Despite all the excitement surrounding cryptocurrency, the Metaverse, and NFTs, artificial intelligence continues to dominate one of the key technology trends of the decade. In our article on the top 10 technologies of the next decade, we talked about the rise of artificial intelligence (AI) and how it’s penetrating all facets of our lives.
In recent years, we are witnessing rapid adoption of AI in various industries including banking, finance, robotics, automation, Internet of Things (IoT), cybersecurity, cloud computing, cognitive automation and many more. In addition, we’ve also witnessed the rise of a new breed of AI called Formative AI.
Unlike generative AI, which mainly allows machines to use things like text, audio files, and images to create content, formative AI has the ability to dynamically change to respond to a situation. Formative AI can also adapt over time and generate new models to solve specific problems.
Statista estimates that the global market for AI software will grow by approximately 54 percent year-on-year in 2020 and reach a projected size of US$22.6 billion. But that number now accounts for about two-thirds of the estimated healthcare AI market over the next five years.
A recent research report by Global Market Insights, Inc. claims that the healthcare artificial intelligence (AI) market will surpass $34.5 billion by 2027.
The global market share of artificial intelligence (AI) in healthcare is set to witness commendable growth during the forecast period. Expanding the scope of AI technology in medical applications such as imaging, drug discovery and genomics is one of the main drivers of this growth.
Although the emergence of artificial intelligence as a disruptive force across the industry spectrum has been in the works in recent years, the outbreak of the COVID-19 pandemic has rapidly accelerated its growth trajectory, particularly in healthcare applications. For example, according to the Appens State of AI 2020 Report, nearly 41% accelerated their AI development strategies during the crisis. A key reason for this is the implementation of social distancing protocols, which have sparked significant interest in non-contact patient consultations over the past year.
As an increasing proportion of the patient population turns to virtual or telemedicine surgeries, companies are also responding to the trend and introducing enhanced virtual care solutions, including AI in healthcare. For example, in 2021 Telia, Ericsson and Sweden-based Sahlgrenska University Hospital tested the use of artificial intelligence to develop insightful planning and forecasting models for healthcare resources and needs during the pandemic, with use cases spanning diagnosis, triage, treatment , and transmission prevention.
The report also provides a comprehensive analysis of key Artificial Intelligence (AI) in Healthcare industry segments based on application and region.
market, by application
- therapy planning
- Virtual Assistants
- Medical imaging and diagnosis
- drug discovery
- workflow in the hospital
market, by region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
According to the report, the major players in the market include Modernizing Medicine, IBM Corporation, Sophia Genetics, and NVIDIA Corporation.
Collaborative efforts by the key competitors will propel the AI in the healthcare market trends
Science has seen some major breakthroughs in recent years, with AI, quantum computing, high-performance computing and other technologies increasingly being used to overcome bottlenecks in healthcare and scientific research. These breakthroughs have opened up ample opportunities for healthcare and technology companies worldwide to develop novel AI technologies for healthcare to address these issues.
For example, in March 2021, IBM and the Cleveland Clinic announced a 10-year collaboration to launch the Discovery Accelerator, a new center designed to use artificial intelligence, quantum computing and powerful hybrid clouds to accelerate healthcare discovery. The alliance is poised to build a far-reaching research and clinical infrastructure to enable comprehensive data-driven medical research, support new discoveries for patient care, and create innovative solutions to ongoing health threats like the coronavirus.
Increasing government initiatives and investments to strengthen North American AI in the healthcare market split
The North American AI healthcare industry will experience a commendable growth trajectory in the coming years due to growing investment interest and government initiatives in regions like the US to increase the use of AI technology in medical applications.
To illustrate, in January 2021, the US Department of Health and Human Services (HHS) released a new strategy for AI in healthcare that focuses on areas aimed at facilitating and encouraging the adoption of artificial intelligence technologies. Through the strategy, HHS will support AI innovation in health and social care by highlighting mission-centric AI perspectives and funding grants, programs, and research efforts that leverage AI-based solutions to achieve outcomes that prove beneficial to the regional artificial intelligence could prove to be in the healthcare market long-term. The full report can be found here.