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Increased adoption of Artificial Intelligence and cognitive technologies in the healthcare sector has gained potential. Market players including IBM, Microsoft, and Google have invested to provide cognitive computing in start-up companies. Market segmentation in healthcare for cognitive computing and AI is based on technology, application, and end users. The world of healthcare is expected to be worth $14.41 billion by 2022.
Google Glass has indulged in the practices of doctors by providing them with an obtrusive way to notify them of the patient details they should check. Bigger companies such as Apple and Samsung have invested money in APIs to create first-party apps. According to experts, electronic health records are safe pieces in healthcare. Zillions of homebound, bedridden patients benefit from the administration of healthcare through AI. The new app doc.ai determines the person’s health risk using a selfie. Thanks to the new techniques used to engage customers, the particular app has attracted many investors.
Change healthcare combines Adobe and Microsoft to provide a patient-friendly platform that securely aggregates and activates consumer information for electronic health records, registration systems, billing applications, and software for scheduling. The combination of the healthcare network of Change, Adobe, and Microsoft help hospitals gain a competitive advantage by providing patients with a better online experience.
The ML has also leveraged in the healthcare sector with AI. According to the 2018 Frost & Sullivan Survey, AI in the healthcare market is expected to reach 1.7 billion by 2019. It is expected to reach a CAGR of 68.5 percent by 2022. In order to access and analyze real-world data for individual conditions, half of the healthcare companies will have essential resources.
Blockchain technology has a major impact on healthcare providers by streamlining and providing transparency and wherever possible eliminating intermediaries. Cloud computing in the healthcare industry offers easy access to business applications and large storage facilities for clinical and non-clinical records with an improved security environment. Preventive healthcare has innovative insurance models that enable companies to offer customized healthcare policies to reduce potential claims.