Allied Market Research claims that healthcare will be a key market for AI resellers.
In a report with a catchy title “Artificial Intelligence (AI) in Healthcare Market: Global Opportunity Analysis and Industry Forecast, 2017-2023″Allied Market Research claims that the the global AI in Healthcare market was valued at $1,441 million in 2016. It is projected to reach $22,790 million by 2023.
This is a CAGR growth of 48 percent from 2017 to 2023. The hardware AI for segment is anticipated to grow at the highest rate from 2017 to 2023.
AI involves the science and engineering of intelligent computer programs. It uses various computer functions such reasoning, learning and problem solving based on human intelligence. AI systems can be used in various disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering to build an intelligent system. Some of the different applications that incorporate the AI systems in healthcare fields are medication management, treatment plans, and drug discovery.
The report said that the global AI in Healthcare market is driven by the ability of the tech to improve “patient outcomes”, an increase in need for coordination between healthcare workforce and patients, the rise in adoption of “precision medicine”, and remarkable growth in venture capital investments. In addition, the significant use of big data in the healthcare sector is expected to fuel market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth. The possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.
The deep learning segment accounted for the highest share in 2016 and is expected to dominate the market from 2017 to 2023, owing to increase in use of signal reduction, data mining, and image recognition. The natural language processing segment witnessed the highest growth rate in 2016, the report said.
Presently, the healthcare provider segment dominates and is expected to grow at a CAGR of 46.9 percent during the forecast period. Increase in usage & application of AI systems is expected to improve patient outcomes and maintain electronic health records (EHR) & patient records to boost the market growth, it concluded.
Hospitals, clinics, trusts and insurers are under a barrage of cyberattacks but the healthcare section does not seem to be spending enough money to protect itself.
According to ABI Research, cybersecurity for healthcare protection will only be worth $10 billion by 2020, while other sectors such as financial and defence are coping.
ABI said “the healthcare industry is drowning” because of attacks from malicious online agents and a lot of companies and organisations in the sector are failing to modernise to take account of current threats.
Michelle Menting, a practice director at ABI, said: “Cybersecurity for healthcare is still a small fragmented market but the potential opportunities for expansion are large and will continue to grow as healthcare organisations increasingly come under cyberfire.”
She said a few startups such as TrueVault and FireHost are targeting the healthcare sector and building a niche for themselves. There are also managed services and cloud apps from companies like NetFortris and ID Experts.
A report said that
investigators into a hack at US healthcare firm Anthem are blaming the Chinese government for the breach.
Bloomberg, which said it has spoken to three people on conditions of anonymity, claim the hacks are to provide the Chinese government with data on government workers and others.
Hackers managed to grab as many as 80 million details of Anthem’s customers.
The wire is blaming an espionage unit dubbed “Deep Panda” for orchestrating the attack.
China consistently denies that it hacks into organisations or into other countries’ computer systems. It’s widely believed, however that many countries, including China, have cyber warriors testing others’ systems.
“Deep Panda”, if it exists, is alleged to have made hacking attacks on contractors and other health care companies over the last few months, Bloomberg alleges
The investigation into the Anthem attack is being led by the Federal Bureau of Investigation.
Anthem has not yet explained the vulnerability in its IT systems which allowed its data to be hacked.
Adoption of cloud technology in the healthcare section in Europe will be worth $1,275.6 million by the end of the decade according to a report from Frost & Sullivan.
Last year, the European market was worth $390.5 million and is expected to steadily grow between 10 to 30 percent in the next five years.
The cloud is good for cost efficient services for documentation, storage and sharing patient information, the report said. Government moves to create healthcare information exchanges have given the cloud market in Europe and the USA a boost. In addition, quick deployment and easier management of IT staff are other perceived advantages of using the cloud.
But the move to the cloud is being hampered by a lack of standardisation in legacy systems, meaning that data migration is both expensive and cumbersome.
And there are also concerns about data preservation, security and portability, meaning that when healthcare IT buyers sign up with cloud service providers there must be service level agreements to guarantee reliability and data portability.