Artificial intelligence in the medicine market is expected to register a CAGR of 39. 83 % over the forecasted period. The market is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare.
New York, Dec. 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Artificial Intelligence in Medicine Market – Growth, Trends, COVID-19 Impact, and Forecast (2022 – 2027)” – https://www.reportlinker.com/p06373295/?utm_source=GNW
Additionally, the market is anticipated to grow as opportunities in geriatric population care with AI technology, imaging, and diagnostics to generate data for research development arise.
Small-molecule drug discovery benefits from AI in four ways; access to new biology, improved or unique chemistry, higher success rates, and speedier and less expensive discovery procedures. For instance, FDA’s Center for Drug Evaluation and Research (CDER) approved 50 brand-new pharmaceutical and biological products in 2021. About 33 of the 50 novel medications and biological products approved for use had tiny molecules, while 17 were monoclonal antibodies and other large molecules. However, the number of biological approvals has continuously risen during the past few years. Such huge approvals for drugs will drive the market’s growth.
The healthcare sector underwent a significant transition due to the digital revolution over the past decade. Areas that have best-demonstrated change helped by innovation and integration are care delivery and system performance. The next wave of revolt in healthcare is already laying the groundwork for a customer-driven business model as digital convergence makes it possible to seamlessly integrate new technologies such as AI, IoT, and ML.
AI and associated technologies are becoming more and more common in business and society and are starting to be used in healthcare. These technologies could change many facets of patient care and internal administrative procedures at payer, provider, and pharmaceutical organizations. The need for healthcare services is constantly growing, and many nations struggle with a lack of healthcare professionals, particularly doctors. Healthcare organizations are likewise working hard to stay up with all the latest technological advancements and the high standards people have for service and results.
AI presents one of the most promising and potentially transformative opportunities for the life sciences industry. It is a key investment target in the coming years, with myriad organizations hoping to capitalize on its potential. The number of applications is expected to continue to increase, and investors are expected to enter the AI industry early. However, at the start-up stage, AI investment can pose a risk to a company’s growth. Massive cash injections are required to launch robust AI products off the ground, and it is not a sector that can be monetized quickly or easily. Often, these products require R&D teams and specialist engineers in machine learning, which would come at a cost.
The COVID-19 pandemic impacted international politics and the economy. There weren’t any particularly potent therapies or medications to treat the disease at the time. Therefore, developing new techniques for early illness isolation, diagnosis, and treatment became essential. Artificial intelligence with multimodal data helped various segments of the healthcare industry to cater to the rapid outbreak of disease by providing cutting-edge applications in disease, medicine, treatment, and target recognition during the pandemic.
Key Market Trends
Patient Management Application to Witness Significant Growth
Patient management streamlines administrative tasks and stores patient records. It aims to improve practice efficiency, deliver timely care, and improve patient experience and outcomes. This includes appointment scheduling, billing information, and patient diagnoses.
The increasing availability of electronic health data and the methodological approaches to analyzing data suggested the huge potential of AI and major machine learning methods for offering better services at lower costs.
Smart wearables play a vital role in transforming the current healthcare industry. For instance, they are used in heart rate monitoring, step counting, blood pressure monitoring, and many more. This generates data that needs to be analyzed and processed to provide interactive feedback. This is where AI comes in, as it helps analyze and process data quickly.
The growing physician shortage continues as the Association of American Medical Colleges (AAMC) reports the United States could see a deficit of 37,800 to 124,000 doctors by 2034. Such a huge drop in the workforce in the healthcare industry demands advancements in patient management. AI can support and increase the productivity of healthcare providers while improving patient outcomes with the ability to identify those at the most risk.
In October 2022, Cerba, a specialty clinical pathology reference, announced a partnership with Taliaz, a digital health company, to provide physicians with an AI-driven precision psychiatry solution that predicts treatment effectiveness in depression. The test helps physicians make the best therapeutic decision faster for their patients and can accelerate the recovery of people suffering from depression globally.
