Summary
The AI healthcare market is one of the fastest growing of the AI industry applications. It is expected to grow from $663.8 million (2014) to reach $6.6 billion by 2021, at a CAGR of 40-50% (2013-2021).
Artificial Intelligence (AI) requires data mining approach as well as pattern recognition to medically diagnose the condition of a patient. Neural networks process information by recognizing patterns and data that has been previously loaded into the system. Global artificial intelligence market includes 35% share of drug discovery and medical imaging which is likely to go up to 40% that will amount to USD 2.5 billion by 2024.
This is possible due to the competence of AI to recognize drug targets and help in drug design, discovery, identification and screening of molecules instantly. Medical imaging on the other hand is one of the major application areas that has led to improvement in cancer and tumor diagnosis using AI. It is primarily based on pattern recognition that effectively works using deep learning technique.
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Some of the key companies indulging in AI market are:
IBM Watson Health, iCarbonX, AiCure, Pathway genomics, Atomwise, Cyrcadia Health
In 2015, there was a wave of 18 new doctor-facing companies resulting in a positive net increase of 6 companies. This balanced out the net decrease in the other main categories for a minimal decline in 2015 in terms of total new companies. Using the application called Machine vision which forms an integral part of Artificial intelligence, it is now possible to translate data and simulate human intelligence by using ADC (Analog to Digital Conversion) and DSP (Digital Signal Processing).
Recent studies in the field of diagnostic AI include diagnosis of diseases like Alzheimer’s. Researchers at the University of California have reported that after analyzing over 1000 patients imaging data was translated that successfully predicted presence of disease, six years prior to physician’s diagnosis. Similar algorithms can be trained to identify protein lumps in brain, abnormal cellular activities and anomalies in the human system. This in turn would help intervene the disease at a much earlier stage.
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