Development in technology has led AI to become sophisticated at doing human work efficiently, at a faster pace, and at a lower cost. As a result, AI has turned out to be a fast adopting technology in the healthcare sector.
Research predicts that AI in healthcare will be a $120 billion market by 2028, having an annual growth rate of 48%. The rapid rates of AI adoption and development depict the potential of AI and the magnitude at which it will benefit the healthcare space.
Let us learn more about it.
What is AI?
AI stands for Artificial Intelligence. In simple terms, it is a smart computer system.
AI refers to computer systems that can perform human tasks like visual perception, speech recognition, understanding data patterns, etc. They can apply these attributes to rich and complex data to deliver insights.
One unique attribute AI has is, unlike traditional systems, it can learn. It becomes smart over time and delivers superior outcomes.
AI and healthcare
AI is increasingly being adopted in the healthcare sector, and there is no sign of slowing down. Insider Intelligence reports that investment in AI is expected to grow 48% annually over the next three years.
In the healthcare field, AI algorithms and machine learning are finding increasing use in the analysis and interpretation of huge volumes of data, automating repetitive and expensive healthcare operations. They can also review, interpret and even suggest solutions to complex medical problems.
Applications of AI algorithms in Healthcare
AI algorithms have found numerous applications in healthcare, from diagnostic to treatment and administration. Though most of its applications are at the birth stage, they are developing at an increasing pace. In the coming years, we will see these AI solutions applied full-fledged to simplify the lives of doctors and patients alike.
- Disease diagnostics
AI algorithms are finding applications in disease diagnosis by medical imaging and examining medical records, patient habits, etc., at a faster pace without human error.
Error in diagnosis results in irrelevant treatment and further complications in the patient’s life. Medical errors result in a significant number of deaths every year that can now be avoided with AI.
- Drug research and discovery
Research and development of drugs involve a lot of data and human hours. The use of AI in drug research and development not only reduces time but also reduces costs for pharma companies. AI also assists in managing and conducting clinical trials.
- Medical processing
AI recognizes human speech and writing and is developed to understand medical terminology. It is now seeing applications in the processing of medical data into electronic health records. AI also categorizes and analyzes these records to improve patient care.
- Medical advice and consultation
Many AI-based software and apps are now being developed to understand the patient’s symptoms and connect them with relevant doctors. In many cases, AI can also provide medical assistance with diagnosis and possible treatment options.
- Smart workforce management
Based on skillset, availability of staff, availability of equipment, etc., AI-powered solutions can help in workforce management. They can assist in scheduling and planning clinical staff rotation, which is one operational constraint many hospitals face.
- Automate administrative tasks
AI-based solutions can reduce the administrative burden on healthcare providers by automating repetitive tasks like insurance claims, scheduling appointments, medical transcriptions, etc. It allows healthcare providers to shift their focus from routine tasks to patient care.
- Fraud and waste detection and prevention
AI solutions help in the detection of fraudulent claims, improper payments, etc. They also help in the detection of drug and equipment waste due to overutilization. In the long term, AI also helps in the prevention of these frauds and wastage.
- Other applications of AI
AI finds applications in reducing patient wait times, setting reminders for follow-up appointments, reducing medical costs, robotic surgery, discovering links between genetic codes, diagnosis through images and reports, smart wearables, improving patient-doctor communications, etc.
Companies developing AI solutions in Healthcare
AI is a boon to the healthcare industry and many companies are working to develop AI solutions.
- Aidoc/MaxQ developed an AI-based workflow that diagnoses bleeds on the brain.
- iCAD launched iReveal that monitors breast density via mammography. It assists in accurately screening breast cancer screening.
- Icometrix is on the mission to develop imaging AI that assists MRI brain interpretation.
- DeepMind, a subsidiary of Google, is developing an AI solution to detect signs of eye disease.
- Mayo Clinic has developed an AI solution to screen cervical cancer in the precancerous stage.
- Imagen OsteoDetect is an AI-based software that analyses X-rays to detect bone fractures, especially distal radius fracture, a common wrist fracture.
- IDx developed an AI diagnostic system that detects signs of diabetic retinopathy by analysing the images of the retina.
- PathAI is developing better AI technology to accurately diagnose cancer.
- Buoy Health has developed an AI symptom checker that guides patients to further steps based on their symptoms.
Reference for visualization- https://builtin.com/artificial-intelligence/artificial-intelligence-healthcare
Benefits and challenges of evolving AI in healthcare
| Benefits | Challenges |
| Reduces time, costs, and errors | Data privacy concerns |
| Detects frauds | Data security concerns |
| Supports decision making | Initial adoption issues |
| Helps in research and training | Compliance with many regulations |
| Minimizes risks | The huge volume of data |
| Increases efficiency | Requires significant time and money investment |
| Enhances customer experience |
Future of AI in healthcare
AI is a boon to the health industry, and research predicts that AI in healthcare will be a $120 billion market by 2028, having an annual growth rate of 48%. The rapid rates of AI adoption and development depict the potential of AI and the magnitude at which it will benefit the healthcare space.
It is making life smoother for healthcare providers, payers, and majorly for patients. Let the tasks be simple or complex, AI will be seen everywhere in the future. It is patient-oriented, clinician-oriented and administrative, and operational oriented.
While AI is making care convenient and personalized for patients. It is reducing costs and wait time and is helping in providing better treatment for care providers. For insurance providers and payers, AI is transforming claims and payment processes. In ten years, we can see these changes at an accelerated pace.
AI has a promising future in healthcare, and we will witness AI transforming healthcare at a pace never seen before.
