A new report predicts that global Artificial Intelligence in healthcare market will reach over $8 billion by 2026
Artificial Intelligence (AI) adoption is still at a nascent stage today, in most industries, including healthcare, that includes hospitals, pharmaceutical organizations, diagnostic centers, and clinics. But some researchers believe that AI could have far-reaching effects on healthcare by helping in the detection of diseases and continuous monitoring of the conditions.
A new report by market research firm Acumen Research and Consulting predicts that global Artificial Intelligence in healthcare market is expected to reach over $8 billion by 2026 and is expected to grow at CAGR 49.7% during the forecast period, 2019-2026. While North America commands the largest share in the global healthcare market for AI, owing to the increasing adoption and awareness about AI technologies, the Asia Pacific is seen as the fastest growing market.
Huge Untapped potential
On the basis of application, the market is segmented into imaging diagnostics, drug discovery, lifestyle management & monitoring, emergency room and hospital management, wearables, insights & risk analytics, virtual assistance, insurance. On the basis of technology, the market is categorized into speech recognition, natural language processing, machine learning, deep learning.
To improve the technology the researcher and scientist are working on improving the applications of Artificial Intelligence. For instance, Google’s DeepMind Health has developed a wide range of products. The technology combines machine learning and systems neuroscience to build powerful general-purpose learning algorithms into neural networks that mimic the human brain. Moreover, the company is focusing on collaboration and acquisition strategy to spread their wing under AI domain. to solve real-world healthcare problems.
IBM’s Watson for Health is helping healthcare organizations apply cognitive technology to unlock vast amounts of health data and power diagnosis. Watson can review and store far more medical information – every medical journal, symptom, and case study of treatment and response around the world – exponentially faster than any human.
Other tech giants such as Amazon.com, AMD, Nvidia Corporation, Oracle Corporation are offering AI-based services. Nvidia, and AMD are providing GPUs required for AI mining. Software-based companies are building their own Artificial Intelligence platform and integrating AI with cloud. Along with this, the organizations are collaborating with healthcare companies and start-ups to obtain benefits of the emerging technology.
The future looks bright
A PwC report released last year, suggests that one of the biggest potential benefits of Artificial Intelligence is to help people stay healthy so they don’t need a doctor, or at least not as often. The use of AI and the Internet of Medical Things (IoMT) in consumer health applications is already helping people.
Additionally, AI increases the ability for healthcare professionals to better understand the day-to-day patterns and needs of the people they care for, and with that understanding they are able to provide better feedback, guidance and support for staying healthy.
AI is already being used to detect diseases, such as cancer, more accurately and in their early stages. According to the American Cancer Society, a high proportion of mammograms yield false results, leading to 1 in 2 healthy women being told they have cancer. The use of AI is enabling review and translation of mammograms 30 times faster with 99% accuracy, reducing the need for unnecessary biopsies, the report said.
The proliferation of consumer wearables and other medical devices combined with AI is also being applied to oversee early-stage heart disease, enabling doctors and other caregivers to better monitor and detect potentially life-threatening episodes at earlier, more treatable stages.
Healthcare organizations are also using pattern recognition to identify patients at risk of developing a condition – or seeing it deteriorate due to lifestyle, environmental, genomic, or other factors – is another area where Artificial Intelligence is beginning to take hold in healthcare.
Still, researchers note, there are huge opportunities in the market and it is clear that in coming years the technology will transform the healthcare sector. It is up to the healthcare leaders to unveil the huge untapped opportunity of artificial intelligence and make a different to lives and society.