Tuesday, June 4, 2019

Reduction in Healthcare Costs, and Increase in Large & Complex Data Set to Drive Artificial Intelligence (AI) in Healthcare Industry Over the Forecast Period: Ken Research


Artificial Intelligence (AI) refers to the formation of intelligent systems that are able to execute tasks without human interventions & instructions. It includes different technologies for instance natural language processing, perception, machine learning, and reasoning. It is being adopted in healthcare with algorithm & software over the analysis of medicinal data with a view of predicting diseases and giving proper medication. The AI is mainly used in the healthcare sector to exam the relationship between patient outcomes with the treatment techniques. AI programs are organized in medical practices for instance diagnostic processes, personalized medicines, drug development, and patient monitoring care. AI could also assist in clinical processes by checking the essential signs, asking questions, and providing prescriptions to the patients. AI techniques provide alerts & reminders, information retrieval, image interpretation, and therapy planning during the medical procedures.

According to study, “Artificial Intelligence (AI) in Healthcare Market - Global Drivers, Opportunities, Trends, and Forecasts to 2022” the key companies currently operating in the artificial intelligence in healthcare market are IBM, Google Inc., Microsoft Corp., Apple Inc., Medtronic Inc., Johnson & Johnson Services, Siemens healthineers, Nvidia Corp., General Electric (GE) Company, CareScore, Zephyr Health Inc., Atomwise Inc., Deep Genomics Inc., Oncora Medical Inc., Next IT Corp., Welltok Inc., General Vision, Bay Labs Inc., Koninklijke Philips, Amazon Web Services, Healthsense Inc., Intel, CloudMex Inc., iCarbonX, Sentrian, Propeller Health, Buoy Health.

Based on offering, artificial intelligence in healthcare market is segmented into software, hardware and services. Software includes AI platform (Application Program Interface (API) & machine learning framework) and AI solutions (cloud & on-premises). Hardware includes memory, network and processor (GPU, ASIC, MPU & FPGA). Based on technology, market is segmented as context aware computing, machine learning (supervised learning, deep learning & reinforcement learning), and natural language processing and computer vision. Deep learning technology is used for signal recognition, image recognition, and data mining. Natural language processing includes extracting information from unstructured data for instance clinical notes and medical journals. Based on end-use application, market is segmented into inpatient care & hospital management, lifestyle management & monitoring, patient data & risk analysis, medical imaging & diagnostics, drug discovery, virtual assistant, research, precision medicine, healthcare assistance robots, wearables, emergency room & surgery and mental health.

The artificial intelligence in healthcare sector is primarily driven by dearth of skilled healthcare professionals, growing demand to reduce healthcare costs, increasing large & complex data set, increase in processing power for enhancing AI capabilities and application of AI for novel surgeries & screening. Apart from the major advantages, some of the key restraints associated with market includes limited acceptance from healthcare professional due to risk of injury & misinterpretation and limitations of AI decision making. Moreover, concerns regarding data privacy, lack of curated healthcare data and lack of interoperability between AI solutions offered by various vendors adding to the major challenges for market. In addition, the key opportunities include increase of focus on developing human-aware AI systems and growing potential of AI-based tools for elderly care.

North American region is expected to direct the global artificial intelligence (AI) in healthcare market over the anticipated time frame, owing to the presence of renowned market players. European market is also projected to hold a distinguished share in the global market due to early adoption of AI technology. In addition, the Asia Pacific region with the low doctor population percentage adding to a key concern in the healthcare sector among the emerging economies, such as China & India. The future of the market is expected to grow by the rising demand for real-time medical devices and rapid technological advancements over the forecast period.

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