Artificial Intelligence in Medicine Market

We’re not new to the term artificial intelligence (AI). Those two words have been floating around us since 1956 and now developers live by one and only one code: “everything that can be automated will be automated”.

The advent of AI in medicine has turned out to be a bliss for humanity. Today, the AI in healthcare has become the most sought-after technology for market leaders such as Google and even thousands of startups in Silicon Valley.

According to a research firm, Allied Market Research, the AI in medicine market was pegged at $1.44 billion in 2016 and is projected to reach $22.79 billion by the end of 2023, growing at the CAGR of 48.7% during the period 2017–2023. As per Allied, increase in processing power of AI systems, dearth of skilled healthcare professions, and huge application of AI for novel surgeries and screening are the major drivers for the rapid growth of the market.

AI-based software could scan and review countless medical records and deduce the best step to improve a patient’s health, considering every risk associated with number of treatments. Moreover, natural language processing (NLP) is the novel branch of AI that can aid computers to understand human writing and speech that can help evaluate patients’ prescription. In fact, San Francisco-based startup named Forward has found a way to incorporate AI to make machines learn from observing how doctors operate. This way, instead of analyzing the data generated by doctors, machines can actually learn clinical procedures step-by-step by keenly observing doctors.

The obvious application of AI in medicine is going through thousands of healthcare records. Using consensus algorithms and data generated by healthcare professionals regarding the patient’s age, history of any long-lasting disease, and medical-associated issues, AI can review numerous patient files and suggest the most suitable combination of medication. The AI application developed by Permanente Medical Group uses data compiled from more than 600,000 hospital patients to determine which patients require intensive care. Moreover, it alerts doctors regarding which patients are at immediate risk so that they benefit from necessary treatment before they could see the light of ICU.

There are a couple of research firms that are working relentlessly to crunch through repositories of clinical research to discover missing links in the already published papers and uncover dangerous drug combinations. For humans, it may seem an impossible task, but it is much easier job to find a pattern or spotting a missing link even at the earliest stage of clinical research.

It’s true that people are in fear that one day our lives will be controlled by robots and we may become mere puppets in a robotic world. However, several experts believe that AI could be the most effective right hand for surgeons and reliable second opinion for patients. However, it’s only the time that could tell us the tale of future of AI in medicine. Until then, all we can do to get every help possible from AI for the betterment of humanity.

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