The healthcare industry is expected to undergo tremendous change and growth due to the overwhelming amount of data available today to help organizations make better, more informed and timely decisions. Patients and medical practitioners are poised to reap the benefits of safer, higher quality care offered through Artificial Intelligence (AI), computer vision (the AI strategy underpinning imaging and video analytics), IoT and more. At the same time, vendors, developers and healthcare organizations will also enjoy the financial advantages of using these technologies.
Let’s look at some of the growth that recent industry reports are suggesting and how the technologies are used in the healthcare industry.
AI and machine learning
AI and ML are used for healthcare via virtual assistants and personalized medical decision support, are creating considerable profits for products and services that support precision medicine, decision support, computer assisted coding (CAC), consumer engagement tools, and smarter electronic health records.
The overall healthcare AI segment is valued at $22.7 billion by 2023, according to Research and Markets.
Natural language processing (NLP)
NLP programmatically extracts meaning from text and speech and returns natural responses. It is a core element required to understand input, extract relevant information, and bridge the man-machine gap. It is used in text mining, voice processing, and machine translation improvements.
By 2024, NLP for healthcare is predicted to be worth $4.3 billion by 2024.
This is the AI strategy that underpins imaging and video analytics. While computer vision growth will be positively affected by its use in autonomous vehicles, robotics and augmented reality, healthcare-related applications driving growth include visual machine guidance, patient monitoring, quality control, and security, radiology and pathology.
It is expected to grow, as applications for increase and reach $25.32 billion by 2023, according to ResearchAndMarkets.
Internet of Things (IoT)
IoT spans everything from smart refrigerators and thermostats to manufacturing sensors and security cameras, but healthcare will be the biggest vertical for IoT, accounting for more than 70% of the market value by 2025, including wearables that monitor fitness and other health metrics such as diabetes monitors, bedside devices and apps for smartphones.
IoT is set to undergo tremendous growth, with an anticipated $60 billion 2025.
Insurance analytics solutions are used by healthcare providers, payers, insurance companies and others to generate actionable insights to solve financial and administrative challenges. Results can help enhance productivity, cut costs, and enhance productivity.
Insurance analytics will go to just under $12 billion by 2023, says ReportsnReports.
And this is just a partial list. Drill down to applications that contribute to the market, and you’ll see even bigger growth. However, often times, organizations are putting off using some of these advanced tools for fear of breaches, lack of governance, and hesitation around regulatory compliance. For information on how one organization, the German Cancer Research Center, uses big data analytics to radically improve the genomic research process, check out our on-demand webinar. Learn how big data can help advance cancer and other medical research efforts.
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