AI in Healthcare, Nearly 2 Billion and Growing

Kalorama Information’s report, The Market for Artificial Intelligence (AI) in Healthcare, quantifies the opportunity and future market opportunity for AI in healthcare, already an almost two-billion-dollar market, with applications in workflow and population health, drug discovery and emerging applications in diagnostics and other areas.

In the United States alone, there are roughly 38,000 patents containing the terms artificial intelligence or machine learning (excluding overlap terms).Of all the fields where artificial intelligence (AI) is promising, healthcare seems to be essential. This is because healthcare systems are plagued with problems of staff shortages, ineffective treatments, increased patient loads and incorrect diagnoses, all of which to a degree could be helped by new technology.

The global market for AI in healthcare is estimated at $1.9 billion by Kalorama Information. There are several hundred companies active in developing and marketing AI technologies for the health industry, in a variety of fields:

Population Health Management: Population health is a term that used to identify individual patients and groups of patients who are most likely to require some kind of medical intervention to stay healthy. After identifying these patients, healthcare personnel can target them at the optimal time to achieve favorable outcomes.  Amazon Web Services, CloudMedx, Google, IBM are among vendors in this area.

Workflow Solutions: With the droves of information that are contained in EMRs and the intersecting of artificial intelligence to compile that information, physicians, clinicians, nurses, patients and others will be able to make more informed decisions about healthcare diagnosis, delivery and personal wellness and disease management. AiCure, APIXIO,
Amazon Web Services, Google, IBM are notable vendors.

Imaging, Diagnostics and Disease Management: It is becoming increasingly clear that AI will transform the diagnostic imaging industry, both in terms of enhanced productivity, increased diagnostic accuracy, more personalized treatment planning, and ultimately, improved clinical outcomes. AI will play a key role in enabling radiology departments to cope with the ever-increasing volume of diagnostic imaging procedures, despite the chronic shortage of radiologists in many countries.

Drug Discovery & Development: Drug discovery and development are key aspects of healthcare. AI is being used in several areas of drug discovery and development. Through advancements in AI, it is now possible to automate drug design and compound selection. Researchers are using AI to select appropriate characteristics to design products that would reduce complexity in design, detect production and characterization issues and discover new entities. Atomwise, Berg Health, BioXcel Therapeutics, Cloud Pharmaceuticals, Recursion Pharmaceuticals, Sophia Genetics.