Artificial Intelligence Market In Healthcare 2018, Market Demand, Market Growth, Market Share, Market Size Forecast to 2023

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AI algorithm needs robust dataset to learn and grow smarter via supervised learning so that it will able to identify new health related issues. The biggest challenge with AI in healthcare sector is lack of robust datasets which require to train AI in particular application. Doctors cannot fully rely on untrained AI, they need to make decisions based on their knowledge and expertise. 

Another major challenge with adoption of AI in healthcare sector is lack of workforce who are comfortable in using AI technologies. Doctors, hospital staff and patients need training on the use of these technologies. Sometimes AI device creates more hassle than being a time saver. For example AI virtual assistant can monitor the patients by scanning their report and general symptoms and not able to diagnose the hidden symptom which can cause some serious disease. In certain cases doctors have to again monitor the patients, which indirectly increase the burden. 

With the increase in aging population and chronic disease across the globe, the overall burden of disease management has increased. Patients are also expecting better care and treatment. The healthcare industry is witnessing lots of innovation with respect to improved treatment and diagnosis. AI has gained attention among doctors as well as patients. Government, Healthcare institute and big IT firms are investing heavily in AI to make healthcare accessible to everyone at reduced cost.  Entrepreneurs, investors, healthcare service provider, patients and policy developer are collaborating together to develop better medical technology. Alivecor, Heart lander Surgical and Medical Imaging, Inc. are some of healthcare service provider. 

With the advancement of AI integrated software and devices, AI is gaining popularity among doctors and patients. For example AliveCor, a healthcare software provider invented the very first smartphone that is connected to electrocardiogram to capture the rhythms of heart on phone within 30 minutes so that they can check whether they should seek medical attention or not. Last year it recorded sales of almost 20 million EKG’s. AliveCor is working to add more features to this like alarming signals in case of some irregular rhythms.

Healthcare scientists are willing to implement AI technologies in hospital and R&D center for drug discovery, which is most important rising area of healthcare industry. Development of new drug will raise the market of AI in healthcare sector.  GSK, Sanofi, Roivant are some companies using AI based platform for drug discovery.  For example GSK invested $43 million at Scottish firm Exscientia Ltd. to use AI to create new drugs. 

AI is not targeting to replace humans in diagnostic process instead proving to be a better support. AI skilled workforce will replace those who doesn’t want to embrace technology. It is highly likely that there will be huge advancement and widespread use of AI integrated technology in next few years.