Artificial Intelligence in Healthcare
New analysis from Frost & Sullivan, Artificial Intelligence & Cognitive Computing Systems in Healthcare: “finds the market earned revenues of $633.8 million in 2014 and estimates $6,662.2 billion in 2021 at a compound annual growth rate of 40 percent.” Key Players in AI in Healthcare Market, such as Intel, Nvidia, Google, IBM, Microsoft, General Vision, Enlitic, Next IT, Welltok and Icarbonx are investing in that kind of projects.
How can Machine Learning Solutions help you in discovering new markets? How can Artificial Intelligence Solutions help you in leaving your competitors far behind you? What kind of opportunities AI creates in Healthcare industry?
AI Solutions revolutionize many aspects of our lives, even the ones that we do not expect, such as the way companies like Facebook and LinkedIn recommend us people we may know, the way how YouTube, Spotify and Netflix recommend us music and videos. AI-based solutions filter our mailbox content using anti-spam modules and algorithms or even detect frauds and anomalies in financial data. Those few examples shows the tremendous impact of AI on our lives and businesses. It is worth noticing that AI is also revolutionising the other industries, such as Healthcare. We are going to highlight improvements that AI makes on this sector.
Imagine, that someday the smart devices will be able to detect, for example, early symptoms of diseases and help you in overcoming them before the disease develop. They will also remind you about taking medicines and take activities to help you stay healthy.
Cost and Time Optimisation
According to Accenture analysis: “when combined, key clinical health AI applications can potentially create $150 billion in annual savings for the United States healthcare economy by 2026.” AI Solutions for healthcare are being actively applied all around the world. This year, the Dubai Health Authority (DHA) has revealed the first, fully autonomous artificial intelligence (AI) medical fitness centre in the GCC. AI Solutions and IoT are being combined to provide medical fitness and health screening services without human interference. For UAE, it is one of the priorities to utilize the power of AI in healthcare – the other systems, such as our ones, can also increase sales.
Sales Increasing and Reaching New Markets
According to research published at MIT Sloan Management Review: “76% of respondents said they are targeting higher sales growth with machine learning”. We already wrote an article about applications of AI in the areas such as Sales – you can find it there and check how it can improve your business.
We wrote an article about the applications of AI in Marketing too, highlighting:
– cost and time optimization
– reaching maximum marketing efficiency
– market forecasting and predictive analytics
– content analytics
You can check it there to see how the automation of processes can lead to the huge time and money savings, as well as to the improvement of efficiency of your employees’ work, by allowing them to focus only on crucial activities.
Drug Discovery and Design
AI Solutions are being applied to find hidden and non-trivial correlations in the data used in process of designing new medicines. They also help in solving problems related to reducing epidemics. In the future, AI Solutions will also help in creating medicines directly for the specific person basing on the medical data.
Medical Support & Medical Assistants
Using pattern recognition, AI Solutions, like our ones, can help doctors and be the part of decision support systems. There is no need to wait for some of the test results or to analyze hundreds of informations by humans. AI Solution can find the correlation between huge amount of symptomes and can provide support in diagnosis and choosing the way of treatment. It provides doctors with a lot of useful informations about symptoms that they are not aware of. AI can also speed up the process of diagnosing people and making their treatment more efficient, serving more patients along the way. That can improve the effectiveness of taking over tasks from the very wide range – starting from medical imaging, to risk analysis and even diagnosing health conditions.
Pattern recognition & Disease Prevention
According to Sebastian Thrun and his colleagues research published in Nature: “The CNN achieves performance on par with all tested experts across both tasks, demonstrating an artificial intelligence capable of classifying skin cancer with a level of competence comparable to dermatologists.” Pattern recognition can help with analysis and evaluation of genetic test results, retina scans and echocardiograms.
Reaching Maximum Management Efficiency
According to McKinsey report that “estimates that applying big-data strategies to better inform decision making could generate up to $100 billion in value annually across the US health-care system, by optimizing innovation, improving the efficiency of research and clinical trials, and building new tools for physicians, consumers, insurers, and regulators to meet the promise of more individualized approaches.” AI Solutions can perform administrative and clinical healthcare tasks, can make huge impact on reaching maximum efficiency in management of patients’ beds, optimally filling the occupancy of hospitals and clinics. Automation of the administrative tasks leads to the huge money savings.
According to Accenture analysis, by 2026, AI Solutions can help the Healthcare industry with:
– Robot-Assisted Surgery ($40 billions value)
– Virtual Nursing Assistants ($20 billions value)
– Administrative Workflow Assistance ($18 billions value)
– Fraud Detection ($17 billions value)
– Dosage Error Reduction ($16 billions value)
– Connected Machines ($14 billions value)
– Clinical Trial Participant Identification ($13 billions value)
– Preliminary Diagnosis ($5 billions value)
– Automated Image Diagnosis ($3 billions value)
– Cybersecurity ($2 billions value)
We highlighted only few of the wide range of opportunities that AI creates. It is the very beginning of the endless possibilities and improvements that AI can make in your Business. To benefit from AI, you don’t have to be an AI expert. You can rely on experts like us that create the best AI Solutions tailored for your needs and plans. Let’s talk about your needs.