Over the past century, both the healthcare and pharmaceutical industries have undergone radical change. Many patients now have instant access to their medical information because of the proliferation of smartphones and digital media. Applications for Artificial Intelligence (AI) and Machine Learning (ML) also enhance consumer experience, healthcare delivery, and healthcare in general.
The traditional doctor-patient connection is being replaced by a wave of digital health technologies including telehealth services, AI and ML, which are reshaping an entirely new ecosystem for technology-driven global healthcare. The Indian digital healthcare industry was worth INR 524.97 Bn in 2021, according to the research “Digital Healthcare Market in India 2022-2027.” By 2027, the same is anticipated to have grown at a CAGR of 28.50%, or INR 2528.69 Bn.
AI and digital health are rapidly transforming the global healthcare industry in several ways, including:
Improved diagnosis and treatment: By evaluating patient data including medical histories, test findings, and imaging scans, AI-powered systems can assist doctors in arriving at more accurate diagnoses and creating more effective treatment regimens. Additionally, the AI programme can recognise trends and forecast which treatments will be more efficient and appropriate for patients, ultimately improving patient outcomes.
Remote patient monitoring: With the help of digital health technology, medical professionals may keep an eye on their patients’ vital signs and the state of their health from a distance, which can lower the risk of readmission to the hospital. Additionally, it broadens the opportunities for pharmaceutical marketers to promote prescription drugs online.
Personalized medicine: There is no end to how AI can be used in healthcare and pharmaceuticals. A patient’s genetic and clinical data can be analysed by AI algorithms to create personal treatment plans that take into account individual responses to medications and other treatments. The availability of AI-collected patient data can significantly enhance personalized diagnosis and outcomes.
Drug discovery: By analysing vast amounts of data to identify potential drug targets and predict how various compounds will interact with the human body, AI can accelerate drug discovery. According to a report, the Global Artificial Intelligence for Drug Discovery Market size is expected to reach around US$ 8,149 Mn by 2026 and register a CAGR of above 42% over the forecast period 2019 to 2026 as the technology holds great potential.
Healthcare operations and management: By automating administrative processes, lowering expenses, and enhancing patient access to care, digital health technology can enhance healthcare operations. With the ever-growing amount of healthcare data, the adoption of AI and ML technologies offers significant potential for automating administrative tasks and lowering operating costs as a whole.
Overall, patient outcomes, cost, and efficiency are all being improved by AI and digital health, which is rapidly changing the global healthcare sector. Additionally, the recent introduction of ChatGPT has generated buzz in the industry because it allows medical professionals to provide a quicker, more accurate diagnosis and treatment plan, which can improve patient outcomes. Moreover, it enables medical professionals to easily access patient data, allowing the creation of customised treatment plans and the delivery of better medical services.
(The author is Anil Dobhal, Global Chief Technology Officer, Doceree, and the views expressed in this article are his own)