AI Articles and Analysis in Healthcare

The implementation of artificial intelligence applications in the healthcare space is poised to impact clinical workflows, physician training and the medical education model. A recent report by Accenture predicts that the AI health market will grow to an estimated $6.6 billion by 2021 and a compound annual growth rate (CAGR) of 40 percent. This represents a significant increase from a market size of $600 million in 2014.

Dermatology is defined as a branch of medicine primarily focused on the evaluation and treatment of skin disorders, including hair and nails. Market research firm BCC Research projects that the global market for skin disease treatment technologies will reach $20.4 billion in 2020. Based on $17.1 billion in market revenue in 2015, this anticipated increase represents a five-year compound annual growth rate (CAGR) of 3.6 percent.

Artificial intelligence has already established a small but growing presence in the life sciences industry today, starting with drug discovery and development and now in emerging applications across the product life cycle.

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Medical billing and coding is an integral component of healthcare. The medical billing outsourcing market alone is projected to reach $16.9 billion by 2021. The coding and billing process translates patient record information into standard codes which are used for billing patients and third-party payers such as a Medicare and insurance companies.

Chatbots are gradually being adopted into the healthcare industry and are generally in the early phases of implementation. Market research firm Grand View Research estimates that the global chatbot market will reach $1.23 billion by 2025. This projected growth reflects a compounded annual growth rate (CAGR) of 24.3 percent.

Chronic Kidney Disease (CKD) affects approximately 1 in 7 adults or an estimated 30 million Americans. CKD is characterized by kidney damage which impedes proper filtration of the blood. As a result, other health problems may occur due to excess fluid and waste in the body. According to the American Society of Nephrology, annual health care costs associated with treating kidney (renal) failure are estimated at over 32 billion.

The number of persons aged 60 or above is expected to grow from 962 million globally in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100, according to a United Nations report. In the United states alone, the healthcare industry employs over 4.5 million nursing aides and orderlies and home health aides and personal care aides.