Artificial Intelligence (AI) Gaining Momentum in the Healthcare Systems

25 Oct 2017
Global Artificial Intelligence Market in Healthcare Sector

Artificial Intelligence (AI) is overhauling many industry verticals, and healthcare industry is witnessing a paradigm shift in this aspect. The use of AI to improve the efficiency of systems and operations and reduce costs have given way to various research and development. Several renowned companies are constantly researching on AI specifically for healthcare applications. Besides research and development, the companies are also engaging in organic and inorganic business strategies such as business expansions, partnerships and collaborations, and innovative product offerings, with the most utilized strategy being partnership and collaboration. In July 2017, Microsoft announced its collaboration with Mayo Clinic and NLP Logix, under which it will be providing its Microsoft Azure platform to host the artificial intelligence algorithm that can detect strokes, developed by Mayo Clinic and NLP Logix.

Additionally, in the beginning of October 2017, IBM and the University of California San Diego launched an artificial intelligence project aimed at boosting the quality of life and independence for aging populations. The partners have opened an Artificial Intelligence for Healthy Living Center on the campus of UC San Diego to bring together the technology, AI and life sciences knowledge for research into healthy aging. They plan to develop technologies to further achieve the potential of AI and to boost cognitive health, which, in turn, will enable people to live independently longer and have a higher quality of life.1

Later in October 2017, DeepMind, the London-based artificial intelligence company owned by Alphabet Inc, revealed that it is planning to let its software learn how to fold proteins, an important problem for drug discovery. According to DeepMind chief executive, Demis Hassabis, the company is planning to apply an algorithm based on AlphaGo Zero to other domains with real-world applications, starting with protein folding. To build drugs against various viruses, researchers need to know how proteins fold. Alphabet has become increasingly interested in the healthcare sector.2

Acknowledging the far and wide impact of AI in healthcare sector and the companies’ increasing interest in this domain, BIS Research has compiled a report titled ‘Global Artificial Intelligence Market in Healthcare Sector Analysis & Forecasts, 2017-2025’. According to the analyst, “In terms of value, the artificial intelligence market in healthcare sector is estimated to grow at a CAGR of 45.1% through the forecast period 2017 to 2025. This growth in the artificial intelligence market in healthcare sector is attributed to the increasing need for driving huge amount of complex data which can be achieved with the use of artificial intelligence.”

References:

1 Healthcare IT News

2 Straits Times

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