Know Why AI is Beneficial for Growth of Healthcare Venture
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Ankit Patel - October 19, 2022
- 5 min read
Artificial intelligence has made a major impact on all industry domains, starting from IT to healthcare, with the latter particularly observing great transformation through utilizing the technology. This is in terms of ensuring operational efficiency and performing complex procedures seamlessly.
Hence, in a nutshell, through this technology different forms of medical procedures become faster to complete and execute.
Therefore, it is a good idea for those operating the venture to make use of AI technology so they can save time and effort to a great extent apart from enhancing the overall treatment procedure.
As you read the article, you will gain insight into the beneficial aspect of the technology for the business thereby making it easy for you to understand why you need to take its maximum advantage.
So without further ado; let us begin.
Market Stats for AI in Healthcare Industry Popularity
AI in the healthcare industry makes it easy to automate patient and healthcare sector administration. It also assists in enhancing the overall treatment process. This is a major reason for the technology to observe such popularity.
Here are the market stats to elucidate the same.
- Artificial intelligence in healthcare startups will grow at a CAGR of 47.31% between 2022 to 2029.
- Market size will become $215.53 billion by 2030.
- Value was $10.4 billion in 2021.
- Expansion to take place at a compounded annual growth rate of 38.4% between 2022 to 2030.
Check the graph to observe boosted revenues in the US healthcare market through AI.
Image source: grandviewresearch.com
These numbers elucidate that using AI technology in the healthcare industry has extremely lucrative prospects. Particularly if one is a budding healthcare startup, the technology has benefits in plenty to offer. Here are some prominent businesses that have seen their profits rolling.
Businesses using Artificial Intelligence in Healthcare Sector
AI automates the administration and patient management in the healthcare sector. This is something some medical businesses have realized. Here are some prominent among them.
- Viz.ai helps detect health issues and notify care teams so they get mitigated immediately.
- PathAI aids pathologists in performing accurate diagnoses and reducing errors in cancer diagnosis.
- Buoy Health uses algorithms to diagnose and treat different illnesses.
- Enlitic streamlines radiology diagnoses through the development of deep-learning medical tools.
- Iterative Scopes enhance disease diagnosis and treatment for the Gastroenterology department.
Looking at the examples we are sure you want to channel the use of AI technology to your advantage.
Benefits of AI in Healthcare
AI technology has a wide array of advantages to offer to the medical sector. Check out the benefits that artificial intelligence provides in the health sector. Get an understanding of how it would be advantageous when you are setting up healthcare startups.
The image above illustrates the different advantages of technology to the business. We discuss them in detail in the lines below.
• 100% Accuracy
Medical practitioners rely on accurate information so they can address medical issues conveniently and provide an appropriate diagnosis. This is something AI empowers them with.
With the technology, they get ownership of precise data. This enhances their overall decision-making process.
This in the end promises 100% accuracy apart from boosting the percentage of patient engagement to remain at the highest.
• Automation
Medical professionals can save on time a great deal when they associate with patients for diagnosing them.
It accelerates operations and prevents expenses to a great extent as prescribing treatments and other such activities get automated completely.
Thus, determining medical necessities becomes a simple task thereby reducing the number of hours that usually go into manually reviewing the patient’s health conditions.
• Transforms Healthcare Practices from Ground Up
With AI technology, healthcare practices become easy to transform particularly from the ground up thereby simplifying daily tasks.
Therefore, the strenuous activity of performing meticulous analysis gets reduced completely, particularly when a practitioner is detecting disease as the technology itself takes part in the activity.
Apart from the reduced time for analysis, other activities which get the streamlined courtesy of the technology are tracking patients’ health, providing recommendations for care, etc.
• Perform Effective Analyses
Healthcare specialists are enabled with the capability to accumulate large volumes of data from different sources.
They can act on them, keep growing amounts of information and perform effective analyses at all times.
So, research remains precise and accurate since early symptom detection and patient progress tracking get streamlined.
• Prevents Burnout Instances
According to the Agency for Healthcare Research and Quality, 50% of physicians witness stress of some kind or the other. This includes time pressure, emotional intensity, etc.
These instances become easy to prevent courtesy of AI technology as it streamlines operations and automates tasks to a great extent.
So workload, on the whole, gets reduced. Therefore, burnout instances get mitigated as well a great deal.
Some roadblocks might however come in the way during the process.
Challenges You May Face Using AI in Healthcare
Regardless of the benefits of AI app development in healthcare, it is to be remembered that since the technology is new chances of some roadblocks are probable.
- Human surveillance might be required in plenty to get maximum leverage of technology. For instance, you use surgery robots. This will work well based on logic alone.
- Unemployment rates will increase. According to World Economic Forum Report, the technology will displace 75 million job seekers. Therefore, the chances of reduced job opportunities are more.
- Instances of data discrepancy are more. Hence, it is probable the existing knowledge may go on to overlook the specifics of different groups.
- Security risks might be rampant; hence cyberattacks and other such incidents may occur.
How to address these challenges like a pro? The points we have mentioned below will ensure roadblocks during healthcare app development while using AI gets prevented.
Tips to Remember while Using AI in Healthcare
Knowing the benefits of AI in healthcare, it is vital to remember if the technology gets improperly used- data discrepancy might occur. To prevent them, keep some points in mind.
- Find clinical issues to be addressed. Try to research different AI tools and assess the support they provide in mitigating those issues, boosting staff productivity, etc.
- Research the advantages AI provides to the sector and analyze user cases. This will give you an idea of the benefits in detail and identify how you can utilize the technology for your asset.
- Connect with a reliable healthcare app development company that follows best practices during healthcare app development services. Assess their experience using AI and connect with them next. This will allow you to access a solution that delivers positive business outcomes.
How Does the Future of AI in Healthcare Appear?
With innovations being in plenty in the healthcare sector, it goes without saying when you use AI technology for your healthcare industry, the profits will be in plenty. Also, you can be sure to be the master of a revolutionary business.
Here’s giving you an idea of the future of AI technology in the health sector.
- Will allow in anticipating when a person may be at risk of contracting a particular illness or disease.
- Connected care and networked hospital creation will take place which in fact will boost efficiency, productivity, etc. for physicians.
- Patient and staff experiences will be augmented and enhanced as reduced wait times and improved staff workflow will take place.
So all-in-all, with AI, the healthcare sector will get the desired support to automate its operations and achieve a transformational avatar.
Bottom Line
AI technology has a wide array of benefits to the healthcare sector such as enhancing clinical health data management, processing a large amount of data for diagnosis, and upgrading healthcare offerings in under-resourced areas. Provide adequate training to workers about the technology assessing different user cases. You can connect with us for augmenting a revolutionary healthcare Venture. Through our expertise in channeling the best practices during healthcare app development services through AI, we will make your app development journey pleasant for success to knock at your door and get access to a healthcare setup that is revolutionary to the core.
Ankit Patel is a Director of Sales & Marketing at XongoLab Technologies LLP and PeppyOcean, A leading mobile app development companies. In his free time, He likes to write articles about technology, marketing, business, web, and mobile. His articles featured on YourStory, E27, Datafloq, JaxEnter, TechTarget, eLearningAdobe, DesignWebKit, InstantShift, Business Magazine, SimpleProgrammer, and many more.
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