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AI Transformation

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Advancement In Healthcare Technology

AI and machine learning have had a significant impact on healthcare technologies. These cutting-edge technical innovations have significant impact on diagnostics, therapy, and patient care. AI and machine learning algorithms can analyze large amounts of patient data, such as medical records, imaging scans, and genetic information, and then find trends and make accurate predictions. This assists medical specialists in the early detection of illness and the development of specific treatment plans. Chatbots and virtual assistants powered by AI are available 24 hours a day, seven days a week to answer patient enquiries and provide basic medical advice. Machine learning algorithms can also help with drug research and development by speeding up the process of discovering new compounds and forecasting their efficacy. 

Furthermore, AI-enabled wearable devices may monitor vital signs, measure health metrics, and provide rapid feedback to patients, all of which help to advance healthcare. Artificial intelligence (AI) and machine learning have enormous potential to change healthcare delivery and enhance patient outcomes.

In 2021, the artificial intelligence (AI) and technological advancements in the healthcare market was worth around $11 billion worldwide.This figure is forecast to grow by 56 percent over the next few years, reaching about 8.1 trillion dollars by 2026.
Global market size of AI in healthcare was valued at 15.4 billion U.S. dollars in 2022 and is expected to expand at a CAGR of 37.5% from 2023 to 2030
Nearly two-thirds of healthcare providers across 14 global markets are now investing heavily in digital health technology, with a major focus in the deployment of AI and machine learning (According to the World Economic Forum)
Global market size of preventive healthcare technologies and services was valued at $228 billion in 2021 and is expected to expand at a CAGR of 9.8% from 2022 to 2030.

What We Think

Healthcare technologies have advanced significantly in 2023, thanks to advancements in artificial intelligence (AI), machine learning, and other cutting-edge technology. Global statistics recently revealed, indicate the transformative impact of these technologies in the medical industry.

AI-driven predictive analytics, for example, have been demonstrated in studies to aid in disease detection and prediction with an accuracy of up to 95%, allowing for timely interventions and treatment.
The global wearable device market is expected to reach $62 billion by 2023, owing to the growing popularity of digital health solutions. People can use these devices and AI features to monitor their health in real time, check their vital signs, and receive personalized recommendations on how to live a more balanced and meaningful life.

 Machine learning algorithms have helped examine data from electronic health records, genomics, and wearable devices to discover patterns and provide patients with more personalized care.

Telehealth services have grown in popularity, with 80% of healthcare practitioners now offering some type of telemedicine consultation or therapy to their patients.

Chatbots and other AI-powered digital assistants make it easier for people in remote or underserved areas to access the medical care they require. Incorporating AI, machine learning (ML), and other technical developments into health technology has enormous potential for improving health outcomes, providing people more control over their own health, and cutting healthcare costs.