Moreover, with the help of AI, certain aspects, such as biometric indicators, diet tracking, fitness tracking, mental well-being, and genomic screening, can be tracked in real-time.
North America to Hold Significant Market Share
The high adoption rate of AI technologies across healthcare and pharma, the strong presence of prominent AI software and system suppliers, and the combined investment by government and private organizations in the improvement and growth of research and development activities are expected to drive the market’s demand in the United States. Over time, the country is expected to dominate the regional market due to its developed infrastructure that can house advanced medical solutions. The increasing inflow of investments in startups for AI implementation would accelerate the market’s growth.
The role of AI in assessing patients’ condition and progress through multiple stages of illness attracted the attention of healthcare professionals. This is the primary reason why real-time remote patient monitoring systems, apart from their benefits, can deliver a paradigm-shifting approach to healthcare improvement in the long term.
The use of AI technology has been encouraged by many healthcare industry players since it can potentially enhance the service provided manifold. Access to data, collection of symptoms related to patients, and the communication of complementary treatments are the primary functions that need the highest integration of AI in the industry.
For instance, in August 2022, PathAI expanded its AI-driven partnerships with BMS( Bristol Myers Squibb) to leverage artificial intelligence (AI)-powered pathology in translational research and clinical trials. PathAI and BMS intend to leverage these models to collect crucial insights that would aid in boosting the segmentation of patients in clinical trials across various disease indications.
As technology continues to advance every aspect of health care, software incorporating artificial intelligence (AI), specifically the subset of AI known as machine learning (ML), has become an essential part of an increasing number of medical devices. One of ML’s most significant potential benefits resides in its ability to create new and crucial insights from the vast amount of data generated during the delivery of health care every day.
The overall competitive rivalry remains moderately high in the market studied. The growing presence of big players in the industry is expected to intensify competitive rivalry during the forecast period. Incumbents, such as Atomwise Inc., IBM Watson Health, etc., considerably influence the overall market. ?
In September 2022, Novo Nordisk A/s and Microsoft collaborated to accelerate drug discovery and development using big data and artificial intelligence. The collaboration centers on expanding digital science and AI capability applications in the healthcare business and sustainability.
In August 2022, Atomwise Inc. and Sanofi collaborated to advance AI research for computational discovery and make better medicines faster by unlocking up to five drug targets inaccessible to traditional small molecule discovery approaches.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06373295/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Guardant unveiled results for its colon cancer-detecting blood test Thursday that lagged rival Exact. GH stock crashed as EXAS stock jumped.
Shares of Guardant Health Inc. tanked 40% and shares of Exact Sciences Corp. rallied more than 25% in the extended session Thursday after Guardant announced results from a study using its blood test to screen for colorectal cancer that didn't appear to surpass Exact Sciences' stool-sample screening test. Guardant said that the results "pave the way for first potential FDA-approved and Medicare-reimbursed blood test for colorectal cancer screening," and that it plans to ask for U.S. Food and Drug
Activist investor Carl Icahn agitated to stop the deal last year. Now the pipeline network has been unloaded to a new owner.
(Bloomberg) — Guardant Health Inc. fell more than 45% in late trading Thursday after results of a study of its blood test for colorectal cancer disappointed investors. Most Read from BloombergTrump Hawks Superhero NFT Trading Cards as Crypto Universe ImplodesIs Putin Finally Getting Smart About His Ukraine Disaster?Elon Musk’s Tesla Share Sales Approach the $40 Billion MarkUS Stocks Drop for a Second Day; Oil Snaps Rally: Markets WrapThe test accurately identified the presence of cancer or prec
The law firm led by famed litigator David Boies appears to have engaged in some unusual litigation tactics on behalf of FTX crypto exchange users who accuse NFL quarterback Tom Brady, supermodel Gisele Bundchen, comedian Larry David and other celebrities of inducing them to open FTX accounts. This tale ventures deep into the weeds of federal court filing procedures, but the upshot is that Boies’ firm, Boies Schiller Flexner, and co-counsel from The Moskowitz Law Firm filed three different but obviously related FTX lawsuits in the same federal court in Miami without asking the court to consolidate the cases before just one judge.
