Machine learning (ML), artificial intelligence (AI), and deep learning are being used in every imaginable industry – and healthcare is not left untouched.
The growing demand for smart applications, wearables and better healthcare services is increasingly creating the scope of ML and AI applications in the pharma and healthcare sectors. Two market intelligence firms, Infiniti Research and Tractica, have highlighted the main applications of these technologies in healthcare industry.
According to the latest article by Infiniti Research, one of the top ML applications in healthcare is in the discovery and development of drugs. In the primary stage, the initial screening and the preliminary testing would help machine learning applications to predict the success rate of drugs by taking into consideration various biological factors. It is also utilised with precision medicines to get a better understanding of disease mechanisms and subsequently create a better treatment strategy for the diseases. Machine learning can also be used in robotic surgery as it offers more precision in finding a particular body organ or part for surgery. Using machine learning applications, robotic surgeons will become entirely automated and consequently replace humans during surgical procedures.
Tractica’s new report highlights that AI is being increasingly utilised to enhance the depth of data analytics capabilities and automate main healthcare-related jobs. The firm predicts that global software revenue from 22 main healthcare AI use cases will increase from $511.7 million in 2018 to $8.6 billion per year by 2025. The firm expects the total revenue for healthcare AI market, including sales from healthcare AI software, hardware, and services, to exceed $34 billion by 2025.
The top 10 use cases for healthcare AI is forecast to be: medical image analysis; healthcare VDAs; computational drug discovery and drug effectiveness; medical treatment recommendation; patient data processing; medical diagnosis assistance; converting paperwork into digital data; automated report generation; hospital patient management system; and biomarker discovery.
In the meantime, US identity verification company Jumio is accelerating its investment in artificial intelligence and machine learning with the launch of Jumio AI Labs in Montreal, Canada. AI Labs will be dedicated to the development, experimentation and at-scale deployment of deep learning and machine learning technologies.