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What is AI?
Artificial Intelligence (AI) is a common buzzword thrown in when talking about the future of technology and digital transformation. We often discuss the capabilities of AI, and how it’s human-like thinking and problem solving capabilities can make app development, and security/privacy testing and solutions easier one day. But what exactly can we do with AI today? And what industries can use it to disrupt and drive innovation at this very moment?
One of these industries which we are seeing huge benefits from in terms of AI transformation is Healthcare and medicine. With the rise of machine learning and AI capabilities the industry is seeing a huge influx in both investment and the development of digital healthcare solutions. In fact, according to Business Insider, AI spending in medicine is projected to grow at an annual rate of 48% between the years 2017-2023.
Use-Cases for AI
There are a number of use-cases for AI and machine learning within the healthcare industry. Healthcare professionals deal with large numbers of data sets from their patients. An area where they can greatly benefit from digital app development and production using AI. For example, Machine learning is transforming the sector with its ability to provide data-driven clinical decision support (CDS) to healthcare professionals such as physicians and hospital staff. Furthermore, deep learning within AI uses algorithms and data to provide automatic insights to healthcare professionals and providers.
There are already a number successful startups and major businesses focusing on solutions with AI in the healthcare industry, paving the way for digital innovation and transformation, and further proving its revenue potential.
- Google Cloud developed a healthcare application for health organizations making it easier to access, store and collect data.
- Researchers at the University of North Carolina Lineberger Comprehensive Cancer Center used IBM capabilities to perform big data analysis to determine treatment options for patients with tumors.
- Google, with the University of California, Stanford University, and the University of Chicago generated an AI system that can predict the outcome of hospital visits.
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Opportunity
The benefits of AI and machine learning for the healthcare industry are numerous and ever-growing. As an example, the integration of AI into the healthcare sector allows for the automation of tasks and analysis of big patient data sets which can deliver better quality healthcare at a lower cost to healthcare professionals, providers, as well as the patients. AI can be used to lower the cost of administrative tasks as well of which 30% of all healthcare costs are attributed to. Moreover, Wearable healthcare technology, and telemedicine solutions and mobile applications can analyze data and patient information to give automatic insights into health and give way for more patient-centric healthcare models.
This is where opportunities for AI, Telecom, and other Tech Start-ups rise, and with such a booming market, it is integral that companies begin taking advantage of these opportunities and become first-movers in the industry. In fact, In a report released by Rock Health, they found that Digital Health Startups Raised Over $6.7 Billion In The First Quarter Of 2021. Megan Zweig, Rock Health’s chief operating officer commented
“It’s a good sign that this sector isn’t niche anymore, It’s actually attracting some of the most prolific brand-name funds because of the potential”.
Who are we at MarkiTech?
MarkiTech is a North American based digital transformation company focused on healthcare innovations, featuring various AI & IT solutions in the world of digital health & technology. We primarily provide most IT services such as development of custom AI applications & prototypes, innovative end-to-end solutions leveraging AI/5G/Cloud/IoT, creative UI/UX designs, iOS/Android mobile/web & wearable app development, as well as dev ops, end to end security like privacy, threat assessments and penetration testing, HIPAA compliance, staff augmentation tools and training programs within the health & tech sector.
And finally, we also provide help to integrate, collect, analyze and predict disparate health and wellness data using the digital twin concept into holistic and actionable views of individuals and organizations using our proprietary health intelligence & developer platforms called SenSights.AI and Signia.
Book a free consultation today to see how we can help your health care business with various IT & AI services and save you costs and finally digitally transform your business at https://markitech.ca/our-services/
Follow us on LinkedIn at @Markitech for more updates.
Credits: Business Insider, Forbes, Healthcare IT News
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