Politico, which first reported on AbbVie's exit, said the drugmaker was also leaving the industry group Biotechnology Innovation Organization as well as Business Roundtable, citing a person with knowledge of the matter. Reuters reported in August the pharmaceutical industry spent at least $142.6 million on lobbying Congress and federal agencies in the first half of 2022, more than any industry. President Joe Biden's signature Inflation Reduction Act will allow the government to choose 10 drugs to negotiate from among the 50 costliest ones for Medicare, the government healthcare program for people aged 65 and older or disabled, starting in 2026.
Tesla's (NASDAQ: TSLA) stock price is falling for several reasons, including rising competition. In response, Tesla could make this major announcement in 2023. If you're interested in Tesla stock, you don't want to miss this video.
Shares of BioXCel Therapeutics (NASDAQ: BTAI) rose by as much as 19.1% this week, and as of Thursday afternoon, were still up 17% for the week, according to data from S&P Global Intelligence. The biotech stock closed last Friday at $17.02 a share and opened Monday at $17.15. Its shares hit a high of $20.27 early Thursday afternoon.
The new building is being planned alongside Lockheed Martin's existing 784,000-square-foot main facility, which is part of the company's Space unit that builds satellites and spacecraft.
In this piece, we will take a look at the 12 countries that produce the most lithium. For more countries, head on over to 5 Countries That Produce The Most Lithium. Lithium is shaping up to be one of the most important materials for the modern day world. Alongside silicon, which is used in semiconductor […]
For years, financial experts have suggested a target retirement savings goal of $1 million. But when you consider things like inflation, the rising cost of healthcare and longer life expectancies, that amount of money may not go as far as … Continue reading → The post How to Retire With $2 Million appeared first on SmartAsset Blog.
A weeklong shutdown has reduced flows of Canadian crude, adding to costs for Gulf Coast refiners and weighing on U.S. oil reserves.
Southwest has announced the sale of its MountainWest Pipeline business for $1.5 billion
Energy was a top sector in 2022. Today, we explore 3 stocks in the oil industry firing on all cylinders.
Recent results suggest the company's cancer vaccine candidate can succeed where others have failed.
Bank of America analysts upgraded BioNTech SE stock to buy from hold on Thursday, citing excitement about its mRNA technology and the outlook for a combined flu/COVID vaccine and oncology vaccines that are currently in various stages of development. Analysts led by Tazeen Ahmad reiterated their $239 price target on the stock (BNTX) which is 28.5% above its current price, and said the German company’s roughly 16 billion euros in cash is a positive. Positive data this week from Moderna Inc. (MRNA) and Merck (MRK) in a trial of Merck’s Keytruda and a Moderna mRNA vaccine in treating patients with late-stage melanoma are positives for BioNTech’s NeST platform, which also aims to treat melanoma and other solid tumors, said the note.
The past year was sobering for investors who poured money into Tesla Inc and rival electric vehicle startups that hoped to emulate Tesla CEO Elon Musk's success. Rivian Automotive Inc, which had a higher market value than Ford Motor Co shortly after it went public in 2021, lost more than 70% of its value over the past year. Electric van maker Arrival warned it could run out of cash in less than a year.
The cable and internet giant plans a price hike for many customers, but that's only part of why you should be mad.
In today's video, Jose Najarro and Nick Rossolillo discuss recent news affecting Taiwan Semiconductor Manufacturing (NYSE: TSM) and some companies that can benefit from this $40 billion investment. Check out the short video to learn more, consider subscribing, and click the special offer link below.
The top five biotech stocks today have several commonalities: strong ratings. Some also show promising charts and are Tech Leaders.
Leave a Reply
You must be logged in to post a comment.