Artificial Intelligence (AI) has evolved from a niche research topic into a vast collection of powerful technologies with mainstream applicability. It is poised to change the way we interact with each other, make decisions, and obtain goods and services from multiple industries. The healthcare industry is no exception, AI in healthcare is bringing many benefits to this industry. With significant challenges ahead, such as an aging population, growing service demands, rising costs and shortages of healthcare workers, the industry is increasingly moving towards WHO.
In recent years, the pace of innovation in AI applications for the healthcare industry has reached an all-time high. The number of published scientific articles is skyrocketing. A thriving ecosystem of startups, major health tech players, and ‘Big Tech’ companies are starting to implement AI-powered solutions. In short, AI in healthcare holds a lot of promise. But an important question remains: what value will it bring in practice?
While we are not quite at the level where autonomous robots are doing every work there is good evidence that AI can assist control healthcare expenses in a variety of ways.
In today’s environment, being able to properly and accurately harness the power of data enables more effective decision-making in most industries. Healthcare is no exception. Large amounts of data will become accessible for analysis by AI-powered systems as healthcare providers move towards a unified format for recording patient outcomes. These systems will be able to analyze patterns of outcomes after treatment and find appropriate therapies based on patient records. Thus, AI facilitates clinical decision-making and ensures that appropriate interventions and ensure that appropriate interventions and therapies are tailored to the individual patient, resulting in a more personalized approach to care. The immediate result will be a dramatic increase in outcomes, leading to the elimination of costs associated with post-treatment issues – one of the major cost drivers in most healthcare ecosystems worldwide.
AI-powered devices can perform repetitive, simpler, more precise operations, including processing CT scans and certain tests, reducing physician errors and facilitating prompt diagnosis and action before situations become serious. AI has shown high accuracy and the ability to be faster than humans in analyzing and decoding mammogram images, allowing breast cancer to be identified significantly earlier than humans. Recognizing vertebral fractures – an early sign of osteoporosis that is often undiagnosed in humans – can significantly reduce the cost of this condition to medical services in many cases.
AI has the potential to accelerate the creation of life-saving pharmaceuticals, saving billions of dollars in costs that could otherwise be passed on to healthcare systems. The AI-powered program simulates and analyzes millions of potential treatments to predict effectiveness against Ebola, saving money and most importantly, lives. Using a biomarker tracking framework – biomarkers that enable disease detection at the gene level – and a large number of patient data points can be analyzed in seconds from a blood sample using the devices at home – AI can optimize drug development in clinical trials.
Artificial intelligence has the potential to truly empower us as humans to make better health decisions. Wearable technology has been and is being used by many people around the world to collect general data such as sleep patterns and heart rate. Using machine learning to analyze this data can warn people at risk of certain diseases before they become serious. Patients with several chronic conditions can better manage their disease and live healthier lives using mobile apps that provide granular patient profile information. All of this has the potential to lead to healthier populations and lower total costs.
The digital divide, the AI divide may emerge between advanced and developing economies. As absorption rates vary, so does the potential economic impact of AI. Because economic benefits combine and add up over time, The simulated gap in net economic impact between the groups of countries with the highest economic interests and the group of countries with the least is likely to become larger.
The economic drivers of AI impact discussed often favor the groups most ready for these technologies. Globally connected economies can also benefit from global data flows and trade, which can contribute an impact of 1 to 3% compared with an impact of less than 1% — or even a negative impact — in the case of least developed countries. This disparity also reflects the fact that more connected economies with strong AI platforms and human resources to drive innovation are also likely to drive innovation and are also likely to become global providers of AI technology. Countries with high propensity to consume and significant investment capacity can generate about 5% of spillovers into their domestic economies, compared with 1 to 2% in the least ready group of countries. Regarding negative externalities, the impact will vary across countries depending on the speed of AI adoption and their labor market structure.
This work-in-progress article sheds light on the current landscape of AI in the world’s healthcare industry, highlights its impact on the work of healthcare professionals, and the challenges associated with it. regarding AI implementation. This makes a positive impact on the healthcare industry, as it allows for better quality of care and can lead to greater funding for future technology developments, which will then change the way healthcare organizations operate and manage data.