Healthcare Artificial Intelligence Market Will Continue to Grow by 2021

Artificial intelligence is a science of developing smart systems based on information sourced from big data with minimal or no human interference. Artificial intelligence would drastically reduce human interface, help in reducing errors and increasing consistency and efficiency in healthcare. Current application of healthcare artificial intelligence market can be seen in IBM Watson, which is capable of evidence based prescription for cancer patients. The system can also assist researchers in identifying novel targets for drug discovery. These are only a few examples where powerful systems like IBM Watson can contribute in healthcare. Babylon Health is another organization in the healthcare artificial intelligence market that has developed a smart phone app that correctly identifies patient’s symptoms from a vast database of medical disorders and related symptoms. The service is currently being employed by two hospitals in England.

In the healthcare artificial intelligence market, medical imaging technology can evolve significantly and help in identification of disorders such as cancer at very early stages. Artificial intelligence with deep learning is revolutionizing examination of medical images obtained from MRI, CT, and nuclear imaging for cancer diagnosis. This system can drastically reduce false negative diagnosis which may cause the cancer to spread to other vital organs and lead to a stage that may be difficult to cure. Another study published in the journal Science Translational Medicine reports that Smart Tissue Autonomous Robot (STAR) successful stitched intestines with minimal human guidance.

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In 2015, Google collaborated with Johnson & Johnson for development of surgical robot with artificial intelligence. IBM Watson Health and Illumina recently announced partnership for collaboration of Watson for Genomics with Illumina’s BaseSpace next generation sequencing (NGS) hub. Illumina accounts for over 45% of the genomes sequenced globally which indicates immense genetic data on human diseases. With such valuable genetic data, the AI system can efficiently analyze genetic sequences to identify mutations. Technologies in the healthcare artificial intelligence market can also prescribe drugs which specifically target the affected gene. Contribution of artificial intelligence systems in personalized medicine can immensely improve treatment outcomes. Ongoing research in integrating artificial intelligence, deep learning and machine learning in healthcare is expected to bring a paradigm shift in diagnosis and treatment in the near future. These technological advances would extend new segments in the healthcare artificial intelligence market.

The capabilities of technology in the healthcare artificial intelligence market are currently only limited due to ability to collate and refine the enormous data collected in the healthcare sector. Increasing digitization of healthcare processes and development of efficient algorithms has expedited development of artificial intelligence systems for wide spread application in healthcare. Considering the complexity of biological systems and unforeseen factors affecting disease progression, the artificial intelligence system needs to develop to a great extent until it gains mainstream applications in healthcare. Numerous startups have emerged in the recent past and are funded heavily anticipating increased adoption of the emerging technology in a plethora of applications in healthcare sector. These factors would drive the healthcare artificial intelligence market globally.

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NOTE: This report is currently under research and will be made available to clients on request.


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