Artificial Intelligence to Transform Healthcare as We Know It
The 20 century has a new dictum: everything that can be automated will be automated. Artificial intelligence’s (AI) unstoppable power is reverberating across all industries. However, in healthcare, it can be truly life-changing. Technological experts promised that AI and machine learning would transform the healthcare industry with novel applications that could streamline workforce, reduce human error, improve drug recovery, and find new, effective drugs.
The concept of AI has been around floating since 1956, but it has made a significant improvement in the last decade. From drug development to clinical research and insurance, AI applications are disrupting the way the health sector works to improve patient outcomes and reduce patients’ bills. The total public and private investments in AI in the healthcare industry are absolutely stunning. According to Allied Market Research, the artificial intelligence in the healthcare market is projected to garner $22.79 billion by 2023 with CAGR of 48.7% from 2017 to 2023.
The rise in processing power of AI systems and its application for surgeries and screening coupled with the dearth of skilled healthcare professionals are the major drivers for the growth of AI in healthcare. In fact, Accenture called AI healthcare’s new nervous system. As per the company’s recently published study, AI in healthcare refers to the collection of multiple technologies that enable machine learning to sense, act, learn, and comprehend so they can administrate and perform clinical functions. With the gigantic power to improve cost and quality, AI in the healthcare market would multiply by the factor of 10 in the next five years.
The shortage of healthcare professionals is the prime issue in most of the developing countries. The waiting times for doctors to check up on their patients could lead to poor health improvement. To improve diagnostics, Paragon Biosciences, the life science innovator, has recently launched Qlarity Imaging, a new company that aims at leveraging AI technology to improve medical outcomes and reduce costs.
Qlarity would advance a one-of-its-kind FDA-approved computer-based breast cancer diagnosis system in radiology that will offer advanced analytics, machine learning, and intuitive displays. According to the company, it has demonstrated effectiveness in interpreting cancerous and non-cancerous breast lesions to help radiologists. Its AI solution said to have shown a significant decrease of around 39% in missed breast cancers and around 20% overall improvement in diagnostic.
Jeff Aronin, the chairman and CEO of Paragon Biosciences , “By driving innovation across life science, our company is improving outcomes for patients with multiple medical conditions.
