The data explosion in Healthcare presents a massive opportunity for the application of Artificial Intelligence (AI). AI technology is already being leveraged across the spectrum of Healthcare today. The categories are broad, ranging from easy to assisted diagnosis and treatment recommendations, patient monitoring and alerting, plus many other administrative use cases. Repeatable and error-prone tasks can be automated and performed better than humans with AI; adoption is severely lacking across all healthcare institutions due to the cost of implementation and significant time investment needed to enable such technologies.
Several industries have adopted Artificial Intelligence (AI) widely, and that success is driving some adoption in the Healthcare industry. There is an increase in understanding that these technologies will have a massive impact on transforming Healthcare in many aspects, including but not limited to increased quality, lowering cost, and improving access to care. Care providers are already leveraging AI technology to help diagnose disease faster, where these AI algorithms can perform better than radiologists at spotting anomalies with various imaging scans. The years ahead will be critical to accelerating the adoption of AI as it replaces error-prone human tasks in Healthcare scenarios. How can startups in the healthcare AI domain capitalize on this automation wave hitting the industry across the care spectrum and help in the rapid implementation of AI in Healthcare?
Some important areas where AI in Healthcare could play a huge role are:
Robotic process automation
Diagnosis and treatment
Care provider and patient engagement
The future of AI in Healthcare has a critical role in all healthcare scenarios. From machine learning to precision medicine, from diagnostics to efficient treatment planning and execution. Rapid advances in AI can immensely improve the overall access to quality healthcare for everyone, reduce the burden on healthcare systems, and reduce healthcare costs. Regulatory approvals are easing with widespread understanding and adoption of successful use cases with AI technology in pockets. This study from 2019 estimates a 41.7% compound annual growth rate, from $1.3 billion in 2018 to $13 billion in 2025 for the AI healthcare market. Investment in AI for Healthcare has been increasing drastically and will continue its momentum to grow. McKinsey shared that VCl funding for the top 50 firms in healthcare-related AI has over $9B.
Rock Health, a digital health technology venture fund, shares that in Q1 2021, US digital health funding closed at $6.7B. It is a pivotal moment for Digital Health. Across the spectrum, Healthcare Innovators, investors, and Thought leaders are ecstatic about the transformation in care delivery with the Future of AI in Healthcare.