Shaping The Future of the Healthcare Industry with Artificial Intelligence (AI) Technology

In present times, the technological revolution has benefited several industries, and the same case applies to the healthcare industry. Implementing Artificial Intelligence (AI) in the medicare sector shows the potential of digital solutions to perform duties that people used to do. For instance, the human brain can easily carry out tasks like visual perception, speech recognition, decision-making, and Natural Language Processing (NLP). In modern times, the medical sector is realizing importance of Artificial Intelligence (AI) and its various use cases for effectively treating cancer, heart disease, and other rare illnesses. It’s critical to understand the operating procedure behind the software and its future potential. It will help streamline medical activities while maintaining the highest safety standards and patient care.

Market Potential of AI in the Healthcare Industry

Currently, there is high demand for personalized medicine, an increasing need for value-based patient care, innovation in healthcare IT infrastructure, and widespread use of smartphones. Moreover, there is the availability of enhanced internet connectivity and the scarcity of medical care providers. In this way, the arrival of AI technologies facilitates the industry's growth.

Additionally, technological advancements are transforming people’s lifestyles and increasing the geriatric population. Medical experts also want to mitigate the growing prevalence of chronic diseases with the help of accurate illness-detection techniques. Such factors encourage the adoption of AI & ML technologies in the medical sector. During the pandemic, the industry opted for AI-based digital products and experienced their transforming potential.

The global Artificial Intelligence (AI) in the healthcare market will reach around $208.2 billion by 2030, showing a CAGR of 38.4% for the forecasted period (2022-2030). 

Combining AI-based technologies with the latest innovation has resulted in effective virtual assistants, robot-supported surgeries, and claims management. Moreover, it has helped in enhancing cybersecurity and patient care administration. AI-based computational help maintain patients’ healthcare datasets for accurate diagnosis for early detection and prevention. 

Factors that drive the market development are the following:

• Supportive government initiatives
• Investments from private investing parties and venture capitalists 
• Emergence of AI-specialized startups

Applying Artificial Intelligence (AI) in the Medical Industry

Several healthcare organizations are opting for Artificial Intelligence and Machine Learning (AI & ML) models to streamline their daily operations. This progressive approach will allow experts effectively collect patient data and provide personalized patient care to improve well-being.

From robotic assistance to expert systems, the utilization of Artificial Intelligence (AI) has automated patient assistance for medical experts. In fact, with the combination of computer vision and machine learning algorithms, AI can instantly identify abnormalities in X-rays and examine medical scans for early disease detection. Without question, medical professionals can perform the above tasks, but adding AI-based solutions can help them deal with medical challenges effectively.

Experts have a growing consensus that using Artificial Intelligence (AI) will help humans reach their full potential. Following are the top 5 advantages of implementing AI & ML software in healthcare.

Modernizing Medical Diagnostics 

Implementing Artificial Intelligence (AI) can help professionals make correct medical diagnoses for their patients. According to the latest research, AI technology has the potential to make an accurate medical diagnosis while screening X-ray images and patients’ medical reports. With the help of AI-based medical apps, it is possible to detect disease early, before the full-blown appearance of symptoms. Healthcare companies need to opt for AI-based solutions to get instant and highly accurate output even at specialty-level diagnostics. Consequently, AI-driven solutions reduce time wastage and save resources.

Supporting New Drug Discovery 

Drug-oriented Research and development (R&D) is hectic and costly. In this way, it takes several years for researchers to discover, develop, and test new drugs for the market. Currently, a number of health organizations want to leverage the power of AI & ML to achieve their objectives timely. The use of Artificial Intelligence (AI) in drug discovery eases many phases of drug development, such as chemical synthesis and polypharmacology. In this context, AI and ML models are critical for the healthcare industry.

Promoting Robotic Surgeries 

The use of robotics in the healthcare industry will aid medical surgeries with AI and robot assistance. In this way, medical professionals will be able to perform surgical procedures with speed and high precision. Combining Deep Learning (DL) with AI models helps experts find patterns in medical data to improve practices and enhance robots’ control. In this way, doctors can reduce complications in medical techniques.

Using Virtual Nursing Assistants  

In modern-day hospitals, the increasing nurse workload and cost of labor are encouraging healthcare organizations to opt for AI-powered solutions. Care Angel is an intelligent analytics system that helps reduce unwanted hospital visits and manages the burden on medical professionals. Moreover, virtual nursing assistants have the ability to provide assistance 24/7 and evaluate patient symptoms to provide treatment. According to the latest research, 44% of patients prefer a virtual caregiver over a human clinician for consultation. This trend highlights the widespread acceptance of virtual medical models in the population. Consequently, medical organizations can manage their operational costs and provide high-quality services to patients.

Implementing Health Trackers & Smart Wearables

The top intelligent gadgets are FDA-approved, collecting real-time patients’ data. The AI & ML algorithms take care of data errors and instantly inform the patient. Smart wearable devices help professionals keep track of patients’ holistic wellness. In this way, AI-based mobile apps facilitate data collection and processing, transmitting data to the backend servers. Consequently, professionals can get medical reports for various periods in real-time and supervise patients’ improvement conveniently.

Additional Benefit: Smart Online Document Forgery Detection

The use of AI-based solutions can also help medical organizations fight fraud. Cybercriminals can use sophisticated techniques to bypass the security protocols of hospitals, gaining access to restricted medications. Perpetrators can use complex approaches to access vulnerable patients’ health insurance benefits. In this way, utilization of intelligent online document forgery detection techniques can help top administration in combating scam attempts effectively. Consequently, the sector can ensure compliance with AML/KYC standards to avoid hefty fines. 

Concluding Remarks

In present times, the discovery of multiple compounds results in medications that can easily pass the regulatory process of the FDA. Utilizing AI & ML technologies will effectively control failure rates. Producing cost-effective medicine with digital advances such as AI and personalized genomics can become the new normal in the healthcare industry. In this way, efficiency, accuracy, and convenience are the focus of patient care. According to Pratap Khedkar, any breakthrough is essential because of the opportunities it can bring in the real world.