Press release
AI in Patient Management Market is on an Upward Growth Curve
According to the latest research by InsightAce Analytic, the Global AI in the Patient Management Market is expected to show a CAGR of 24.51% during a forecast period of 2023-2031.
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Implementing artificial intelligence to streamline and enhance the entire patient care journey constitutes AI in patient management. This includes AI-powered tools for patient scheduling, medical diagnosis, treatment recommendations, patient progress monitoring, and even personalized health interventions. These AI applications enable healthcare professionals to provide more effective, precise, patient-centered care.
Artificial intelligence is utilized in the healthcare industry to investigate the relationship between treatment policies and patient outcomes. AI has numerous uses in healthcare, including medication management, treatment regimens, and drug development. It is utilized in diagnostic procedures, personalized medicines, drug research, and patient monitoring care. Some of the driving reasons for AI in patient management market growth are the application of AI/ML technologies in boosting patient care, lowering equipment downtime, and minimizing care expenses. AI-based solutions have seen a considerable increase in usage and are on a rapid growth trajectory. Diagnostics, patient management, claims management, workflow management, and cybersecurity all saw a significant increase in the incorporation of AI/ML technology.
List of Prominent Players in the AI in Patient Management Market:
• Welltok, Inc. (Virgin Pulse)
• Intel Corporation
• Nvidia Corporation
• Google Inc.
• IBM Corporation
• Microsoft Corporation
• General Vision, Inc.
• Enlitic, Inc.
• Next IT Corporation
• iCarbonX
• Octopus.Health
• Sweetch Health Ltd.
• Superwise.ai
• Others
Market Dynamics:
Drivers-
Big data is generated at many phases of the care delivery process as the healthcare industry digitizes and adopts information technology. As a result, healthcare is now one of the top five big data sectors, particularly in the United States. Increased government measures to expedite Al advancements in healthcare will drive market growth in the United States. The National Science Foundation & the White House Office of Science & Technology Policy declared the formation of the National Artificial Intelligence (Al) Research Resource Task Force in June 2021, which will develop a roadmap for the expansion of educational tools and critical resources to spur Al innovation across the country.
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Challenges:
Integrating Al solutions into current systems is difficult since doing so requires considerable data processing to simulate human brain behaviour. Even a small mistake might cause a system to crash or negatively impact the intended outcome. Additionally, the development of AML technologies is being constrained by the lack of professional norms and qualifications in this field. Additionally, Al service providers are having trouble installing and maintaining their solutions at client locations. This is due to a lack of technological knowledge and a shortage of Al experts.
Regional Trends:
Owing to the improvements in healthcare IT infrastructure, rising healthcare costs, widespread adoption of AI/ML technologies, supportive government initiatives, funding options, and the presence of numerous leading market players, North America dominated the market and also accounted for the maximum revenue share. Additionally, the market in North America is developing as a result of factors such as an ageing population, changing lifestyles, an increase in the prevalence of chronic diseases, a rise in the need for value-based care, and increased awareness of the use of AI-based technologies.
Recent Developments:
• In June 2023, Google Cloud and Mayo Clinic announced a partnership to transform healthcare with generative AI, starting with Enterprise Search in Generative AI App Builder (Gen App Builder), to improve clinical workflows, help clinicians and researchers find information, and improve patient outcomes. Google Cloud also released HIPAA-compliant Enterprise Search on Gen App Builder today.
• In Nov 2021, Virgin Pulse has officially finalised its acquisition of Welltok, a highly acclaimed startup specialising in health activation. The activation engine developed by Welltok was integrated with Virgin Pulse's daily engagement platform in order to enhance health outcomes and decrease costs for their collective clientele of 4,100 global employers, health plans, and health systems.
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Segmentation of AI in the Patient Management Market-
By Technology-
• Machine Learning
• NLP
By Application-
• Health Record Analysis
• Pattern Analysis
• Location Based Analysis
• Social Background
• History Based Appointment Generation
• Others
By End-Users-
• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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