Healthcare Industry -Artificial Intelligence-AI

Artificial Intelligence healthcare-The future of Health-Care industry, a new horizon ushered by AI

Artificial Intelligence Healthcare

Artificial Intelligence Healthcare

 

The cognitive approach of the human mind has been shaping the civilization towards betterment and perfection, making life comfortable and easier regarding every aspect. The reasoning ability of the human mind has even enabled the machines to imitate the process of the human mind, rational and logical thinking to solve the problem, known as the Artificial Intelligence, the ultimate invention of mankind. With the invention and evolution of AI, we are perfecting our industries, our every system, and hence the world we live in. In this article, we will discuss Artificial Intelligence Healthcare.

As an obvious outcome, the Health Care Industry, the very foundation of civilization, finds its opportunity to improve and gallop towards the new level of perfection, new medicines, new therapies, new diagnostics, new systems for better management and a brand new economy, through the golden touch of AI(Artificial Intelligence Healthcare).

This article is intended to find the scopes, new business opportunities, and the scalability of perfecting the various sectors if the healthcare industry meets with the power of AI. Let’s find out the answers to the below questions one by one.

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A brief on HealthCare industry: its background and the market

The Healthcare industry or health–economy, being part of an economic system, is a system that is designated to provide the equipment and services to the patients for palliative, rehabilitative, and preventive treatment. From the perspective of the economy, the healthcare industry is distributed over several areas and factors.

The fundamental framework of the HealthCare industry can be viewed as a combination of hospital-activities, medical and surgical activities, and involvement of trained professionals like doctors, nurses, technicians. These are the very basic areas where the growth of the health care industry is directly involved. Yet, the scope of growing the HealthCare business represents a more distributed picture.

The larger financial picture of the health care industry involves industries like companies producing healthcare equipment, manufacturers of biotechnology and pharmaceutical products, and also institutions providing training and education to the professionals involved in various segments of healthcare.

Obviously, this is why the healthcare industry which is considered one of the largest industries is growing very fast, consuming an average of 12% of the GDP in developed countries of the world, ensuring itself as one of the most contributory industries of the nation’s economy.

With the combined force of Artificial Intelligence, the sky is the limit what we can say regarding the scope and economy that is associated with the HealthCare industry, or better say with the “HealthCare economy”.

 The influence of the HealthCare: the contribution on the nation’s economy:

Artificial Intelligence Healthcare

Photo Credit: https://en.wikipedia.org/wiki/Health_economics#/media/File:World_Health_Expenditure_as_Share_of_Global_GDP,_OWID.svg

Let’s represents a few statistical figures and numbers to depict a clear picture to find out the depth of the workforce associated with the HealthCare economy.

In the fiscal year of 2017-2018, according to data from WHIO, the HealthCare industry, directly and indirectly, commercializes the effort of over 1.3 million community health workers, 2.6 million pharmacists and other pharmaceutical personnel, 19.4 million nurses and Midwives, 1.9 million dentists and other dentistry personnel and 9.2 million physicians all over the globe, rendering the HealthCare industry one of the largest workforce-consuming industry of the world.

In the year 2007, HealthCare expenses, paid to the various segments of HealthCare System like diagnostic labs, nursing homes, hospitals, pharmacies, doctors, medical device manufacturers, and other components, consumed 17.9 % of the GDP of the United States.

Whereas In 2001, the past record revealed that the health share of the GDP was only 8.4% for the OECD (The Organization for Economic Co-operation and Development) Countries, with Switzerland consuming 10.9% of the GDP in HealthCare, Germany consuming 10.7% of the GDP in HealthCare and USA consuming 13.9% of the GDP in HealthCare, being the top three nations. Quite obvious that we are having an upward trend since 2001.

According to the business analysts, the health share of the GDP will grow exponentially, expected to reach 19% of the GDP by 2025, with the active implementation of Artificial Intelligence in every possible sector of the HealthCare economy.

The Scope of AI in perfecting the HealthCare service, its market and overall economy:

The direct scope of AI on healthcare can be viewed as the perfection of the system, Automation of the service, more personalized and precision service methodology, automated and intelligent medical devices and software, easiness and accurate data analysis and many more, subject to elaborated discussion in separate headings in the latter part of this article.

From the economical point of view, the indirect benefits of integrating AI can be conceptualized as cost-savings in every segment of HealthCare, hence ensuring profit with improved service. Let’s look into a few case-history studies on the basis of reality ground.

THE OBESITY: it has been a severe problem since the last few decades and patients need serious medical attention, involving quite costly medical processes and medicines. Experts have found that as much as EUR 90 billion can be saved with the incorporation of AI in the next ten years in the medical treatment for “obesity”.

THE DEMENTIA; Another serious disease that has been hunting the civilization for quite a long time claims prolonged and sincere medical treatments for the patients. The analysts and experts in medical science have found that we can save near about 8 billion (EUR) in the treatment of dementia in the next 10 years.

THE BREST CANCER: another serious disease that involves quite costly medical treatments. Analysts have ensured that the incorporation of AI can save 74 billion (EUR) in the next 10 years.

How the cost reduction is possible? 

With the help of AI, the cost reduction is possible in various ways like early case detection, the better understanding of the disease, thorough understanding of case history, perfect analysis of risk factors, improving the decision making management and many more which are likely to get discussed with the due courses of rest of the article.

According to the Accenture analysis, The Ai applications, if adopted in HealthCare, can save 150 billion dollars annually for the USA-HealthCare business, by the end of 2026. This analysis also reveals that the HealthCare economy can expect to touch a 6.6 billion dollar growth in the next five years, assured annual-growth rate of 40%.

Artificial Intelligence Healthcare

 

Figure: According to the Accenture analysis, the annual saving with the help of AI.

According to Mackinse, with active AI incorporation in HealthCare, the annual cost savings may reach up to 260.4 billion dollar.

Artificial Intelligence Healthcare

Figure; The Mackinsey speculation

Areas in HealthCare can have maximum investment and incorporated with AI applications:

This part of the article signifies those areas in Healthcare can have maximum potential to attract farther investment and adopt AI applications.

According to the analyst and experts, HealthCare has three major categories or areas that are quite suitable for incorporating AI applications, certainly a lucrative opportunity for investors.

Digitization /Analysis of data: with the help of AI applications, the cost reduction is possible.

Back office/Engagement process: the area that bridges up the patients or consumers with the healthcare service providers and systems.

Diagnostic process: With the active incorporation of AI applications, this area can improve the accuracy to serve the consumers very fast.

We can divide the above mentioned three major categories into many distinct areas for pinpointing the discussion regarding the marketability of the HealthCare industry.

In the year 2018, a forum arranged by the WMIF (World Medical Innovation Forum), leading scientist and doctors all over the globe has revealed few areas of technological aspects in Health Care business can expect huge invest as these areas have the potential to expand with the help of AI algorithm.

Let’s lighten the areas one by one.

The following areas that are subject to discussion fall under the three major categories mentioned above.

THE CLINICAL-DECISION SUPPORT: MORE PERFECT AND ACCURATE WITH AI ASSISTANCE:

Let’s understand the term first. The Clinical Decision Support system provides information that is targeted to a specific patient or situation of patients to improve the treatment quality, avoid errors, and dodge the sudden adverse situation and the efficiency of the health care team involved. CDS (Clinical Decision Support) contains clinical guidelines, condition-specific records, focused patient-report and data, Diagnostic data, and many more to ensure the right decision at the right time.

CDS is not only intended for the doctors and nurses, but also for all health care staff attached in the chain of system. So, this is a quite complex and important area that needs to be perfected to deliver the right information to the right people through the right channel at the right time.

The AI can revolutionize the process in making it easier, simpler, more accurate, and timelier. Through the incorporation of AI aided tools and software, early detection and risk-scoring are possible to alert the healthcare team to get alarmed before the adverse situation arises.

MEDICAL MACHINES AND DEVICES: AI IMPLEMENTATION:

 HealthCare industry has been using devices and machines to analyze and compute the situation faster with accuracy, the contribution of cutting edge technology. With the active incorporation of AI, the devices and machines are smarter and enable self-learning like a human being.

AI aided application and tools can compute big-data more accurately and faster, represent complex data easily, proves the data logically, detect the error, and correct it by itself. Moreover, AI-based tools and applications have shown remarkable capability in diagnostic technology, dropping the work-loads over the doctors. AI-based tools can detect the wrong diagnosis very efficiently and autocorrect the diagnosis-result. Hence, a lot of time can be saved and cost reduction is also possible.

THE REVOLUTIONARY RADIOLOGY TOOLS: SALUTE TO AI

Artificial Intelligence healthcare playing a vital role nowadays.Radiology, an undeniable sector in the HealthCare system, the very base of the MRI-machines and CT-Scanner that offer the images of the inner non-visible part of the human body and thus makes the treatment possible. Artificial intelligence can produce next-gen radiology tools.

The radiology tools can offer us “virtual biopsy”, the power of AI algorithm in radionics-field. The advanced AI algorithm can work more efficiently to get the phenotypes and characteristics of tumors through the smart image-based algorithm.

THE BRAIN &COMPUTER BRIDGE UP, THE UNIFICATION OF MACHINE AND MIND: 

The direct bridging up between the human mind and technology has been quite possible nowadays and significantly helpful to few patients, thanks to the power of AI application. Few patients lost their ability to speak, move, and interact normally to the surroundings due to neurological diseases and trauma.

The AI application and tools, Known as Brain-Computer interfaces (BCIs), can cure these disabilities quite successfully. We can improve the condition of life for those who have been suffering from ALS, Locked-in-Syndrome, trauma, and spinal cord injury with the AI aided tools to communicate and move normally.

THE PATHOLOGY IMAGES AND AI INTEGRATION:

In the healthcare system, Pathology data has immense importance in decision making. According to the experts, more than 70% of cases, Doctors depend upon pathology reports and data to conclude the final decision. AI-based applications and tools have been able to scrutiny the large image to the pixel level to diagnose the disease that the human –eye cannot.

With the use of an AI-based algorithm, it is possible to deliver perfect assessment in a very short time, increasing the accuracy of the pathology data to take timely decisions.

AI BASED IMMUNOTHERAPY FOR BETTER CANCER TREATMENT

By the use of the body’s own immune system, IMMUNOTHERAPY tries to cure the malignancy, probably the best methodology for cancer treatment, however, very few patients only respond to the present IMMUNOTHERAPY system. Oncologists are trying to identify a reliable method to identify which patient will respond.

Oncologists are highly expecting that AI-based applications with their ability to analyze complex big data will produce a perfect and reliable method to solve the problem.

THE ELECTRONIC HEALTH RECORD:

EHRs that contains big-data regarding the patient health record has the potential to save patient life if analyzed perfectly to predict risk factor accurately. Here; lies the challenge. The hard barrier lies in making a single data format form different data formats, structuring all the unstructured data inputs, correcting the data error, discarding the incomplete input.

AI applications can successfully solve the problem with a perfect analysis algorithm (the deep learning technique) to predict the timely risk factors and hence can help the Clinical Decision Support system to take necessary steps.

SMARTPHONES IN EARLY PREDICTION, MORE EFFECTIVE WITH AI:

Harnessing the power of cutting-edge technology supported smartphones and other wearables – devices, Health-Care experts consider, based on an educated guess, that the image taken through these devices can be a supplementary way to the disease-prediction. Tools powered by the AI algorithm can analyze the images taken by the smartphone and predict the early detection, Dermatology being the initial beneficiary of this development.

In the UK, scientists implementing a tool, powered by the image analysis techniques of AI-ArtificialIntelligence that can well predict the disease from the image of the child’s face.

Last not but least:

The incorporation of Artificial Intelligence healthcare has been already started, in reality, it’s not a dream anymore. The incorporation of AI at every segment of the HealthCare system is expected to improve perfection, accuracy, predictive analysis, cost reduction, and many more. The AI implementation will revolutionize the HealthCare system to take care of the patients and the society in turn.

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