The global market for artificial intelligence in healthcare derives much of its progress from the increasing prominence of big data in the medical and the healthcare industry. The efficacy of artificial intelligence to enhance the patient outcomes, resulting in reduced cost incurred in healthcare, is also propelling this market significantly. In addition to this, the imbalance between patients and medical professionals, cross-industry partnerships, increasing significance on precision medicine, and the remarkable rise in venture capital investments in artificial intelligence in the medical healthcare domain are projected to stimulate the growth of this market in the years to come.
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Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa have surfaced as the leading regional markets for artificial intelligence in healthcare. With a technologically advanced medical and healthcare industry, the North America market for artificial intelligence in healthcare has occupied the dominance and this scenario is expected to remain so over the forthcoming years. Europe, which stood second in 2016, is expected to retain its position in the near future, thanks to the presence of numerous companies operating in this market. Asia Pacific and the Middle East and Africa are also projected to witness steady a rise in their respective markets in the near future.
Artificial intelligence in health care denotes a collection of multiple technologies empowering machines to sense, understand, act, and learn so that these can perform administrative and clinical health care functions. Unlike legacy technologies that are only algorithms or tools that complement a human, artificial intelligence in health care can truly augment human activity. Artificial intelligence could play a significant role in supporting prevention, diagnosis, treatment plans, medication management, precision medicine, and drug creation. Health care manpower, improved with artificial intelligence tools, could better address increased health care demands in future.
Presently, most data in health care is unstructured and difficult to share. With the help of artificial intelligence, information is analyzed in a manner similar to human brain function toward pattern recognition and learning, and the expert system provides recommendations and support for decision making. The outputs are used for real time decision support as well as long term planning.
Artificial intelligence has various clinical applications such as oncology diagnostic assistance, medical image processing, physician and hospital error reduction, effectiveness of care matrix, predictive care guidance, population health management, and analysis of patient’s health records. Artificial intelligence is also useful in workflow optimization in health care such as elimination of unnecessary procedures and costs, payers claim processing, training & education of physician, hospital staff & patient, and supply cost management. Artificial intelligence is also useful for consumers in cost comparison, wearables integration diet guidance, etc.