Companies such AiCure, Amara Health Analytics, and Apixio are bringing a variety of approaches to the use of AI in hospital management ecosystem. By 2025, hospital management companies will spend an average of $54 million on artificial intelligence projects. This will improve the performance of hospitals, doctors, and nurses, and will give patients a more engaged and personalized service.
According to AllTheResearch, the global AI in Hospital Management Market Ecosystem was USD 1.18 billion in 2018. AI is making healthcare facilities more efficient and is improving the lives of healthcare providers and patients by automating tasks in minimal costs and time. Healthcare AI will be an area in which investments will grow rapidly.
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An increase in the volume of healthcare data and the complications associated with data management demand artificial intelligence (AI). Numerous AI applications have already been employed by hospital management companies.
The key categories of these applications involve diagnosis and treatment recommendations, patient engagement and adherence, and administrative activities. AI is becoming progressively more advanced at performing human activities more efficiently and quickly and at a lower cost. The potential for both AI and robotics in healthcare is vast. Just like in our everyday lives, AI and robotics are increasingly becoming a part of our healthcare ecosystem.
AI-enabled hospital management solutions can help merge mass volumes of medical data to generate a more comprehensive view of patients. This supports healthcare providers in their decision-making, leading to better patient care and improved health of population. Artificial intelligence has played a major role in bringing about technology advancement in mechanisms through which computer algorithms work simultaneously with software to interpret conclusions, without the immediate human intervention. AI-aided devices help save crucial man-hours spent in complex operational and logistics tasks. This will improve the performance of hospitals, doctors, and nurses, and will give patients a more focused and personalized service.
The ripple effect of Coronavirus-Covid19 on the market needs to become part of strategy discussions to emerge strong. The Analyst team is meticulously tracking the impact and relevance to all the sectors in the Ecosystem. Key datasets include Revenue Impact analysis, Disruptions and New opportunities in the Supply Chain, Revised Vendor Landscape Mix, New opportunities mapping, and more. https://www.alltheresearch.com/impactC19-request/374
Digital consultation smartphone apps like Babylon Health in the UK use AI to give medical consultation based on personal medical history and common medical knowledge. Users report their symptoms in the app, which uses speech recognition to compare against a database of illnesses. Babylon Health then offers a recommended action considering the user’s medical history. The startup Sensely has developed Molly, a digital nurse, to help people monitor a patient’s condition and follow up with treatments, between doctor visits.
The Asia Pacific is expected to develop as the fastest growing region in the coming years. Improvement in the infrastructure for healthcare IT, rising number of AI start-ups, and the increasing adoption of advanced technologies are some of the factors that are contributing to market growth. Increasing government initiatives for AI technology in this region are likely to support growth. For instance, in March 2019, in South Korea, the Ministry of Science and ICT announced that it would initiate a trial service of an AI-based precision medicine service named Dr. Answer, in December 2019.
The Boston Children’s Hospital in the USA has developed an application for Amazon Alexa that provides essential health information and guidance to parents of ill children. The app answers questions about medications and suggests whether the symptoms require a doctor’s visit.