Artificial Intelligence in Healthcare: Revolutionizing Industry 2024

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Tracy-GardnerTracy Gardner Global Chief Marketing Officer
LinkedIn|30 Nov 2023

Cutting-edge technologies like artificial intelligence (AI) and machine learning are revolutionizing various industries, with a notable impact on healthcare—a sector that makes up 11% of the global GDP, amounting to approximately $9 trillion annually. 

These technologies play a crucial role throughout the healthcare value chain, from the development of drugs and vaccines to enhancing medical diagnosis and treatment. Their implementation contributes to increased efficiencies across the entire healthcare system. 

AI is becoming increasingly adept at replicating human capabilities, but with enhanced efficiency, speed, and cost-effectiveness. The potential applications of both AI and robotics in healthcare are extensive, mirroring their integration into our daily lives. 

In this blog post, we explore the possibilities that AI presents for automating aspects of care, as well as some of the challenges hindering its swift adoption in the healthcare sector. 

Current Scenario of AI in Healthcare 

The inclusion of artificial intelligence in healthcare industry has had a steep rise since the advent of ground-breaking technologies. The global artificial intelligence in the healthcare market was valued at USD 16.3 billion in 2022 and is expected to grow at a CAGR of 40.2% to reach USD 173.55 billion by 2029.  

Asia-Pacific region is a quickly growing market and is expected to register a CAGR of 8.5% by 2028. Because of the rising geriatric population, medical tourism, and the growing research activities, Asian countries accelerated the adoption of medical AI. 

Growth of global AI market in healthcare industry in USD billionThe integration of AI in healthcare systems is driving the domination of automated health checkups, robotic surgeries, automated data analytics, and predictive diagnostics. Healthcare providers turn to tech companies for expertise in adopting AI, and naturally, demand for such expertise makes competition among the latter highly intensive. 

Role of AI in Healthcare Industry 

While AI in healthcare has some crucial roles to play, let’s break down them into certain ways where you can understand its significance for patients as well as medical experts. 

1- Spotting Diseases Sooner

AI algorithms outpace doctors in diagnosing diseases, especially when it comes to interpreting image-based test results. Early detection and preventive measures are crucial in effectively treating cancer. Some cancers, like various types of Melanoma, pose challenges in early detection. 

AI algorithms speed through the analysis of biopsy images and MRI scans at a rate 1,000 times faster than human doctors, providing an impressive 87% accuracy rate. The days of diagnostic errors and delays are becoming a thing of the past.  

2- Revolutionizing Drug Discovery

Drug development is a lengthy, costly process with numerous failed attempts. Collaborations between pharmaceutical giants like Sanofi, Pfizer, and tech experts from IBM and Google are changing the game. They're using AI and deep learning to revolutionize drug discovery, moving away from the traditional trial-and-error approach. 

Rather than relying on luck, drug discovery is now driven by data. Intelligent simulations for improved treatments are made possible by analyzing existing medicines, patient data, and pathogens.  

3- Tailoring Treatment with Precision Medication

Precision medication is all about providing the right treatment based on a patient's unique characteristics and behaviors. It goes hand-in-hand with accurate diagnosis, involving the prescription of specific medications and recovery routines for the best results. 

Distribution of AI across multiple disciplines in healthcare industryPrecision medicine relies on analyzing extensive patient data, including treatment history, restrictions, hereditary traits, and lifestyle. AI medication systems can sift through this wealth of information stored in hospitals, assisting doctors in crafting personalized treatment plans. 

4- Enhancing Healthcare Efficiency with AI

The fusion of continuous physiological data on lifestyle and environment is paving the way for deep phenotyping. Combining this with genomics, machine learning, and AI is taking healthcare to new heights

Ubiquitous access to data will have a profound impact. The ability to read and analyze data when needed, instead of relying solely on late-stage tests, will significantly improve global health, enabling proactive and preemptive care. 

