Overview: Technological progress is rapidly changing the basic work culture globally across all fields to increase efficiency and output. Developments in this field are a result of extensive research not only in the literature but also in the equipment. With development of artificial intelligence (AI) the Health Care Industry Analysis has greatly developed. AI is the ability of computer algorithms to approximate conclusions without direct human interaction.
Evolution: The first research relating to the healthcare sector dates back to 1960s to 1970s which led to the discovery of the first expert system named Dendral which was aimed at the study of hypothesis formation. An expert system in AI refers to a system that uses the decision making ability and logical reasoning of human experts to tackle problems. AI research in Organic Chemistry led to the discovery of MYCIN which was an expert system that used AI to identify bacteria causing severe infections such as men ingitis and to recommend antibiotics with the dosage adjusted for patient’s body weight. In the 1980s and 1990s researchers and developers began focusing on the idea that AI systems in healthcare must be designed to accommodate the absence of data and expertise. Further artificial neural networks that were designed to understand human brains based on data from animal brains also began to develop.
Further developments include:
- Widespread growth of electronic health record systems.
- Laser technology is being developed to increase its healing capacity beyond eye problems.
- Robotics is used in the medical field by means of robot assisted surgeries like coronary artery bypass. Zeus and da Vinci robot systems are used in gastrectomy and gynecology.
- Three dimensional imaging is now available for ultrasound procedures.
- AI is being coupled with telecommunication to procure telemedicine which involves the distribution of information and medical consultation through electronic media.
- Automated suturing is expected to be in practice in the near future.
- Advanced imaging in the form of laparoscopes is now used where the internal abdomen can be extensively viewed.
Market Scenario: AI is now another investment opportunity for several medical companies. The effort is towards expanding the database of the healthcare market and with the help of AI, to make it more accessible to the general public. Majority of the investments in healthcare related to AI are being made by tech giants like Google, Amazon and Apple.
Competition: Healthcare is now coupled with AI to produce revolutionary results. Since a nation’s development is majorly indicated by its healthcare sector, it is only natural to note that competition has led to innovation. Ireland based Medtronic is the largest medical device company in the world serving more than 140 countries worldwide specializing in diabetes management, cardiac rhythm monitoring and surgical devices followed by New Jersey based Johnson & Johnson which is famous for its orthopedic and cardiovascular fields. The German company Seimens Healthineers is a leader in medical imaging and laboratory diagnostics.
Conclusion: Major technical and medical giants are coming together to augment AI development. Currently the AI sector is considered narrow however; the trend is changing as healthcare market research reports reveal that a total of 550 AI startups were funded in the U.S. in 2016. Healthcare industry analysis reveals a projected growth rate of about 40% over the next 10 years. Developments in Radiology and Cancer treatment are being funded by giants like Google and IBM further strengthening the integration of medicine and technology.
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Ankur Gupta, Head Marketing & Communications