Diverse interventions ranging from EHR (electronic health records) and patient records to surgical procedures application are extensively integrating AI, which in turn has revolutionized the clinical and healthcare settings. Demand for deep learning is expected to increase in artificial intelligence in healthcare market with rising need for image recognition, data mining and signal reduction.
Innovative Developments with Collaborations to Significantly Benefit Artificial Intelligence in Healthcare Market
Burgeoning need for the minimally invasive surgeries across the globe is expected to create lucrative opportunities for manufacturers in artificial intelligence in healthcare market with surging demand for robot-assisted surgery.
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- IBM Corporation: The artificial intelligence in healthcare market player has teamed up with IIT Bombay for accelerating research of AI in India. This collaboration is expected to dive in inputs from the global researchers on the frontier of AI, thereby focusing on the industrially relevant problems. In addition, measures will also be taken to make access availability to the large data sets. This is consequently expected to positively impact on artificial intelligence in healthcare market.
- Oracle Corporation: The artificial intelligence in healthcare market player has taken immense efforts in integrating machine learning in cloud applications strategy. Next-gen voice user interface along with powerful analytics is enabling in expanding industry’s fastest, deepest and broadest growing cloud applications suite. Oracle Fusion Cloud Applications is highly beneficial for reducing costs and increasing business agility. With growing adoption of AI across business, positive impact is also expected to shower on artificial intelligence in healthcare market.
- Microsoft Corporation: The artificial intelligence in healthcare market player has forward plans to excel in its AI innovation with new ideas and data types along with inserting data from the picture. Ideas would be AI-powered insights provision that enables people in leveraging with full-power of Office. The new data types would be beneficial in identifying real-world concepts. Inserting data from the picture enables in taking picture of printed data-table with Android device, thereby converting analog information in Excel sheet with just one click. These developments are expected to create significant growth opportunities for artificial intelligence in healthcare market in the long run.
Developing Regions to Witness Stellar Growth in Artificial Intelligence in Healthcare Market with Notable Dearth of Doctor-Population
North America artificial intelligence in healthcare market is likely to witness significant growth with increasing usage of EMR (Electronic Health Records), growing focus on the precision medicine, high consumerization of the personal care products. Increasing desire for automating tasks, harnessing deeper insights in financial and clinical issues drives North America artificial intelligence in healthcare market.
According to official figures presented in the Indian Parliament in 2017, doctor population ratio is a major concern in India as the country holds nearly 1,022,859 allopathic doctors that are registered with Medical Council of India. India lacks in meeting the WHO standard of having 1:1000 doctor-population ratio, as the country only has only 0.62:1,000 doctor-population ratio. Whereas, US has a higher doctor-population ratio, which is insufficient for catering to the needs of rapidly surging population. Association of American Medical Colleges had presented a report of US by stating that the region is likely to face shortage of over 90,000 doctors by the end of 2020, which is inclusive of 45,000 patient care doctors.
Dearth of doctor population is significantly driving the growth of artificial intelligence in healthcare market and this trend is expected to continue in the developing economies.
Explosive Growth of Artificial Intelligence in Healthcare Market with Rapidly Increasing Regulatory Mandates and Diagnostic Errors
Emerging need for taking up healthcare decisions based on evidence and improved clinical outcomes are some factors driving the growth of artificial intelligence in healthcare market. Increasing usage in claims management applications for insurance companies, for identifying the number of fake claims further drives demand and supply of artificial intelligence in healthcare market. Surging use of big data across the healthcare industry, artificial intelligence capabilities for improving patient outcomes, notable imbalance between patients and health workforce is likely to stimulate the revenue growth of artificial intelligence in healthcare market.
Prevalence of government mandates for utilizing EHR is stimulating the need for deep learning technology, which in turn drives artificial intelligence in healthcare market. Rising need for drug discovery, treatment plans and medication management is expected to stimulate the growth of artificial intelligence in healthcare market. Prospective of artificial intelligence based tools for the care of geriatric population and untapped potential of the developing regions such as India and China is anticipated to create several opportunities for artificial intelligence in healthcare market expansion.
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Rising importance on the precision medications, rapid increase in cross-industry partnerships and venture capital investments has been fuelling the sales of artificial intelligence in healthcare market. However, high installation costs and dearth of skilled workforce is likely to restrain artificial intelligence in healthcare market on a larger basis. Imprecise regulatory scenario as well as reluctance amongst the healthcare professionals for adopting artificial intelligence based technologies is further likely to hinder the growth of restrain artificial intelligence in healthcare market.