Real-time Applications of AI in Healthcare Industry 

Implementation of AI in healthcare industry will have real-time applications that can benefit institutions and experts. Let’s explore them a bit to understand their working: 

1- Virtual Assistants

AI in healthcare extends to virtual assistants, where an AI algorithm is trained to handle queries from both doctors and patients. AI-based virtual assistants can streamline a doctor's daily tasks, from scheduling appointments to maintaining records and even interacting with patients. 

These AI-powered assistants aim to complement doctors rather than replace them, allowing physicians to focus on more intricate tasks and cases requiring their undivided attention.  

2- Wearable Devices and Sensors

The healthcare industry increasingly embraces wearable devices and sensors to gather valuable data for research and patient care. AI algorithms play a pivotal role in interpreting this data, transforming it into meaningful insights. 

Usage of wearable devices by medical institutions and patientsFor instance, analyzing data from glucose monitors worn on the skin can predict blood sugar levels throughout the day and night, offering crucial information for personalized care.  

3- AI-assisted Telemedicine

Telemedicine, involving remote exploration of health issues, often incorporates AI assistance. This approach proves beneficial for patients situated far from healthcare providers. AI-assisted telemedicine furnishes patients with treatment information without requiring in-person visits. This is particularly advantageous for individuals exploring alternative treatment options.  

4- Predictive Analytics

In healthcare, predictive analytics leverages data analysis to forecast patient outcomes. By examining past patient data, doctors can predict how a current patient may progress. 

Beyond patient care, predictive analytics also finds application in healthcare fraud detection. Analyzing healthcare data helps identify fraudulent activities and predicts which patients are more likely to engage in such activities.  

5- Medical Image Analysis

AI significantly contributes to healthcare through image analysis, particularly in radiology and pathology. In radiology, AI identifies anomalies in images like MRIs, X-rays, and CT scans, aiding in early disease detection. In pathology, AI analyzes biopsy slides and microscope images, facilitating the identification and classification of various tissues. 

6- AI-driven Genomics

A recent advancement is AI-driven genomics, utilizing machine learning and artificial neural networks to explore patient genomes. This technology predicts a patient's risk of developing specific diseases based on their genetic makeup. Its applications range from predicting diseases like Alzheimer's to exploring the genetic composition of a fetus. 

Growth of AI in Genomics market

7- Strengthening Data Governance & Security

Addressing the data challenge is crucial for successful AI implementation in healthcare. Digitizing health systems and establishing robust data governance are prerequisites. 

Healthcare organizations need sound data-sharing policies that balance improvements in care facilitated by AI with cost-efficient safeguards. 

Policymakers and organizations should support initiatives to anonymize and link data securely, potentially creating accessible databases with appropriate safeguards for stakeholders. 

Future Trends of AI in Healthcare Industry 

Artificial intelligence in healthcare industry has a huge scope for future and the industry can leverage the fruitful outcomes with all possibilities. Here are the top future trends of AI in healthcare that will have a great impact:  

1- Healthcare Analytics

In the realm of healthcare, data analytics harnesses the power of machine learning to swiftly extract valuable insights from vast medical datasets. This approach aids in early disease detection and prompt intervention by scrutinizing data from electronic health records (EHRs), medical devices, and wearables. 

Startups are crafting predictive models to sift through patient datasets, focusing on preventing conditions like stroke, cardiovascular disease (CVD), neurodegeneration, and other complications prevalent in at-risk populations. 

Additionally, these models forecast hospitalization risks for chronic and critical patients, contributing to reduced readmission rates. The integration of AI-powered big data not only enhances the overall accuracy and quality of care but also expedites the process of drug discovery and development.  

2- Telehealth

Routine monitoring of patient health and recovery allows healthcare professionals to concentrate on intricate cases and emergencies. AI-driven virtual consultations and remote patient monitoring empower them to extend assistance globally while offering data-driven care. 

E-health or mobile health (mHealth development) platforms range from simple recommendation engines to solutions that track and analyze patient health comprehensively. These platforms gather data from diverse sources, including electronic medical records (EMRs), medical images, wearables, medical devices, and smartphones. 

