Artificial intelligence was initiated in 1956 and started gaining significant importance in the medical field in 1972. It is the use of complex algorithms and software to estimate human cognition in the analysis of complicated medical data. The primary aim of health-related AI applications is to analyze relationships between prevention or treatment techniques and patient outcomes. AI programs have been developed and applied to practices such as diagnosis processes, treatment protocol development, drug development, personalized medicine, and patient monitoring and care.
Global Healthcare Artificial Intelligence (AI) Market is accounted for $6.66 billion in 2021 and is expected to reach $86.37 billion by 2028 growing at a CAGR of 44.2% during the forecast period. Artificial Intelligence (AI) and Machine Learning (ML) are playing a very important role in the healthcare industry. AI is predominantly used in clinical research, robotic personal assistant, and big data analytics. Classic venture capitalists and corporate strategic investors are both investing generously in this space.
Artificial intelligence such as machine learning and natural language processing is also being used in the treatment of mood and mental health conditions. For instance, machine learning algorithms have been developed to detect words and intonations of speech that might indicate a mood disorder. This has enabled companies to develop more such algorithms, thereby creating growth opportunities for the market. Moreover, artificial intelligence has been extensively used in intelligent personal health recorders such as wearable devices and electronic medical records (EMRS).
Some of the key players profiled in the Healthcare Artificial Intelligence (AI) Market include Zebra Medical Vision Ltd, Sophia Genetics, Enlitic, Inc., Butterfly Network, Inc, Cyrcadia Health Inc., IBM, iCarbonX, Insilico Medicine, Inc., Lifegraph, Welltok, AiCure, APIXIO, Inc., Atomwise, Inc, GE Healthcare, Bolton NHS Foundation Trust, and Thirona.
In December 2020: GE Healthcare revealed that it would encourage consumers to search, try and purchase artificial intelligence (AI) driven apps via an online marketplace from a variety of developers from third parties. Many of the currently available applications help doctors gain insights into clinical evidence and boost results.