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Rising Demand for Personalized Therapy and COVID-19 to Drive the AI in Healthcare Market

   October 14, 2020

Over the years, personalized medicine are emerging approaches for disease treatment and prevention that considers individual variability in the genes, environment, and lifestyle of each individual. This approach allows healthcare professionals and researchers to depict more accurately, which treatment and prevention strategies would work for a particular disease in a particular group of people. Personalized medicine is gaining increasing recognition by clinicians, healthcare systems, pharmaceutical companies, patients, and governments.

Advances in personalized medicine have already led to powerful discoveries, and several new FDA-approved treatments that are tailored to specific characteristics of individuals. For instance, in July 2019, GE Healthcare opened its GE Cell and Gene Therapy Asia Technology Center to train scientists in precision medicine-driven biopharma techniques. Also, in July 2018, Centrillion Biosciences (U.S.) partnered with WeDoctor (China) to provide genomic analyses to patients. Thus, considering the growing activities in the field of precision medicines and the influx of funding in the research, many startups across the globe are taking the initiative to bring AI and ML techniques into the genomics space and build tools that give medical professionals the means to deliver personalized medicine through more effective diagnosis and care management tools.

AI in healthcare can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs that are utilized by the healthcare industry in applications, such as patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow management, and patient management. AI and ML are playing a vital role in the healthcare industry.

Moreover, the emergence of the COVID-19 pandemic has put a tremendous burden on the healthcare sector worldwide. With the unavailability of treatment, rise in cases, limited resources, and high vulnerability of the medical staff of catching the virus, the healthcare sector is struggling to deal with the pandemic situation. In such a situation, AI can turn out to be a useful technology. For instance, CT scan was identified as the key marker for diagnosing COVID-19 at the disease onset. AI-based systems can analyze CT images within 20 seconds, with an accuracy rate of above 90%. Moreover, governments across the world are encouraging AI tools for healthcare. For instance, in April 2020, THIRONA (Netherlands) and DELFT IMAGING (Netherlands) launched CAD4COVID, a cloud-based system for triage of COVID-19 patients that uses deep learning to analyze chest X-rays intended to support healthcare specialists manage COVID-19 cases.

Thus, AI is assisting the healthcare sector in fighting the COVID-19 pandemic. According to Meticulous Research, AI in healthcare market is expected to grow at a CAGR of ~41.4% to reach $51.3 billion by 2027.

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