Artificial Intelligence (AI) in Healthcare Market Trends

Growth Drivers

• Significant Decrement in the Number of Physicians- For instance, the USA faced a shortage of physicians between 35,000 and 100,000 in recent decades.The world is projected to face a shortage of physicians and doctors owing to the constant growth in the population. Hence, AI becomes the next step to fill this gap by providing the requisite medical services to the people. Certain applications such as end-to-end drug discovery, diagnosis, consulting, storing, and transcribing medical documents can be initiated with the adoption of AI in healthcare.
• Rising Prevalence of Neurological Disorders- As of 2019, around 500,000 deaths were caused by neurological conditions in the USA, out of which, 200,000 of them were men and 300,000 were women.
• Increasing Geriatric Population across the Globe- Based on the report provided by the World Bank, the global geriatric population reached 747,238,580 in 2021.
• Skyrocketing Utilization of AI in Pharmaceuticals- As of 2020, more than 58% of respondents from the healthcare and pharmaceutical industry stated to AI is very helpful to enhance the quality of medical services.
• The Increasing Healthcare Data and Growing Complexities - As per the estimations, over 28% of the world’s data is being generated by the healthcare industry.

Challenges

• Concerns Regarding Data Privacy the increasing adoption of AI in every sector is owing to data privacy concerns. Patient health data is protected by federal laws in many countries. All the AI platforms are regulated by governments and regulatory authorities. Some vendor centers are not secure to avoid data breaches which is a major challenge for market growth.
• Lack of Skilled Workforce to Develop AI
• Requirement for Higher Initial Investment