Top reasons behind increased utilization of TelehealthcAI processes this amalgamated data to provide recommendations and alerts based on medical history, symptoms, and other relevant factors. Furthermore, virtual health assistants and chatbots, powered by natural language processing (NLP), automate disease diagnosis, health monitoring, and triaging. 

3- Personalized Healthcare

AI accelerates the efficient utilization of data obtained from genetic testing, health records, medical facilities, clinical trials, and research. Startups are deploying machine learning and deep learning models to extract insights, discerning differences in genetic makeup, lifestyle, and medical history. This facilitates healthcare institutions in delivering precise and personalized care. 

These startups also furnish testing and diagnostics platforms for the early detection and prediction of diseases, along with assessing treatment efficacy. In the realm of personalized healthcare, AI aids in expedited and targeted drug discovery, minimizing patient-specific complications and streamlining treatment development for rare diseases. 

Additionally, AI algorithms tap into data from wearables, implants, and other medical devices to identify patterns relevant to an individual’s overall health and wellness. 

4- Clinical Decision Support

AI-driven clinical decision support systems (CDSS) cut down the time needed to identify high-risk patients and predict the likelihood of diseases. This empowers healthcare providers to implement preventive measures at an earlier stage, enhancing disease management and improving patient outcomes. 

AI algorithms also furnish diagnostic decision support and recommend tests based on evidence-backed guidelines. Startups leverage natural language processing (NLP) to analyze patient data from EHRs and other clinical sources, offering treatment recommendations. 

This aids physicians in delivering patient-specific care, advancing the cause of personalized medicine. It also enables healthcare institutions to discern patterns of drug interactions, supporting clinical trials and the development of new drugs.  

5- Medical Robots

Innovative startups are creating medical robots to serve healthcare facilities in remote areas or execute intricate procedures with heightened precision. Surgical robots assist surgeons in minimizing the risk of complications and elevating the success rates of surgeries. 

Similarly, rehabilitation robots based on machine learning facilitate physical therapy for patients recovering from injuries or surgeries. Telepresence robots, employing AI algorithms, simulate physical presence to deliver care to patients in underserved areas. 

This enhances patient monitoring, especially for individuals with infectious diseases requiring prescribed contact isolation. Finally, startups employ AI routing in medical transport robots and drones for the autonomous delivery of medical supplies and equipment. 

Artificial intelligence in healthcare industry -CTA1

Vlink’s AI Solutions That Can Revolutionize Your Healthcare Business 

Integrating AI into healthcare can improve diagnostic accuracy, improve efficiency, improve resource allocation, and improve health outcomes. However, there are many issues preventing the use of AI solutions in healthcare. 

By working with a reliable software development company like VLink, you can easily overcome these challenges and create accurate diagnostics, drug discoveries, and treatment plans. We have expertise in creating custom AI and ML-based models that help improve customer experience, increase revenue, and reduce production costs. 

With a team of experts, we have worked hard to create innovative AI solutions that solve the unique problems and needs of the healthcare industry. By partnering with us, you can unlock the full potential of AI in healthcare and innovation. 

Frequently Asked Questions
How does AI contribute to improving patient care?

AI improves patient care through early disease detection, personalized treatment recommendations, and remote monitoring. It assists healthcare professionals in making more informed decisions, leading to better outcomes for patients. 

Can AI help in personalized medicine?

Yes, AI enables personalized medicine by analyzing individual patient data, including genetic information, lifestyle factors, and medical history. This approach tailors treatment plans to the specific needs of each patient. 

How does AI contribute to healthcare analytics?

AI in healthcare analytics processes large volumes of data to extract meaningful insights. It helps in identifying trends, forecasting hospitalization risks, and improving the overall quality of care. 

What role does AI play for startups in healthcare?

Startups are often at the forefront of AI innovation in healthcare, developing novel solutions for diagnostics, personalized medicine, and improving overall healthcare delivery. Their agility allows for the rapid adoption of cutting-edge technologies. 

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