When you think about technological breakthroughs from history, the full promise is never what it initially does but what it eventually enables. If you go as far back as the steam engine, it cost far more than other power sources when first commercialised. However, as soon as it enabled faster transportation and cheaper product shipping, suddenly, it did not seem so expensive.
AI in healthcare is the modern-day steam engine. Although applications are still relatively sparse, the fourth industrial revolution of data and digital is starting to enable the new future.
The market for artificial intelligence in healthcare, estimated to be worth USD 10.4 billion in 2021, is anticipated to increase at a CAGR of 38.4% from 2022 to 2030. Key factors propelling the market’s expansion are the expanding datasets of digital patient health information, the desire for individualized treatment, and the rising demand for lowering healthcare costs.
The Current State of AI in Healthcare
Despite having the highest healthcare spending in the world, the United States now has inferior individual health outcomes than most other industrialised countries.
People of all generations need healthcare that is tailored to their requirements. Millennials want to be able to order their meals and receive medical advice from the same place—their sofa. In contrast, groups like the baby boomer generation take a totally different tack.
They are far more likely to want a primary care physician, so we can move away from these systems’ one-size-fits-all approach to actual care delivery–toward leveraging data and AI to genuine care.
For AI to be successful in the 21st century, there are three vital components.
Responsibility
Sometimes, problems are unsuitable for AI; deciphering intent is paramount. Similarly, poor data and algorithm management might unintentionally introduce biases into analyses, with negative consequences for people.
Competence
Innovations must function, and the health ecosystem must agree on what constitutes an acceptable margin of error. The same forgiveness that is extended to a human physician who makes a single error is not extended to computer systems that prescribe cancer therapies.
Transparency
Being open about the limits of data and AI in healthcare can aid in the maintenance of confidence in the face of imperfect performance.
Early adopters of AI in healthcare have already enabled breakthroughs paving the way for a shift from scepticism to a beginning of trust, as well as a jump from efficiency to better efficacy.
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