Artificial intelligence (AI) is gaining popularity and importance across different sectors in the world and healthcare sector is no different. The role of AI in healthcare sector is widespread as it is helping to solve the problems of patients, doctors, hospitals, and the overall healthcare industry. From virtual assistants to using a robot for explaining lab results, AI is garnering important role in several healthcare operations helping clinicians and patients. The primary reason for the rapid adoption of AI technology is the increased efficiency of the operations along with accurate and effective output. With the use of AI in various aspects of healthcare the rate of human errors are reduced which effectively brings down the risk of some untoward situations.
The AI technology is evolving at a fast rate, for instance, the AI assistance technology now includes emotional intelligence indicators which are able to pick cues from a person’s speech, inflection or gestures, which can be helpful in detecting depression or other underlying chronic conditions in patients. One of such personal health and nursing assistant application in the healthcare sector is Babylon. This application is for android and iOS users, and is based on common medical knowledge and personal medical history. The app checks the symptoms reported by the user against a database of diseases with the help of speech recognition and suggests an appropriate action after analyzing the circumstances and the patient’s history accordingly. The app takes follow ups with the patients and also notifies them about the medication.
The global artificial intelligence in healthcare sector is expected to grow at a robust CAGR of 45.1% from 2017 to 2025. The growth of this market is driven by the increasing need for driving an immense amount of complex data, which can be effectively achieved through AI. Although, the market is facing some hurdles such as governmental regulations, lack of skilled workforce, and high upfront investment. The adoption of personal health and nursing assistant has witnessed a strong growth over the last few years. In the coming years, AI will help healthcare industry extensively to organize better patient treatment plans and provide almost all the information to physicians to make an effective and sound decision.
The unprecedented increase in the patient volume and the collection of an immense amount of data has rendered the healthcare industry a bit unorganized as it is difficult to put that much amount of data to practical use. The AI technology could help in streamlining the processes at the hospitals and also secure it from cyber security threat. A large number of key players who are developing and investing in AI for healthcare are based in the U.S., and hence, North America leads the market geographically. In 2016, the U.S. government invested $1 billion in funding towards artificial intelligence research. However, Asia Pacific has registered the fastest growth rate in terms of developments and innovations, which is attributed to the presence of leading companies such as IBM, Microsoft, Apple, Google, Siemens and GE Healthcare, among others, in the region.
BIS Research has conducted an extensive market research on ‘Global Artificial Intelligence Market in Healthcare Sector: Analysis & Forecasts, 2017-2025’. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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