AI-based Innovations and Partnership Projects throughout the Medical Sector to Set the Scene for Worthwhile Prospects
Artificial Intelligence has played an important role in revolutionizing the health care sector. Owing to its multiple advantages, the demand and investments from the healthcare sector have increased exponentially, in the past few years. Offering more than just accuracy, AI technology-based solutions are leading to augment effectiveness and productivity.
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With changing healthcare trends and procedures, various procedures in its different segments are also getting modified with AI. Medicine is one of these segments that has started investing more in AI-based solutions. AI has positively affected the practice of medicine thereby changing various procedures along with developing the area. The medical sector has witnessed rapid improvements. From augmented efficacy and accurateness to boosting specialized treatments across various verticals.
AI is impacting the medicine industry in more than one way and it is, therefore, possible to witness its full impact in the coming years. In addition, it is also inspiring the medical staff as well as the patients. Moreover, the industry is experiencing numerous trends based on AI in the area. AI has superior potential and specificity which helps doctors to excel in their tasks. In addition, it supports doctors throughout the management process. Leaving patients’ complete care on machines is absolutely not how it works, as machines, no matter what will lack qualities including empathy and compassion. But AI commonly manages essential tasks leaving the primary responsibility on doctors.
Most importantly, AI systems are able to manage with the situation where there is lack of medical assistance or scarce of workers, as it can support a large population. Moreover, as AI is coming out to be a boon for medical practices, the companies and market players are investing more to generate solutions based on this technology. Along with this, the industry players are also focusing on bringing new and advanced solutions that would be beneficial for the system to increase productivity.
The development of AI-based treatment and early detection of illness is one such instance brought up by the TU Dresden scientist. TU Dresden is a public research university in the city of Dresden. Since new product launches and innovations is a trend highly getting followed in the industry, the researchers are also initiating to get through advanced solutions. The new research has been succeeded in making a bio-compatible implantable AI platform that aims to categorize real-time healthy and pathological patterns in biological signals including heartbeats. What’s more, it detects pathological changes without any medical supervision. The results based on the research, furthermore, were published in the journal named Science Advances.
The same trend is followed by a hospital in Cambridge. An AI-based device has been developed to detect the need for oxygen by the covid patients. Addenbrooke’s Hospital and other 20 hospitals in different regions along with healthcare technology leader, NVIDIA, have utilized AI to predict the requirement of oxygen in covid patients. The growing pandemic has fueled the research to develop an AI tool based on a technique called federated learning using an algorithm to study chest x-rays and electronic health data. The study furthermore was published in Nature Medicine as one of the largest and diverse clinical federated learning studies.
Apart from this, the market field is also getting prospered with trends including partnerships and collaborations. The market players are opting for this trend in order to bring upon modifications and advancements along the way. Recently, a leading provider of AI for medical imaging, Aidoc, has announced its partnership with Subtle Medical, a software solutions provider for improved image quality. The partnership, furthermore, aims to serve multimodality solutions to the customers that include image quality improvements and acquisition workflow efficiencies. Moreover, the companies intend to bring advanced changes in medical imaging.
The rapid advancements in Artificial Intelligence (AI) continue to integrate the technology into a broad range of industrial applications in the medical sector. The developments in systematic and computing techniques, along with the detonation of data in healthcare organizations, offer great opportunities to artificial intelligence for further modifications. Moreover, as the presence of AI becomes increasingly popular in the medical sector the industry is all set to expand even more. According to a report published by Allied Market Research, the global artificial intelligence in the medicines market is estimated to garner $18.11 billion at a CAGR of 49.6% from 2018 to 2025.
The processing power of AI systems is expanding the capabilities of AI thereby boosting its potential all across. In addition, the lack of skilled healthcare professionals across various regions is one of the major concerns. Implementation of AI-based technological solutions, therefore, is proving to be a boon for various areas in this sector. Besides, AI also helps with precision and accuracy and as the importance of precision medicine is increasing to another extent, this technology is expected to be more helpful in the coming time. Moreover, all these factors are contributing to the growth and expansion of the AI in medicine industry. But at the same time, the industry also witnesses certain challenges. The restrictions based on AI decision-making are one of these major challenges. Also, healthcare professionals limit the acceptance of AI to a certain extent.
Nevertheless, the funding for the research and development activities for AI technology in medicine has been increased in the past few years. The untapped market opportunities present in the developing regions are also supporting the industry to unlock new prospects for market growth. Likewise, as the industry players are investing and initiating to bring upon new products and introduce innovations across the field, the market is estimated to expand more in the future. And with further technological advancements and developments in the solutions, the market would witness various opportunities thereby increasing the potential of the industry. With all these aspects and new strategies adopted by the market players to expand market growth, thereby, the industry is expected to grow exponentially throughout the future.
Akshita Pacholi has accomplished a Master’s degree in English Literature and presently is working as a content writer with Allied Market Research. She loves reading, writing short stories, poems, and blogs. She is a selective sports admirer and is curious to learn new things.