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In less than half a decade, Artificial Intelligence (AI) in healthcare has moved from the realm of conceptual boardroom discussions to exponential market growth. Currently valued at USD 2.1 billion market by MarketsandMarkets, it is slated to grow to USD 36.1 billion by 2025 at a CAGR of 50.2%. In this period, software is expected to hold the largest market, while Machine Learning (ML) is expected to show the maximum CAGR.
While the healthcare sector varies widely in the structure and processes for care delivery across geographies, healthcare providers globally face similar business challenges. These include spiralling costs, regulatory compliance and low technology adoption leading to a poor patient and hospital experience. There are also issues related to inefficient processes, poor care execution, expensive treatments and staff productivity. Added to this, a labour-intensive workplace and expensive workforce necessitates improved work coordination for an already stretched staff. This is further fuelled by an increasing out-of-the-pocket expense for the patients. A recent NASSCOM report “HealthTech in India” pegs India’s Out of Pocket expenses for healthcare at a whopping 62.4%.
Coupled with this, easy information availability, rising urbanization & disposable incomes, and privatization is propelling patients’ demands for convenience, affordability and accessibility of care.
C-suite executives across the board in the healthcare sector are struggling with these issues that are quickly turning business-critical. They are working on initiatives to drive convenience, quality, personalization and lower costs, and deliver a superior patient experience. Technology is being considered as a crucial enabler to drive these initiatives. And AI, now poised to deliver the biggest technological disruption in healthcare, is setting a vigorous pace.
2018 has been an inflection points for AI in healthcare. On one hand, radiology took a giant stride with US FDA approving an AI-based algorithm to detect wrist fractures. FDA also approved marketing of the first AI-based device to detect diabetic retinopathy that does not require a clinician’s intervention. On the other hand, futuristic robotic-assisted surgeries are now moving from a support to a frontal and mainstream role. In step with these global trends, Microsoft India and Apollo Hospitals joined hands to develop an AI-powered heart risk score to drive preventive cardiac care in India. Bengaluru-based Manipal Hospitals is using IBM Watson to support physicians in discovering personalized cancer care strategies.
However, AI requirements and priorities of developed economies like the US & UK and developing economies like India are different. While the West looks at AI robots and diagnosis, majority of the hospitals in developing countries like India look for ease of access, awareness and affordability. Developing nations have to leverage existing foundational technologies like EHR, HIS and others to drive AI adoption. While interpretive and futuristic initiatives are underway, the current entry point for AI in Healthcare could be via transforming non-interpretive areas of operations and patient experience. These include automating routine, time-consuming administrative tasks and provider operations.
AI solutions are helping provide information to patients, simplify staffing models, improve operational workflows, manage finance, improve care quality, and handle unplanned events better. In India alone, NASSCOM estimates that 54% of all AI start-ups have a healthcare component to their solutions. Well planned AI deployments can help healthcare providers focus on care delivery and become patient centric, enabling better business outcomes. Five key AI areas showing rapid market growth and transforming provider experience include:
There are multiple opportunities for AI in the healthcare value chain, including screening patients at risk of condition or disease, better and faster clinical trials, better disease management, clinical decision making through Internet of Medical Things etc. The AI juggernaut is moving inexorably to challenge and change the face of healthcare for both patients and providers. Hospitals and healthcare providers have no option but to embrace this change or be left behind. The question is no longer about whether AI will make a difference in the healthcare sector, but more about where, when and how.
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