Artificial intelligence simplifies the lives of patients, doctors and hospital administrators by performing tasks that are typically done by humans, but in less time and at a fraction of the cost. One of the world's highest-growth industries, the AI sector was valued at about $600 million in 2014 and is projected to reach a $150 billion by 2026. Whether it's used to find new links between genetic codes or to drive surgery-assisting robots, artificial intelligence is reinventing -- and reinvigorating -- modern healthcare through machines that can predict, comprehend, learn and act. Check out these 32 examples of AI in healthcare. In 2015, misdiagnosing illness and medical error accounted for 10% of all US deaths. In light of that, the promise of improving the diagnostic process is one of AI's most exciting healthcare applications.
The healthcare industry is at a crucial juncture in the field of medical robotics. We are standing at the edge of a significant shift in the way we interact with the world and go about living our daily lives. Every day, innovations are being made which are inevitably pushing us towards a future where the majority of work will be automated or instead performed by robots. The rise of automation and replacement of the working class with robots or machinery is not something that is necessarily'New'. It is an issue as old as the concept of technology that has begun to rear its head in the last decade or so.
According to a Frost & Sullivan's "Artificial Intelligence Market -- Key Application Areas for Growth in Healthcare IT, Forecast to 2022", the market is anticipated to grow at a compound annual growth rate of 68.55% between 2018 and 2022 reaching $6.16 billion. Just like artificial intelligence is at the crux of many advancements being made across industries like Retail, eCommerce, and Finance, AI continues to make significant progress in healthcare too. Artificial intelligence in healthcare promises to help cut down healthcare costs while improving patient outcomes. Artificial intelligence is proving to be a self-running growth engine in the healthcare sector and here's how – According to Markets and Markets, the surgical robots global market will grow at a CAGR of 10.4% reaching $6.5 billion by 2023 from $3.9 billion in 2018. In 2018, more than 5K surgical robots were used in over 1 million medical procedures across the globe.
Artificial Intelligence (AI) is a branch of computer science that emphasizes the creation of machines and software that work and act like humans in several situations such as learning, planning and analyzing to lay the foundation of an intelligent hospital. It utilizes emerging technologies like IoT, Analytics, Machine Learning, Data Intelligence and Big Data to create smart tools to assist doctors at various levels. AI has tremendously improved the healthcare industry and patient outcomes more than ever before. Machines can only learn to act and perform human duties if they have abundant information relating to the particular situation as well as human oversight. And they have the ability to identify patterns in input, classify regressions and record outputs for future use.
Healthcare is an industry that is currently being transformed using the latest technology, so it can meet the challenges it is facing in the 21st century. Technology can help healthcare organizations meet growing demand and efficiently operate to deliver better patient care. Here are 9 technology trends that will transform medicine and healthcare in 2020. As the world population continues to grow, and age, artificial intelligence, and machine learning offer new and better ways to identify disease, diagnose conditions, crowdsource and develop treatment plans, monitor health epidemics, create efficiencies in medical research and clinical trials, and make operations more efficient to handle the increased demands on the healthcare system. By 2020, medical data will double every 73 days.