Artificial Intelligence (AI), has offered so much to the world and is still on its way to bring breakthroughs for different sectors. The health care sector, being one of these is now witnessing more efficient ways to automate chores and other everyday tasks to manage patients and medical resources. Compared to humans, AI technology-based systems are effectively handling more tasks along with offering faster services. This significant benefit has alleviated the AI-based activities in the health sector.
The healthcare industry is all prepared for some key modifications. From chronic diseases and cancer to radioscopy and risk management, there are infinite prospects for the technology to present treatment methodology and patient and organization management procedures with more effective, accurate, and impactful interventions. AI has played an essential role in transforming clinical decision-making procedures and traditional analytics. Along with this, it has contributed to the learning processes improving the accuracy by interacting with the training data enabling humans to understand extraordinary insights into treatment variability, diagnostics, and more.
Moving on with faster healthcare processes and advanced diagnosis, AI has also changed the game in terms of costs through minimizing manual work and implementing new technologies. Moreover, the advantages associated with AI have already gained traction and the industry players are now focusing on bringing up innovative solutions. The market is witnessing an array of activities and trends. At the same time, the companies are adopting different strategies to expand the implementation of AI-based technologies in the medical sector. Moreover, this article aims to provide a few of these recent happenings that may hold great potential for the market in the coming years.
New product launch is presently one of the predominant market strategies adopted among the market players. Followed by which various companies and startups are coming up with advanced and innovative ideas, approaches, and devices. One such approach has been recently provided by the researchers and doctors of UVA health, a Virginia-based medical center.
The team has come up with a new AI technology-based heart imaging called Virtual Native Enhancement (VNE) that can elevate patient’s care along with helping the doctors to inspect through their hearts for scar tissue. The new technology, furthermore, eliminates the necessity of contrast injections that are required in traditional CMR. The team published its success article in the scientific journal Circulation. CMR is used for hypertrophic cardiomyopathy, one of the most common genetic heart conditions. The researchers discovered that VNE provides images with high quality and captures evidence of scar in the heart. Moreover, the process can help CMR scans to be done easily without injecting the standard contrast agent required in CMR along with offering low-cost services.
Another such invention is under processing carrying out by the researchers at the University of Oxford. The researchers are working on bringing up an AI-based COVID screening test. As a result, the researchers have brought up a CURIAL Rapid test that can be helpful for patients in the emergency department. The results of this ten minutes test can be generated within 45 minutes which is 26% faster than the lateral flow test. Over the PCR testing, the AI test is more prospective in identifying COVID patients.
Apart from this, the companies are also initiating partnerships and mergers to develop advanced solutions. Lately, Beeline, a mobile operator of Amsterdam-based leading connectivity and internet services provider VEON, has collaborated with Sechenov Medical University in Russia for using AI technology in diagnostic medicine. The partnership aims to develop neural network pattern-matching algorithms for the early detection of kidney disease, potential cancer, and damage in hip joints.
The impact of AI has been huge in our lives. And medical sector presently requires more advanced solutions and strong technologies. The implementation of AI in upcoming medical technologies, therefore, unlocks huge potential for the market players. Undeniably, the industry faces certain challenges including limitations based on AI decision-making and acceptance of these technologies by healthcare professionals. But despite that, the market is expected to bring upon the latest innovations in the future. According to a report published by Allied Market Research, the global artificial intelligence in the medicines market is estimated to garner $18.11 billion.
The processing power of AI systems is enhancing AI capabilities. Also, the lack of skilled healthcare professionals and the growing importance of precision medicine is leading to the demand for AI-based medical technologies. At the same time, the market players are approaching with new plans and policies. The further research and development procedures for advanced AI technology-based solutions and devices are unfolding opportunities for the market players. Also, the untapped market in emerging economies is expected to offer huge prospects to the industry. And with all these aspects, the industry is projected to rise significantly in the coming years.
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