AI in Healthcare Market Size

Artificial Intelligence is transforming the healthcare industry, enabling unprecedented advancements in diagnostics, personalized medicine.

WILMINGTON, DELAWARE, UNITED STATES, June 3, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “AI in Healthcare Market by Offering, Algorithm, Application, and End user: Global Opportunity Analysis and Industry Forecast, 𝟐𝟎𝟐𝟎-𝟐𝟎𝟑𝟎,” the AI in healthcare market was valued at 𝐔𝐒𝐃 𝟖.𝟐𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in 2020, and is anticipated to reach 𝐔𝐒𝐃 𝟏𝟗𝟒.𝟏𝟒 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 by 2030, growing at a 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟑𝟖.𝟏% from 𝟐𝟎𝟐𝟏 𝐭𝐨 𝟐𝟎𝟑𝟎.

The rise of artificial intelligence has transformed various industries with their core functionalities. Healthcare is one of the sectors that is highly benefited from this groundbreaking technology. It is being used in healthcare for everything from answering patient questions to assisting with surgeries and developing new pharmaceuticals. Moreover, machine learning algorithms analyze vast amounts of medical data to identify patterns and predict disease outcomes. Furthermore, several AI-powered tools automate administrative tasks, optimize resource allocation, and improve patient engagement through virtual assistants and telemedicine. Additionally, AI enables precision medicine by tailoring treatments based on individual genetic and clinical data, resulting in better outcomes and cost savings.

𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐛𝐫𝐨𝐮𝐠𝐡𝐭 𝐛𝐲 𝐀𝐈 𝐢𝐧 𝐭𝐡𝐞 𝐡𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐬𝐞𝐜𝐭𝐨𝐫

𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐚𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐰𝐨𝐫𝐤𝐟𝐥𝐨𝐰: These days, healthcare institutions are using AI to improve the efficiency of all kinds of processes, from back-office tasks to patient care. In healthcare, workers used to spend a lot of time doing paperwork and other administrative tasks. With AI and automation, institutions can help perform many of those mundane tasks, freeing up employee time for other activities and giving them more face-to-face time with patients.

For instance, generative AI helps clinicians with notetaking and content summarization, helping clinicians keep medical records as thorough as possible. The modern technology can also help with accurate coding and sharing of information between departments and billing.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/2421

𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠 𝐯𝐢𝐫𝐭𝐮𝐚𝐥 𝐧𝐮𝐫𝐬𝐢𝐧𝐠 𝐚𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞: In a study, it is found that almost 64% of patients are comfortable with the use of AI for around –the-clock access to answers provided by healthcare professionals. AI-powered chatbots, apps, or other interfaces are the AI virtual nurse assistants that can be used to help answer questions about medications, pass-on reports to doctors or surgeons, and help patients schedule a visit with a physician. These sorts of routine tasks help take work off the hands of clinical staff, allowing them to spend more time directly on patient care.

𝐑𝐞𝐝𝐮𝐜𝐢𝐧𝐠 𝐝𝐨𝐬𝐚𝐠𝐞 𝐞𝐫𝐫𝐨𝐫𝐬: AI plays a major role in identifying errors in patient’s self-administered medications. For instance, a study from Nature’s Medicine showed that up to 70% of patients do not take insulin as prescribed. An AI-powered tool just like a Wi-Fi-router used to flag errors in how the patient administers an insulin pen or inhaler.

𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐧𝐠 𝐟𝐫𝐚𝐮𝐝𝐬 𝐢𝐧 𝐡𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞: Frauds in the healthcare sector is a matter of concern. It raises the cost of consumers’ medical premiums and out-of-pocket expenses. By implementing AI, administrators can recognize unusual or suspicious patterns in insurance claims, such as billing for costly services or procedures not performed and performing unnecessary tests to take advantage of insurance payments.

𝐈𝐬 𝐀𝐈 𝐜𝐚𝐩𝐚𝐛𝐥𝐞 𝐨𝐟 𝐢𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐡𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐮𝐬𝐞𝐫 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞?

According to a recent study, 83% of patients reported that poor communication is the big reason behind their bad experiences. This has increased the demand for clearer communication between patients and providers. AI technologies such as natural language processing (NLP), predictive analytics, and speech recognition could help healthcare providers have more effective communication with patients. Furthermore, AI tools deliver more specific information about a patient’s treatment options, which is expected to allow the healthcare provider to have more meaningful conversations with the patient for shared decision-making. Additionally, AI-powered diagnostic tools also have the potential to diagnose serious diseases such as various types of cancers, neurological disorders more effectively, reducing treatment costs by up to 50% and improve health outcomes by 40% approximately.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/artificial-intelligence-in-healthcare-market/purchase-options

𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐨𝐟 𝐆𝐄 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐚𝐧𝐝 𝐕𝐞𝐫𝐚𝐝𝐢𝐠𝐦 𝐢𝐧 𝐫𝐞𝐬𝐡𝐚𝐩𝐢𝐧𝐠 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲’𝐬 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

The global AI in healthcare industry has experienced significant growth due to the increase in the demand for AI-based algorithms in the healthcare sector. Along with this, several leading players in the domain have made alliances such as mergers and acquisitions to foster the industry’s competitiveness. For instance, in March 2024, Veradigm, a leading provider of artificial intelligence-based solutions announced its acquisition of ScienceIO, a biomedical language platform designed to transform unstructured biomedical data into contextualized information. With this acquisition, the companies aimed to help several healthcare institutions to adopt cutting-edge AI models for diverse healthcare use cases including patient anonymization, information extraction, record linkage, summarization and predictive analytics.

Similarly, in January 2024, GE HealthCare, a renowned provider of healthcare system products, solutions and services acquired MIM Software Inc., a Cleveland-based provider of imaging analysis software for radiology and other specialties. With this agreement, GE envisioned to adopt the advanced MIM suite of imaging solutions to integrate images from multiple modalities into one treatment plan. Besides, the company also aimed to incorporate advanced processing software to help radiologists and nuclear medicine specialists monitor a patient’s response to a therapy.

To conclude, the increase in volume of healthcare data and rise in complexities of datasets are driving the necessity of modern technologies such as AI in the healthcare sector. Furthermore, the increase in the incorporation of machine learning and deep learning technologies in the AI systems to decrease processing times is expected to boost the growth of the sector in the coming years.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2421

𝐒𝐡𝐨𝐫𝐭 𝐃𝐞𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧: The incorporation of artificial intelligence in the healthcare sector has enhanced various functionalities and user experiences. The technology helps reduce patients’ dosage errors, automate administrative workflow, prevent healthcare frauds, offer virtual nursing assistance around-the-clock.

𝐀𝐛𝐨𝐮𝐭 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

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