Artificial intelligence (AI) in healthcare means utilizing AI or machine-learning algorithms to reproduce human analysis, understanding, and the interpretation of critical healthcare data. AI in healthcare has been applied to the areas of drug discovery, medical imaging & diagnosis, virtual assistance, and others.
The market size of Healthcare AI was above USD 1.7 b in 2019 and was estimated to grow at 43.7% CAGR during 2020 - 2026. It is expected that AI advancements in clinical research and personalized digital assistance will create growth opportunities for AI technology in the future. Thus, the application of AI in healthcare is likely to drive market growth in the upcoming years.
The North American healthcare AI market accounted for 51.2% of revenue share in 2019. Several government initiatives and funding in North America are currently encouraging the market growth of healthcare AI. Increased funding for big data analytics is fundamental for improving healthcare AI in this region of the world. Also, AI has started transforming healthcare by empowering big data analytics aiming to provide better healthcare services in the U.S.
Opposite to what has happened in other industries, the COVID-19 pandemic has had a positive impact on the healthcare AI market due to growing awareness and adoption of e-Health technologies. Healthcare AI has shown to be a widely used innovative technology during this COVID-19 pandemic and, rather than a temporary trend, it looks like healthcare AI is here to stay.
A Healthcare AI setup requires huge investments since the technologies involved are very complex, making it highly expensive. Its maintenance and potential repairs are also huge. Furthermore, high software costs are expected, as this software typically needs to be frequently updated to cope with increasing data over time. Thus, high initial capital investment is one of the major issues impeding the broad adoption of AI in healthcare.
The weight loss formula is not really a mystery: the number of calories we burn (metabolism & exercise) must be higher than the number of calories we eat from food (so-called "Energy Balance"). However, though it might seem easy to do, anyone who has tried it may know well that the reality is not that simple. Motivating people to establish healthy lifestyle habits and make significant changes is still not a highly explored science. However, a recently published scientific study by Virtual Personal Trainer shows how motivational strategies can be easily implemented into health programs resulting in a very promising therapeutic, prone to be practiced at a large scale.
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Rewarding and incentivization can play a critical role in motivating people. Both mobile and wearable technology is playing a major role in reaching out to people and keeping us on track with our personal habits. Knowing about different types of behavior is crucial for designing and developing this technology, as a kind of tool for persuasion. To be successful in making lifestyle changes, we need to get involved, and using these technologies offers great opportunities.
Blockchain technology is still in an early stage of development and has not yet been widely adopted in healthcare. However, the sharing of healthcare data in a more secure way is certainly closer than we think, so it is expected to be widely implemented by healthcare authorities, consulting, and software companies sooner rather than later. While today critical gaps exist in using this modern technology, addressing these gaps will be fundamental to drive blockchain adoption and receiving value from this very promising technology.
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