Artificial intelligence (AI) has the potential to revolutionize any piece of work that can be operated via binary commands and has a finite set of possibilities. The concept of AI is currently being harnessed furiously, and the forever flourishing field of health care is leveraging it to attain greater good for humanity. Now, artificial intelligence is touching almost every field of concern, such as business, translation, advertising, photography, and many more.
Artificial intelligence is also significantly being used in the health care sector. Medical artificial intelligence has adopted various computer-aided technologies to perform clinical diagnoses and suggest treatments. AI can detect meaningful relationships in a data set and has been widely used in many clinical situations to diagnose, treat, and predict results.
AI in Medicine — Trends and Opportunities
Furthermore, applying artificial intelligence (AI) techniques to medical problems has been a goal of computing since the development of high-speed digital computers. AI is estimated to aid in diagnosis procedures and drug development, devise personalized medicine, and closely monitor patients. Many pioneering technology vendors are currently developing AI algorithms for the healthcare sector. Furthermore, the importance of computer-aided medical education is estimated to increase in the coming years. Medical educators, rather than computer scientists, are taking the lead in this selection process. Aided by careful studies, they identify deficiencies in the current (non-computerized) medical education process.
Artificial intelligence companies are growing at a much faster rate than expected. Technological giants in artificial intelligence, such as Apple, Microsoft, Tesla, Google, etc., have predicted AI to be the future technology. Even these companies are surprised by the rapid growth of artificial intelligence. Furthermore, investment in AI has increased to over six times in the past few years. Organizations are investing heavily in AI companies. This has sped up the research work process in the field of AI.
Companies can now hire more resources, which is one of the main reasons for the growth of AI companies. Business intelligence and analytics have also improved to a great extent, which is also important for the growth of AI companies. Additionally, the growing importance of precision medicine, increased cross-industry collaborations, the consistent inflow of venture capital investments, and a rise in the geriatric population are some of the other factors expected to drive artificial intelligence in the medicine market.
Also, the development of medical artificial intelligence has been related to the development of AI programs intended to help clinicians formulate a diagnosis, make therapeutic decisions, and predict outcomes. They are designed to support health care workers in their everyday duties, assisting with tasks that rely on the manipulation of data and knowledge.
On the other hand, the reluctance of medical practitioners to adopt new technologies, strong lack of preset and universal regulatory guidelines, lack of curated health care data, and concerns of data privacy are anticipated to hinder artificial intelligence in the medicine market in the next few years. The adoption of artificial intelligence in medicine in European countries such as the U.K., Germany, etc. is expected to offer opportunities to artificial intelligence in medicine in the near future.
AI in Medicine — Key Players
Major vendors operating in artificial intelligence within medicine are Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., BioXcel Corporation, and Berg Health. Other prominent players in the value chain include InSilico Medicine, Inc., Globavir Biosciences, Inc., GNS Healthcare, Flatiron Health, Benevolent AI, Atomwise, Verge Genomics, Cloud Pharmaceuticals, and Recursion Pharmaceuticals.
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