Healthcare is emerging as a prominent area for AI research and applications.

And nearly every area across the industry will be impacted by the technology’s rise.

Artificial intelligence (AI) is creation of unique systems using 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. Artificial intelligence is used in healthcare for approximation of human cognition and analysis of complex medical and diagnostic imaging data.

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Artificial intelligence has revolutionized the healthcare industry by designing treatment plans, medication management, assisting in repetitive tasks, and drug discovery. Increasing adoption of precision medicine has made enabled simplicity of management and cost reduction. Increasing application in genomics research coupled with incremental innovation in robotic personal digital assistants boost industry growth. 

Image recognition, for example, is revolutionizing diagnostics. Recently, Google DeepMind’s neural networks matched the accuracy of medical experts in diagnosing 50 sight-threatening eye diseases.

Even pharma companies are experimenting with deep learning to design new drugs. For example, Merck partnered with startup Atomwise and GlaxoSmithKline is partnering with Insilico Medicine.

In the private market, healthcare AI startups have raised $4.3B across 576 deals since 2013, topping all other industries in AI deal activity. 

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AI, Machine Learning and MedTech

AI aims to mimic human cognitive processes, such as learning and reasoning via algorithms and large sets of data. The most popular method is machine learning, in which a model is trained on a data set—such as the intestinal scans of millions of patients—to independently analyze and categorize new datasets. The more complex and larger the volume of data, the more enhanced the cognitive reasoning ability of the model.

References:

https://www.theinsightpartners.com/reports/healthcare-artificial-intelligence-market

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