AI adoption in Healthcare has exploded in the last decade. Institutions across the world and industries are moving towards cloud adoption, which enables them to utilize the power of the cloud and deploy powerful AI applications. The scalability and resilience of Cloud providers have surprised and encouraged many business leaders to accelerate adoption without any reservations. Even mission-critical applications are now migrating to the cloud, even in Healthcare. Cloud-based AI solutions are becoming a staple helping those healthcare institutions to deliver better care to their patients. How can AI make Healthcare future-proof?
According to Mckinsey, by 2050, one in four people in Europe and North America will be over 65, which translates into the healthcare industry will have to handle a significantly larger volume of complex needs. Longevity is increasing across the world, the Healthcare systems need AI to control rising costs and the lack of a talented workforce to provide high-quality care.
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 1H 2021, US digital health funding closed at $14.7B. 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.