AI platforms for healthcare industry to reach $4.3 bn in 2024: Report

NEW DELHI: The market for Artificial Intelligence (AI) platforms for the entire healthcare industry is set to grow to $4.3 billion in 2024 from $1.5 billion in 2019, according to a report on Monday.

This is owing to the added integration of digital health tools and technologies such as AI and Machine Learning (ML) into the healthcare industry due to the impact of the Covid-19 pandemic, said the report by GlobalData, a data and analytics company.

Various healthcare companies are already implementing high-tech solutions into existing healthcare systems.

French biotechnology company Genomic Vision, which specialises in the development and commercialisation of diagnostic solutions for genetic diseases and cancers, has recently launched FiberSmart, a new technology that enables the visualisation and analysis of long DNA fibres at high resolution.

Genomic Vision claims that FiberSmart has the potential to improve the accuracy and efficiency of genetic disease diagnosis and treatment, leading to better patient outcomes and reduced healthcare costs.

"The integration of digital health tools and technologies such as AI and ML to analyse large amounts of data and identify patterns and insights is transforming the healthcare industry and paving the way for more personalised and efficient healthcare," Kamilla Kan, Medical Analyst at GlobalData, said in a statement.

Furthermore, AI is being used to improve the accuracy and efficiency of diagnoses, identify new treatments and therapies, and even predict and prevent disease outbreaks.

"The growing market for AI platforms in healthcare reflects the increasing demand for innovative solutions that can improve patient outcomes and reduce costs," Kan said.