Value of AI healthcare market set to soar to $22.79bn by 2023
The value of the Artificial Intelligence (AI) in the healthcare market is set to soar from $1.44bn in 2016 to some $22.79bn in 2023, according to new research.
The study by Allied Market Research predicts that the AI market will grow at a CAGR of 48.0% from 2017 to 2023.
The hardware AI for segment is anticipated to grow at the highest rate from 2017 to 2023. AI systems can be used in various disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering to build an intelligent system.
Some of the different applications that incorporate the AI systems in healthcare fields are medication management, treatment plans, and drug discovery.
The global the AI in Healthcare market is driven by the ability of AI to improve patient outcomes, increase in need for coordination between healthcare workforce and patients, rise in adoption of precision medicine, and remarkable growth in venture capital investments.
In addition, significant use of big data in the healthcare sector is expected to fuel the market growth.
However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth.
Possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.
Key findings of the AI study included:
- The hardware segment is anticipated to grow at the highest CAGR from 2017 to 2023.
- The natural learning processing segment is expected to witness the highest growth rate during the forecast period.
- The robot-assisted surgery application segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.
- North America dominated the global AI market, and is projected to grow at a CAGR of 45.9%.
- Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, said: “Different interventions ranging from maintenance of patient records and electronic health records (EHR) to application in surgical procedures are gradually incorporating artificial intelligence, thereby revolutionising healthcare and clinical settings.”
Jvion launches AI-powered map to tackle mental health crisis
Clinical AI company Jvion has launched an interactive map of the US that highlights areas that are most vulnerable to poor mental health.
The Behavioral Health Vulnerability Map uses Jvion's AI CORE™ software to analyse public data on social determinants of health (SDOH) and determine the vulnerability of every US Census block group.
Vulnerability refers to the likelihood that residents will experience issues like self-harm, suicide attempts or overdoses. The map also identifies the most influential social determinants in each region, to show the social and environmental conditions that contribute to mental illness.
As an example, the map shows that Harrison County in Mississippi has a 50% higher suicide rate than the rest of the state. It also shows a high percentage of individuals in the armed forces at a time when active duty suicides are at a six-year high, along with a high prevalence of coronary artery disease, arthritis, and COPD, all chronic illnesses that are linked to a higher suicide risk.
The map also shows Harrison County has a high percentage of Vietnamese Americans, who studies suggest have high rates of depression and may be less likely to seek help from mental health professionals.
The map was built using the same data and analytics that Jvion used to create the COVID Community Vulnerability Map, which was launched towards the start of the pandemic.
With this new map, Jvion is aiming to tackle the growing mental health crisis in the US. “At a time when so many Americans are struggling with their mental health, we’re proud to offer a tool that can help direct treatment resources to the communities that need it most,” said Dr John Showalter, MD, Jvion’s chief product officer, who led the development of the map.
“For too long, the healthcare industry has struggled to address social determinants of health, particularly in the context of behavioural health. Our hope is that by surfacing the social and environmental vulnerabilities of America’s communities, we can better coordinate our response to the underlying conditions that impact the health and wellbeing of people everywhere.”