Artificial Intelligence (AI) in Healthcare Market Research and Forecast 2018-2023

Artificial Intelligence (AI) bringing a paradigm shift to healthcare

Machine learning is a key to AI which brings various innovation in numerous industries. Healthcare industry is one such industry making efforts to implement the power of AI for making lives better. AI uses advance algorithms to learn functions from a volume of healthcare data and then utilize it to obtain valuable insight to assist clinical practice. AI in healthcare market is growing tremendously at a CAGR of 51.5% during 2018-2023 as per OMR analysis. A significant growth has been observed in the market as AI reduces diagnostic and therapeutic errors that cannot be avoided in the human clinical practice. Moreover, AI systems are capable of extracting valuable information from large patient pool to support decision making in real-time by predicting the health outcomes. Still, there are much more to overcome like the data privacy concern as well as lack of availability of healthcare data.

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Five potential activities in ai in healthcare market

Introduction of virtual nursing assistants

Virtual nursing assistance acts as a vocal assistant for an individual and assistance in the necessary treatment procedures. It constantly assists doctors in making appropriate decisions on the basis of predictions been made prior to the development of disease. Therefore, based on the prior predictions, the surgeons operate an individual more precisely and it further enables the researchers to analyse even complex data with more ease. University Hospital of Montreal Research Center (CRCHUM) has developed the first virtual nursing assistance program, named TAVIE, aimed at providing self-care facility, which further includes providing skills to the patients for insuring proper management of their diseases.

• IBM Corporation has developed an Arthritis Virtual Assistant program for the Arthritis Research UK.
• MyCallBell, an app developed by the US-based healthcare services provider aims at providing immediate virtual nursing assistance program to patients who have concerns and questions regarding their health.
• Telehealth Services, a US-based healthcare service provider, has developed an iCare Navigator platform, which incorporates virtual nurses in the system, named Elizabeth and Louise.
• Laerdal Medical, a Norway-based medical devices company has developed a virtual nurse, in collaboration with Wolters Kluwer. The virtual nursing assistance program developed by the company is marketed in the name of vSim for Nursing.
• Reflexion Health, a US-based hospital and health care service provider, has developed a Virtual Exercise Rehabilitation Assistant (VERA) program, which guides patients during physical therapy exercises, monitors the progression of disease, and enable individual in proper assessment of diseases.

Deployment of ai-assisted robotic surgery

Robots assisted surgeries coupled with AI technology can play an important role in reducing cost and time of surgery. With AI, the data from past operations is used by the robot to assist new surgical techniques. Moreover, as per a study performed on 379 orthopaedic patients suggested that the complications resulted from AI-assisted robotic procedure were five times fewer than procedure performed by surgeons alone. Robot-assisted surgeries and a range of applications of AI in routine phlebotomy procedures are some other potential applications of AI in hospitals.

• Intuitive Surgical, Inc. shipped 684 da Vinci surgical systems in 2017 compared to 537 in 2016. It represents the growing demand for advanced robotic technologies for surgery in the US and across the globe. Further, as per the results of second-quarter earnings of Intuitive Surgical, Inc., da Vinci procedures increased nearly by 18% compared to the second quarter of 2017.
• In robotizing surgery-Verb surgical, the Verily Life Sciences LLC and Ethicon, a medical device company in the Johnson & Johnson family of companies collaborated to develop platform to reach in robotic surgery.

Assistance in clinical judgment or diagnosis

AI in healthcare for disease diagnosis is one of the most emerging applications in the field of AI. With the help of AI, medical devices are enabled to analyze voluminous data from digital images and also prompt early diagnosis of many diseases/disorders. AI offers an efficient and immediate solutions through intelligent diagnostic imaging. This method has various applications in proactive diagnosis of different types of cancer, tumor growth, and assist the physician in deriving a comprehensive treatment plan for patients well ahead of its time.

• According to recent research at the European Respiratory Society International Congress in Paris, France, the AI technology is used in the diagnosis of many severe diseases such as lung cancer and other respiratory related problems.
• In China, the AI Research Centre has collaborated with a company, BioMind for the development of AI-dubbed BioMind, which scored 2:0 in comparison to its human competitor. BioMind’s developer selected to feed the AI with all data sets that features about 10,000 of images depicting nervous-related diseases.

Investment in the ai in healthcare market

AI technology is cropping in the healthcare sector, owing to its range of applications in the industry. The technology is increasingly being adopted in the data management of the hospitals, diagnosis of diseases from AI-enabled biomarkers in pharmaceutical companies, and monitoring of diseases from a distant, among others. However, there are various untapped applications of AI in healthcare sector, which are anticipated to be developed in the near future. Owing to this, there are a range of companies which are significantly investing in the development of AI-based software and services for the healthcare payers and providers.

• Benevolent AI have invested a sum of $115 million in the development of new medicines that can be used in the treatment of chronic diseases such as Parkinson’s Disease and Glioblastoma.
• European Commission has planned to invest around $2.8 billion in AI healthcare market by 2021.
• Deep Genomics has raised about $16.7 million till 2018 and has hired a team of molecular biologists, geneticists and chemists to work on the treatment of disease using biologically-accurate AI technology.

Market expansion through partnership and collaboration

AI in healthcare companies are significantly focusing on collaborating and signing partnership agreements with healthcare service providers and a range of information technology companies. These agreements are assisting the AI-enabled software and service providers to expand their product range, services, and introduce new technology to their existing product range. Through partnership and collaborations, the companies are focussing in the development of advanced software and services for the hospitals and biotechnology and pharmaceutical companies to calibrate more accurate outcomes.

• In January 2018, Microsoft and Adaptive Biotechnologies entered into a partnership agreement with an aim of mapping the genetics of the human immune system.
• In May 2018, Intel Corporation collaborated with Novartis, for the use of deep neural networks which increased high content screening of cellular phenotype tool enables in early drug discovery.

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Orion Market Research (OMR) a research company known for its crisp and concise reports. The company is equipped with an experienced team and young brigade of analysts.