Artificial Intelligence In Healthcare: Growth Is Slow But Incredible!
The Role Of AI In The Healthcare Industry
Artificial Intelligence (AI) and Machine Learning (ML) technologies are offering numerous thrilling opportunities for the healthcare sector. The role of AI in the healthcare industry is to streamline operations, amplify the research and development functions for making accurate clinical decisions. But, with continuously changing healthcare regulations, many investors are still in a dilemma to adopt these advanced technologies and optimize their processes.
Through this blog, we tried to explain the benefits of artificial intelligence in healthcare and how can healthcare service providers overcome compliance issues and automate their processes with ease by deploying AI solutions.
Let’s start!
Here are the top healthcare use cases of AI.
Benefits Of Artificial Intelligence In Healthcare Sector
#1 Aware Of Regularity Frameworks
In the recent past, healthcare regulations in the United States are updating too often to keep up with the evolving digital healthcare market. The U.S. Food and Drug Administration (FDA) has been taking incremental phases to revise the existing rules and regulations. For instance, recently, it has introduced the “Digital Health Innovation Action Plan” to guide the agency’s role in advancing effective digital health technologies.
In addition, the FDA is also focused on a digital health software Pre-Cert Pilot Program. It is enrolling software-as-a-medical-device (SaMD) developers in this project. This pilot project helps the FDA to determine the performance indicators that are needed for per-certifying the product. Using this, the FDA helps developers in identifying new ways of product approval procedures that are seamless.
Accordingly, another regularity framework, “Policy for Device Software Functions and Mobile Medical Applications” was introduced in 2019 for higher-risk software. This new policy comprises various guidance documents that label how the agency plans to regulate software that helps in clinical decision support (CDS). The CDS software identifies a patient’s medical conditions as it uses ML algorithms.
We can say that this is one of the best use cases of AI in healthcare industry that helps service providers execute business in compliant to the existing policies.
#2 Achieving FDA Approval
It is one of the best use cases of AI in healthcare industry. Applications or software or devices developed using Artificial intelligence in healthcare sector need FDA approvals. To comply with the changing FDA approval processes, software developers must consider how to design and roll out their products in accordance with the FDA rules. Particularly, developers should focus on achieving FDA approval for the software which comes under the higher risk category.
The use of AI in healthcare will help you out here. Artificial intelligence-powered diagnostic tools and applications come in place. The mobile app developers should be more focused on FDA rules when they develop AI-powered healthcare tools and software. As AI is evolving across all sectors, the healthcare industry is also investing in AI to automate its medical diagnostic processes.
Software Update is a major concern that developers face today. Because, based on the market requirements, the developers will update the existing web or mobile software applications. They will add new features to advance the functionalities using emerging AI and ML technologies. But, when they change the technical description of the software, the FDA approval status for the old version of the software will be at risk.
Similarly, organizations must know the company’s product development plans and the approach that they follow to get FDA approvals. This provides investors with a clear variation of the company over its competitors in the same industry.
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#3 Black-Box Nature of AI Is Hampering Its Growth In Clinical Applications
Yes, artificial intelligence is a black box in its nature. This is one of the major drawbacks of the rapid adoption of AI-based applications in healthcare.
We’ll brief it out. Can all healthcare AI-powered applications track and assess the decision-making procedure when a negative outcome happens? Will the set of trained data to the ML algorithms is visible to users? Will the reason for a negative outcome is identified by the technology itself?
The developers should focus on all the above points while designing AI-powered software for healthcare. Because, if your software is posing more negative outcomes, then the application will be banned in the market and the efforts you put into design, development, and getting approvals will be wasted in minutes.
Accordingly, AI systems need more data to perform the tasks that they are assigned to do. But, if you feed the AI systems with the wrong data, it will provide incorrect conclusions such as misdiagnosis and improper treatment recommendations. Error Detection algorithms help you out in this scenario. Thanks to technological developments.
Currently, many healthcare service providers are using artificial intelligent-based medical diagnostic devices to provide better services and optimize the patient diagnosis process.
For instance, FDA-approved AI-powered imaging diagnostic software/tools are helping clinicians in diagnosing and treating various health conditions such as cardiovascular disorders, diabetic conditions, and cancer.
However, the adoption of these AI tools is sluggish in the market. There is a need to publish AI’s benefits in healthcare. More awareness of artificial intelligence in healthcare to witness industry adoption and get the credibility of AI technology.
AI Opportunities In Healthcare
Implementation of AI in healthcare was at the pre-mature stage. Without significant investments, AI adoption in healthcare is slow and difficult. The market researchers are estimating that the clinical health AI applications will save $150 billion per annum for the United States economy by 2025.
Artificial intelligence in healthcare is used for multipurpose. AI can sense machines, learn, and perform both clinical and administrative tasks. Hence, health AI will augment every task done by humans intelligently and automatically. The graph below depicts the most promising healthcare applications of AI that are attracting more investments.
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Recommended: AI In Healthcare: The Future of the Healthcare Sector Will be Around “AI”
On the global artificial intelligence healthcare market front, the investments are stunning and are increasing every year. Both the public and private sectors are heavily investing in health AI. Every healthcare company is in plans of implementing AI strategies to become competitive in the market. From clinical diagnosis and treatment to robotic surgery and drug development, AI plays an essential role in healthcare. Though the use of AI in healthcare is slow, health AI will completely change the structure of the existing healthcare market in the next decade.
Yes, the complete rollout of AI will take years, but AI technology, ML, and predictive analytics together bring an advanced healthcare solution that was never before available. According to researchers, compared to the clinical side, AI is going to use widely for automating admin and operational tasks.
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Future Of AI In Healthcare Industry
The future of AI in healthcare is positive and mostly applied to automate customer support service, invoicing, medical record management, drug development, and many other tasks. The use of AI in healthcare will help healthcare service providers deliver better care services, streamline operations, and improve patient outcomes.
As we discussed in this article, the use cases of AI in healthcare industry for automatically updating the data in compliance with the regulatory authorities, getting faster FDA approvals, and finding patients for clinical trials are all other out-of-the-box applications of AI in the healthcare industry. The role of AI in the healthcare industry has a greater scope across these significant healthcare use cases.
Further, telemedicine and robotic surgery are also two buzzwords that will occupy major space in the future of AI in healthcare.
There will be huge AI opportunities in healthcare in the upcoming years. Overall, implementing AI in healthcare will reduce costs and deliver expected returns on investment (RoI) to the organizations.
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Final Words
In one line, the benefits of Artificial intelligence in healthcare sector will automate and augment entire functional, operational, administrative, financial, and organizational processes. AI technologies, such as ML, Natural Language Processing, Deep Learning, Neural Networks, Predictive Analytics, and Computer vision, will all play a vital role in the future of healthcare sector.
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The rising adoption of IoT in the healthcare sector coupled with the recent developments in regulations in the healthcare industry is expected to significantly influence the growth of the Software as a Medical Device market over the coming years.