered healthcare experiences that leverage cloud-based data technologies and AI-driven strategies. Better chronic disease management, improvements in overall population health, and more effective patient engagement tools are among the top priorities for the initiative.
• January 2019, a collaboration between Intel and GE Health, teamed up deploy deep-learning AI imaging tool to cut the time between medical imaging, diagnosis, and beginning treatment.
• It has automated diagnostic alerts for some conditions that notify physicians its critical findings within seconds of medical imaging being completed. It leverages the Intel Distribution of OpenVPNO toolkit, running on Intel processor-based X-ray systems to help prioritize and streamline patient care.
• November 2018, Alphabet’s DeepMind, the UK-based health, and artificial intelligence company, handed off its health team to a newly formed Google division, called Google Health. They are turning its Streams app — which it developed to help the UK’s National Health Service (NHS) — into an AI-powered assistant for nurses and doctors that combines the best algorithms with intuitive design.
• March 2018, Philips, a global leader in health technology, launched HealthSuite Insights and Insights Marketplace, to support the advancing adoption of analytics and artificial intelligence (AI) in key healthcare domains. HealthSuite Insights gives data scientists, software developers, and healthcare providers’ access to advanced analytic capabilities to analyze and curate healthcare data and offers the tools and technologies to build, maintain and deploy AI-based solutions. Insights Marketplace provides the healthcare industry’s first ecosystem where curated Artificial Intelligence assets from Philips and others are readily available for license.
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