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AI Will Soon Dominate the Healthcare Market

By CIOReview | Thursday, May 24, 2018

The medical fraternity has been no stranger to digitalization, from maintaining patient records to analyzing sophisticated medical images such as CR scans or MRI scans, technologies such as computers have made lives of many medical professionals easier. However, the recent shift towards artificial intelligence powered devices seems to have taken over the health services domain as well. As per a study by Allied Market Research, the global AI in the healthcare market is estimated to reach $22.79 billion by 2023.

What Drives The Growth Of AI In Healthcare?

One of the primary reasons behind the growth of AI in the medical field is its ability to improve patient outcomes. With the increasing need for better doctor-patient coordination, the accelerating adoption of precision medicine, and the emergence of other technical advancements such as big data in the field of medical science, experts believe that these opportunities will further fuel the growth of AI. The possibility of AI-based tools used for elderly care in markets such as India and China could open new doors leading to further enhancements.

Application using AI in the Healthcare Market

Apart from managing medical records and other forms of data, AI is widely used in analyzing tests, treatment designing, digital consultation, medication management, creating drugs, precision medicine, health monitoring, and healthcare system analysis. In their effort to add technologies such as augmented reality and virtual reality, healthcare centers also use virtual nurses and virtual consultation. The goal of using AI in this field is to save time, reduce cost, and increase accuracy in healthcare.