Market Trends of Artificial Intelligence In Medicine Industry
Patient Management Application Segment Holds Significant Market Share
- Artificial intelligence is rapidly advancing in patient management and witnessing growth in applications to optimize staff scheduling, reduce patient wait times, and streamline or automate routine tasks. AI drives innovation in the healthcare sector by predicting patient needs, streamlining workflows, and providing personalized care.
- Moreover, AI-driven solutions provide crucial insights for healthcare professionals, especially in the early identification of conditions like cancer, diabetes, and coronary artery disease. By scrutinizing data from diverse sources, including X-rays and medical imagery, AI can pinpoint patterns linked to the onset of these diseases. Additionally, merging AI with smart devices, like wearable bands, facilitates monitoring patients' heart rates constantly. This promotes proactive health management and acts as an alert system, notifying physicians, caregivers, or patients about potential heart attacks or strokes, thereby enhancing the chances of saving lives.
- Market vendors are launching AI-enabled solutions and services to help healthcare organizations improve patient management and monitoring. For instance, in November 2024, Oracle Health announced its plans to unveil a state-of-the-art electronic health record (EHR) platform in 2025. With a vision to reshape the healthcare landscape, the platform will seamlessly integrate artificial intelligence (AI) and sophisticated data analytics. This groundbreaking platform will merge Oracle's clinical AI agent and voice-activated functionalities with its Health Data Intelligence (HDI) system, streamlining workflows for healthcare professionals. Anticipated to transcend conventional record-keeping methods, the new EHR platform is designed to be proactive and offer enhanced patient outcomes.
- Further, in June 2024, Aidoc unveiled its latest AI-driven patient management technology to boost clinic volumes and elevate patient care. This innovative technology focuses on refining the identification and monitoring of patients requiring follow-ups for incidental or chronic conditions.
- Moreover, appointment management and care coordination are becoming pivotal applications of AI in patient management. AI enhances appointment scheduling by factoring in patient preferences, urgency, and provider availability. Furthermore, AI facilitates smooth coordination among healthcare teams by keeping up-to-date patient records and care plans.
Understand The Key Trends Shaping This Market
Download PDF
North America is Expected to Hold Significant Market Share
- AI technologies are rapidly being adopted in the healthcare and pharmaceutical sectors, driven by significant investments from both government and private entities. These investments focus on bolstering research and development activities. The US, with its advanced infrastructure capable of supporting cutting-edge medical solutions, is poised to lead the regional market. Furthermore, the surge in investments directed towards AI-focused startups is set to further propel market growth.
- The use of AI technology has been encouraged by many healthcare industry players since it can potentially enhance the service provided manifold. Access to data, collection of symptoms related to patients, and the communication of corresponding treatments are the primary functions that need the highest integration of AI in the industry.
- For instance, in October 2024, Alimetry has secured an oversubscribed USD 18 million in its A2 financing round. The funds will be directed towards the commercialization of its innovative wearable device, designed for monitoring gut health. This move comes as a response to the rising adoption of the device by an expanding number of hospitals across the US Key drivers behind this adoption include Alimetry's achievement of its fourth FDA clearance, the introduction of a CPT III reimbursement code, and the successful conclusion of more than 30 clinical studies.
- Many players in the healthcare sector are championing the integration of AI technology, recognizing its potential to significantly elevate service quality. Key areas for AI integration include data access, symptom collection, and communication of relevant treatments.
- For instance, in September 2024, Palantir Technologies Inc. has secured a multi-year, multi-million-dollar contract with Nebraska Medicine, a prominent academic health system in Omaha valued at USD 2.5 billion and recognized nationally for its healthcare innovations. The contract centers on Palantir's Artificial Intelligence Platform (AIP), aimed at enhancing healthcare through groundbreaking technologies.
- As technology evolves, reshaping every facet of healthcare, software powered by artificial intelligence (AI)—particularly its subset, machine learning (ML)—is becoming integral to a growing array of medical devices. A standout advantage of ML lies in its capacity to extract vital insights from the immense data generated daily in healthcare delivery.
- With the increasing investment and funding to improve the healthcare system, the market value has increased. Health Canada, the Canadian government's department overseeing national health policy, acknowledges AI's transformative potential in the healthcare sector, spanning areas like diagnosis, disease onset prediction, and prognosis. According to the Federal Innovation Ministry, Canada is channeling around USD 15 million into advancing artificial intelligence in the healthcare sector. However, Health Canada grapples with numerous challenges in crafting a fitting framework for AI/ML medical devices, and other regulatory challenges.
- In September 2024, Calabrio Canada, a workforce performance company, spearheaded The CareAI project. They collaborated with ORX, a developer of AI-driven solutions, and WELL Health Technologies, a tech-enabled healthcare provider. The initiative garnered a USD 14 million investment from DIGITAL, Canada's global innovation cluster for digital technologies. This amount is set to be bolstered by an additional USD 30 million from industry partners.
Get Analysis on Important Geographic Markets
Download PDF
