Artificial intelligence (AI) is an important solution
that can help analyze unstructured data and produce meaningful outcomes. AI
platforms can analyze unstructured data and allow physicians to scrutinize
large volumes of data sets generated from electronic medical records, public
databases, journal articles, provider notes, prescriptions, diagnostic images,
and other sources, in a fraction and derive an optimal course of action. “The
market for artificial intelligence (AI) in
medicine was valued at USD 667.1 million in 2016 and is expected to reach USD 7,988.8
million by 2022, at a CAGR of 52.68% between 2017 and 2022”, says Sachin Garg who tracks global market
for Artificial Intelligence at research firm MarketsandMarkets.
Browse 73 market data tables and 64 figures spread through 173 pages and in-depth TOC on “Artificial Intelligence Market – Global Forecast to 2022”
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Rise of Deep learning in medicine
Image recognition, signal recognition, data mining are the major processes under deep learning. Deep learning uses artificial neural networks to learn multiple levels of data, such as text, images, and sound. Algorithms help identify patterns from a set of unstructured data. Imaging and diagnostics, and drug discovery are some of the applications that use deep learning. There is need for advanced technology to read and interpret images (X-rays, MRIs, and CT scans) and blood and tissue reports and provide accurate and quick diagnosis for critical ailments (tumor and cancer). It will also accelerate life-saving drug discovery and precision medicines. This will drive the market for deep learning in AI in the medicine market.
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Artificial intelligence to play a major role in drug discovery
Artificial Intelligence and machine learning, in particular, makes the drug discovery process more efficient and substantially improves success at the early stages of drug development. Artificial intelligence algorithms ingest and analyze a vast amount of information and can identify potential drug candidates in lesser time. The deep learning systems can also be used for generating molecules with properties that are likely to be effective against specific diseases and without adverse side effects. Such advantages have encouraged the adoption of AI for drug discovery by various pharmaceutical and biotechnology companies.
Patient data and risk analysis expected to be the largest application in AI in medicine market
Prediction modeling based on artificial intelligence techniques creates a prediction profile or algorithm which is trained by using patient information. The model then can be deployed for the risk analysis of different patients. Predictive analytics, especially in genomics, allows physicians to identify at-risk patients and with that knowledge can advise them to take the necessary preventive measures to avoid risks.
Medical imaging & diagnostics to be the fastest growing application in AI in medicine market
Artificial intelligence systems have the ability to understand and interpret large volumes of structures and unstructured imaging data and make an informed decision based on relevant and current information. Medical imaging is one of the most common applications of artificial intelligence. A large number of AI startups raising venture capital post-January 2015 have been working in the field of imaging and diagnostics.
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