Artificial Intelligence (AI) has been the talk of the town for a while, and today it has emerged as the new game-changer. Globally, the rise of AI is transforming businesses across the spectrum. According to a report from PwC, AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined.
AI is increasingly being adopted in healthcare sectors to improve patient care and improve process efficiencies. Today, AI is being used to detect diseases more accurately and in their early stages. For example, the use of AI has shown remarkable result in the field of breast cancer. According to the American Cancer Society, a high proportion of mammograms yield false results, leading to 1 in 2 healthy women being told they have cancer whereas the use of AI is enabling the review and translation of mammograms 30 times faster and with 99 per cent accuracy, reducing the need for unnecessary biopsies.
Also, a new study by experts at the University of Nottingham reveals that AI can predict premature death. The team of healthcare data scientists and doctors have developed and tested a system of computer-based machine learning algorithms to predict the risk of early death due to chronic disease in a large middle-aged population. They observed that the AI system was very accurate in its predictions and performed better than the current standard approach to prediction developed by human experts.
Further, the Nottingham researchers predict that AI will play a vital part in the development of future tools capable of delivering personalised medicine, tailoring risk management to individual patients.
As per the reports by Frost & Sullivan, the healthcare AI market is estimated to be $6,662.2 million in 2021 at a CAGR of 40 per cent, and it has the potential to improve healthcare outcomes by 30-40 per cent while cutting treatment costs by as much as 50 per cent. Also, an analysis by Accenture predicts, AI applications in healthcare can create $150 billion dollars in annual savings for the US healthcare economy by 2026. Therefore, AI is all set to transform healthcare in a big way.