Market Trends of Artificial Intelligence In Medicine Industry
Patient Management Application to Witness Significant Growth
- Patient management streamlines administrative tasks and stores patient records. It aims to enhance practice efficiency, deliver timely care, and improve patient knowledge and outcomes. This includes appointment scheduling, billing details, and patient diagnoses.
- The increasing availability of electronic health data and the methodological techniques to analyze data proposed the massive potential of AI and significant machine learning methods for offering better services at lower costs.
- Smart wearables play a critical role in transforming the current healthcare industry. For instance, they are utilized in heart rate monitoring, blood pressure monitoring, step counting, and many more. This develops data that must be examined and processed to provide interactive feedback. This is where AI comes in, as it enables quickly analyzing and processing data.
- The growing physician shortage continues as the Association of American Medical Colleges (AAMC) reports the United States could see a need for 37,800 to 124,000 doctors by 2034. Such a massive drop in the workforce in the healthcare enterprise demands improvements in patient management. AI can support and increase the productivity of healthcare providers while enhancing patient outcomes with the capacity to identify those at the most risk.
- In October 2022, Cerba, a specialty clinical pathology reference, announced a partnership with Taliaz, a digital health organization, to deliver physicians with an AI-driven precision psychiatry solution that indicates treatment usefulness in depression. The test helps physicians make the best therapeutic conclusion faster for their patients and can accelerate the recovery of people suffering from depression globally.
- Moreover, with the help of AI, certain aspects, such as biometric indicators, diet tracking, mental well-being, fitness tracking, and genomic screening, can be tracked in real time.
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North America is Expected to Hold Significant Market Share
- The high adoption rate of AI technologies across healthcare and pharma, the substantial existence of prominent AI software and system suppliers, and the incorporated investment by government and private firms in the improvement and growth of research and development activities are anticipated to drive the Market's demand in the United States. Over time, the nation is expected to dominate the regional Market due to its increased infrastructure that can house advanced medical solutions. The increasing inflow of investments in startups for AI implementation would accelerate the studied market growth.
- The role of AI in assessing patients' condition and progress through multiple stages of illness attracted the awareness of healthcare professionals. This is the primary cause why real-time remote patient monitoring systems, apart from their benefits, can deliver a paradigm-shifting approach to healthcare advancement in the long term.
- Furthermore, the rising prevalence of chronic diseases in the region has contributed to the surge in demand for diagnosing and enhanced knowledge of diseases in their initial phases. According to International Diabetes Federation, in 2022 the number of diabetes patients is projected to reach 3,288.2 thousand by 2030 and 3,468.5 thousand by 2045. The diabetes
- high blood sugar caused by can damage caused by the nerves controlling the heart and blood vessels, leading to cardiovascular diseases like coronary artery disease and stroke.
- Various healthcare industry players have inspired AI technology since it can improve the service provided manifold. Access to data, collection of symptoms related to patients, and the communication of complementary treatments are the primary functions that require the highest integration of AI in the industry. For instance, in August 2022, PathAI expanded its AI-driven partnerships with BMS( Bristol Myers Squibb) to leverage AI-powered pathology in translational research and clinical trials. PathAI and BMS intend to leverage these models to gather crucial insights that would aid in boosting the segmentation of patients in clinical trials across various disease symptoms.
- As technology advances every aspect of health care, software incorporating AI, specifically the subset of AI known as machine learning, has become an essential part of increasing medical instruments. One of ML's most significant potential advantages resides in its ability to construct new and crucial insights from the vast amount of data developed daily in healthcare delivery.
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