Today, AI technology can be found in almost every industry and business, including healthcare. Artificial intelligence in healthcare has huge and wide potential, from solutions for mobile diagnostics to drug discovery that can be achieved using machine learning.
đź’ˇThe global artificial intelligence in healthcare market size is expected to reach USD 120.2 billion by 2028 and is expected to expand at a CAGR of 41.8% over the forecast period, according to a new report by Grand View Research, Inc.
If you've been thinking about implementing AI to your business, keep reading to find out 5 reasons for adopting AI in the healthcare industry. In addition, you can find predictions for the future that will help you be convinced of the potential of AI consulting in healthcare.
5 reasons for AI implementation in healthcare
In this article, you can find 5 reasons to implement AI in the healthcare industry. These solutions help doctors work more productively, improve processes and clinical outcomes. These are also 5 reasons that indicate that AI technology in healthcare is gaining popularity and is a potential source of major investments.
1.Robot-assisted surgery
Robotic or robot-assisted surgery allows doctors to perform many types of complex procedures with greater precision, flexibility, and control than is possible with traditional methods. Surgeons using an AI-based robotic system believe that, for many procedures, it improves accuracy, flexibility and control during surgery, and allows them to see the surgery site better than traditional methods.
Robotic surgery offers patients many benefits to open surgery, including:
👉Shorter hospitalization
👉Reduced pain and discomfort
👉Faster recovery time and return to normal activities
👉Smaller incisions that reduce the risk of infection
👉Reduced blood loss and transfusions
👉Minimal scars
2.Chatbots & Mobile Apps for healthcare
The digital health and wellness market is valued at over $106 billion in 2019, according to a recent Global Market Insights report. And with the global pandemic in 2020 that increases the demand for digital health technologies, the industry is expected to continue to grow 28.5% by 2026. [1]
đź’ˇThe AI healthcare market is predicted to exceed $34 billion by 2025.[1]
Artificial Intelligence is useful in diagnostics, therapy and customer service through intelligent applications. Chatbots are by far the most popular AI application. What's more, the adoption of chatbots in organizations is growing year by year, and the chatbot market is expected to reach over USD 300 million by 2023. [1]
The development of medical applications has played an important role in providing patients with quick information. Using mobile apps for healthcare, you can find a doctor, make an appointment and view all test reports without leaving your home. Mobile applications not only help patients, but also allows doctors to seamlessly collect and store personal health data.
3.AI-powered alerting systems & Virtual assistants
Today, more and more AI solutions are implemented to support the transition from inpatient to home care, such as remote monitoring, AI alarm systems or virtual assistants. These technologies include the increased use of NLP solutions in hospitals and at home.
Artificial intelligence systems make it easier for virtual nursing assistants to perform a wide range of tasks, from communicating with patients to sending them to a better and more efficient healthcare facility. Such virtual nurses are available 24/7 and can answer questions as well as monitor patients and provide immediate solutions. Nowadays, AI technology is also used in a wider range of specialties, such as oncology, cardiology and neurology.
4.Improved data processing for diagnosis
One of the benefits of AI is the processing of large amounts of data, which allows AI to change various medical devices. For example, one NIH study that used artificial intelligence to diagnose metastatic breast cancer found the technology to be 99% accurate. [2] It has also been shown that artificial intelligence is capable of detecting the spread of cancer cells - micrometastases - which are usually very difficult to detect by specialist human pathologists.
5.Enhanced drug development process
The development of new drugs also requires processing of large amounts of data due to the enormous number of possibilities for chemical combinations. The solution is AI technology, which works amazingly well with large amounts of data. This ability enables more approved drugs to be produced in a faster, more cost-effective process with higher R&D efficiency.
By implementing AI into the drug development process, this technology has great potential to identify the most promising developments in the research process, helping to save time and resources at an early stage.
Future Predictions
AI technology is developing at an incredible pace, so below you can find 3 future predictions about AI in healthcare industry:
👩‍🔬 VR and AR promise to be very useful in the healthcare industry. It is believed that using VR to train healthcare workers improves skill retention by 75% and reduces skill loss by up to 52%. [3]
🧬 AI-powered predictive care: In 2030 health systems can predict when a person is at risk of a chronic disease, for example, and propose preventive measures before they get worse. [4]
👨‍🔬 The future of AI will be based in predicting future diseases, their origins and the spread of the pandemic.
Key Takeaways
▶️Artificial Intelligence truly transforms the modern healthcare industry in many ways.
▶️5 reasons why you should implement AI in your company: robot-assisted surgery, chatbots, AI-powered alerting systems, enhanced drug development and improved data processing for diagnosis.
▶️AI is a huge investment potential for investors and entrepreneurs.
[1]Eleks.com. The Rise of Digital Health and Wellness Software. Accessed on Aug 2, 2021.
[2]Pubmed.gov. Artificial Intelligence-Based Breast Cancer Nodal Metastasis Detection: Insights Into the Black Box for Pathologists. Accessed on Aug 2, 2021.
[3] Bisresearch.com. Global Augmented Reality and Virtual Reality Market in Healthcare.Accessed on Aug 2, 2021.
[4] Weforum.org. Here are 3 ways AI will change healthcare by 2030.
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