Artificial Intelligence in Healthcare Market - Insights
Artificial intelligence (AI) refers to creation of unique systems with the help of algorithms and software that can perform certain tasks without human intervention and instructions. Artificial intelligence comprises integration of several technologies such as machine learning, natural language processing, reasoning, and perception. AI is used in healthcare for approximation of human cognition and analysis of complex medical and diagnostic imaging data. Artificial intelligence is primarily used in healthcare to analyze the relationship between treatment techniques and patient outcomes. AI programs are deployed in medical practices such as diagnostic processes, drug development, personalized medicines, and patient monitoring care. For instance, AI could aid in clinical processes by checking the vital signs, asking questions, and giving prescriptions to the patients. AI systems can also be used for alerts and reminders, image interpretation, information retrieval, and therapy planning during medical procedures. Deep learning technology is used for image recognition, signal recognition, and data mining and is the most widely used form of AI technology.
Artificial intelligence could aid in improving basic healthcare facilities, which could help the doctors to invest more time on critical cases
Doctor-population ratio has become major concern in emerging economies such as India. According to official figure presented in Indian Parliament, about 1,022,859 allopathic doctors registered with the state medical councils or Medical Council of India as on March 31, 2017. Considering as high as 80% availability, around 0.8 million doctors may be available for service in India, which translates to 0.62:1,000 doctor-population ratio that is below the WHO standard (i.e. 1:1000). Developed economies such as the U.S. have a high doctor-population ratio, however, may not be sufficient enough to meet demand of rapidly increasing population. According to a report by Association of American Medical Colleges, U.S. may face the shortage of more than 90,000 doctors by 2020, including 45,000 patient care physicians.
To make healthcare accessible to all, in this low doctor-population ratio (in case of India) economies or in economies such as the U.S., development of innovative technologies such as AI is important. It may aid in giving general advice to patients and predict the fall in healthcare facilities, readmission rate, and even death. For instance, Your.MD, an AI empowered system, provides general advice. The chatbot asks user various questions to link these information or symptoms to causes and then provides easy-to-understand information about individual’s medical conditions. Furthermore, a Silicon Valley-based hospital, El Camino Hospital implemented AI for predicting fall in the hospital in September 2017. According to the hospital, in just six months technology was helpful in reducing the rate of dangerous fall by 39%. Moreover, in January 2018, a team of six scientists at Stanford University, utilized this technology to predict death of people. If successfully implemented, this can significantly improve palliative care. A Netherlands-based company, Vektis Intelligence, uses artificial intelligence to analyze data to highlight mistakes in treatments, helps in avoiding unnecessary patient hospitalizations, and helps in streamlining workflow inefficiencies. Successful implementation of AI to improve basic healthcare facilities by highlighting error in prescription or predicting fall or death is expected to boost growth in artificial intelligence in healthcare market.
The global artificial intelligence in healthcare market was valued at US$ 714.4 million in 2016 and is expected to witness a robust CAGR of 35.5% over the forecast period (2017–2025).
Figure No.1: Global Artificial Intelligence in Healthcare Market, Regional Share (%), 2017 & 2025
Figure 2. Companies in Artificial Intelligence in Healthcare Market
|Google Deepmind Health
||Google Deepmind Health project — mine medical records
||An AI algorithm, which would allow physicians to make more informed and accurate decisions
||A cloud-based predictive analytics platform for health systems and physician organizations
|Zephyr Health (2016)
||Combined databases and machine-learning algorithms to help gain insights into a diverse set of data
|Oncora Medical (2016)
||A data analytics platform to help cancer research and treatment
Source: Coherent Market Insights Analysis (2017)
Increasing research and development for application of artificial intelligence in healthcare is expected to boost growth of the market
Artificial intelligence systems are mainly categorized into machine learning techniques and natural language processing. Machine learning techniques involve analysis of structured data such as genetic data, and imaging data, whereas, natural language processing involves extracting information from unstructured data such as clinical notes, and medical journals. Microsoft Corporation and Adaptive Biotechnologies partnered to combine artificial intelligence with human immune system sequencing (from Adaptive Biotechnologies) in January 2018. The University of Massachusetts Amherst Center for Data Science partnered with Chan Zuckerberg Initiative (CZI) in January 2018 to accelerate healthcare research and development using artificial intelligence. Furthermore, January 2018, Wilfrid Laurier University researchers and health researchers in Waterloo University collaborated to study the use of artificial intelligence for early detection of Alzheimer’s. Owkin France raised US$ 11 million in January 2018, to develop artificial algorithms for speeding up drug development process. Biotricity, Inc. —a medical diagnostic and consumer healthcare technology company —is expanding research and development, to include artificial intelligence into its product offerings. Furthermore, Ubenwa — a Nigerian Artificial Intelligence health startup — founded in 2014 —developed a mobile app to detect asphyxia in newborn babies using machine learning.
Key players in the market are focusing on collaborations in order to expand its presence in the market. For instance, in 2017, Nvidia Corporation collaborated with GE Healthcare to speed up the adoption of AI in healthcare. As per agreement, Nvidia Corporation is expected to integrate its artificial intelligence (AI) to GE Healthcare’s 500,000 imaging devices, globally.
Some major players operating in the artificial intelligence (AI) in healthcare market are IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Carescore, Atomwise Inc., Zephyr Health Inc., Deep Genomics Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc.