Artificial intelligence has been playing a major role in various industries across the globe. One of the industries that have largely been benefited from AI in the healthcare industry. According to Frost & Sullivan, the health AI market size is projected to be $6.6 Billion by the end of 2021 and is expected to reach USD $53.65 billion by 2025.
There are many top-notch companies such as Google and IBM which have invested in healthcare Artificial intelligence. With successful mergers, these companies have helped to effectively streamline operations and improve patient care in the healthcare industry.
- Google Health: In September 2019, a British AI and research laboratory, merged with Google to build Google products that could provide an ample amount of support to the care teams and improve patients’ recovery time.
- With the help of Deepmind’s cutting-edge research, Google came up with an AI-based solution to identify breast cancer at early stages.
- IBM has its own dedicated health branch, Watson health. They have envisaged a near-future healthcare scenario to stay more prepared than ever.
With a plethora of chronic medical issues which will persist for a very long time and need to be resolved at the hands of the healthcare industry, the need for new innovations in the industry is inevitable. AI can help the healthcare system in a number of ways such as:
- Determine high-risk patients
- Prevention of human errors
- Reducing costs
- Improve diagnostic accuracy
- Healthcare fraud detection
- New drug discovery
Big Data is capable of making notable transformations in the future of healthcare. Few major areas as below:
Improve diagnostic accuracy
In the coming years, AI will be able to detect anomalies in a more accurate manner and in less time. Stanford researchers have created an algorithm that can give x-ray results in minimal time.
Healthcare fraud detection
In recent times, there has been a number of anomalous behaviors in the healthcare industry such as giving illegal prescriptions, whose detection was time-consuming and difficult. But machine learning algorithms can help companies to identify the pattern and detect frauds when there is a deviation.
New drug discovery
Availability of a vast database of existing drugs, use of AI to identify medication for possible deadly threats can speed up the process of bringing new drugs in the market. Several Pharma giants are partnering with Analytics companies to help develop drugs to treat common and uncommon diseases. This reduces the overall costs of research, increasing ROIs.
AI-powered solutions are a game-changer in the healthcare industry. They have been making substantial changes in the industry and can have a huge positive impact with the right utilization of data. There are various key challenges that need to be addressed in the coming years, and AI could play a remarkable role in doing so. It can ensure smooth operation, optimal patient outcomes, and elevate clinical resources.
Here is how we at Cintel.io can help you:
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