How Adoption of AI in The Healthcare Will Affect the Healthcare Industry?

  • Published Date : May 2020
Artificial intelligence (AI) is considered to be in relation with computing that emphasizes the creation of intelligent machines that works and reacts like humans. Some of the activities that computers designed with AI perform include: speech recognition, learning, planning, problem solving and many more in which till today humans were considered to be the superior ones. Various industries are deploying AI as an integral part of their working system these days and one such sector is the Healthcare sector. Increasing use of AI in hospitals and by other healthcare service providers is expected to boost the demand for services in this segment in the coming years. Machine’s learning ability to collect and handle a large amount of data usually known as big data, and its applications in various healthcare applications, such as patient data record and risk analysis, drug discovery, and in-patient care and hospital management, are the factors which are helping to fuel its growth. According to the latest finding of the Regal Intelligence the market was valued at USD 2.10 billion in 2018 and is expected to grow and reach USD 36.15 billion by 2025, recording at a CAGR of 50.2% during the estimated forecast period. Market Research comprises of:
  1. Historic Data: 2015 - 2019
  2. Base Year: 2020
  3. Future Forecast: 2021 – 2025
Prominent Market Players:
  1. Intel (US)
  2. NVIDIA (US)
  3. Siemens Healthcare (Germany)
  4. Medtronic (Ireland),
  5. Micron Technology (US)
  6. IBM (US), Microsoft (US)
  7. Google (US)
  8. Amazon Web Services (US)
  9. General Electric (US)
  10. CloudMedx (US)
Market Dynamics: Rising Factors:
  • Advancements in big data analytics
  • Favorable funding scenario in China and Singapore
  • Potential to increase quality of care delivery
Threats:
  • Increasing competitors and fraudulent activities due to ultimate dependence on technology.
Opportunities:
  • Growing investment of various countries in the healthcare sector so as to develop it and make it robust.
Straight from hospital care to clinical research, drug development and insurance, AI applications are the one that are bringing a positive change on how the health sector works to reduce costs and improve patient outcomes. Healthcare providers from major hospitals to drug manufacturers are taking note of the growing demand and technology. More than one-third of provider executives are investing in AI, machine learning, and predictive analytics. The impact of these investments will likely be realized first in the operational and administrative side of the healthcare system rather than the clinical side, according to experts. That fits with the evolution of AI in other industries too which came up to more than 300 AI usage cases and the findings were that the majority of AI’s economic impact will be from the consumption side, through higher-quality, more personalized, and more data-driven, data supported, products and services. Market Segmentation: Global Healthcare Artificial Intelligence Market, by Component:
  • Hardware
  • Software
  • Services
Global Healthcare Artificial Intelligence Market, by Application:
  • Robot-Assisted Surgery
  • Virtual Nursing Assistant
  • Dosage Error Reduction
  • Clinical Trial
  • Preliminary Diagnosis
  • Automated Image Diagnosis
Global Healthcare Artificial Intelligence Market, by Technology:
  • Machine Learning
  • Querying Method
  • Natural Language Processing
  • Context-Aware Computing
  • Computer Vision
Global Healthcare Artificial Intelligence Market, by End User:
  • Hospital, Providers & Diagnostic Centres
  • Pharmaceutical & Biotechnology Companies
  • Academic & Research Laboratories
  • Patients
  • Healthcare Payers
  • Others (ACOs and MCOs)
Regional Analysis:
  • North America
  • Europe
  • Asia-Pacific
  • Middle East
  • Africa.
Among all the regions, the North American region mainly consisting of Canada, Mexico and U.S. is estimated to dominate and excel in the AI division in the healthcare market and is likely to maintain its dominance in the same for a long period of time. The growth in this region is forecasted for the coming years keeping in mind the growth which was witnessed in the biotechnology sector recently. Moreover, the augmenting cases of surgeries being performed by robots along with the presence of a well-developed healthcare sector are contributing to the growth of the market. The European region has been given the second position and is estimated to grow quite flourishingly during the estimated period. The factors supporting the growth of the market in this region are mainly the extensive investments made in R&D for healthcare AI combined with the generation of funds for the Healthcare department. Conclusion: While evidence of the potential benefits of AI applications in healthcare increase and funding pours into this space, a number of challenges to widespread adoption and implementation of these tools remain constant. Healthcare providers need to trust algorithms to use them that means they want to see clinical validation of it. Many continue to be sceptical about adopting AI tools until a large body of proof verifies their outcomes and supports the use in a larger sense. Given the massive scale of, and diverse stakeholders involved in, the current potent health industry, expect some push and pull as AI revolutionizes healthcare treatment and operations. But experts are hopeful about what the adoption of AI will ultimately mean for the industry, especially for the future of patient care and maintenance of data. Many doctors express the lack of labour in order to manage everyone’s health all the time with a doctor and a nurse. Therefore, investment and support is needed to boost the artificial brains to be able to support people.