Demand for artificial intelligence in the healthcare industry is expanding rapidly, with natural language processing representing the fastest-growing technology segment last year, according to a report from Research and Markets.
The global market for AI in healthcare is expected nearly a factor of 16 in the coming years, expanding to $22.8 billion in 2023, up from $1.4 billion in 2016, the analysis firm predicts.
“The market growth is driven by rise in adoption rate of AI systems and delete technological advancements in the AI field,” Research and Markets stated in a press release. “In addition, the ability of these systems to improve patient outcomes, increase in adoption of precision medicine, and increase in need for coordination between healthcare workforce and patients are expected to fuel the market growth.”
The largest AI segment in the healthcare market is deep learning. With its increasing use in signal reduction, data mining, and image recognition, deep learning will continue to dominate the market through 2023, the market research firm predicted. However, natural language processing outgrew the deep learning segment in 2016 with its capability to process text and make it easier to utilize and understand for medical professionals.
For example, natural language processing can ingest and summarize lengthy texts, such as academic journal articles, by identifying key concepts or phrases, according to HealthITAnalytics.com. The technology also could take unstructured text and map it to structured fields in electronic health records to improve the integrity of data. Natural language processing also could be used in reverse, converting structured data into natural language for reporting and educational purposes.
Beyond deep learning and natural language processing, Research and Markets noted that other AI techniques are being adopted in healthcare, including querying methods and context-aware processing.
The various AI technologies have a broad range of beneficial applications in healthcare applications. Among them are robot-assisted surgery, virtual nursing assistants, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifiers and preliminary diagnosis systems.
The surge in natural language processing usage in healthcare reflects a widespread uptake in demand for the technology. The global market for natural language processing software hardware and services in all businesses is set to expand to $2.1 billion by 2024, up from $277.2 million in 2015, according to a 2016 forecast from the market research firm Tractica.
Outside of natural language processing is enjoying widespread uptake in a wide range of industries outside of healthcare, including advertising, education, government and finance.
Tyler Schulze is vice president, strategy & development at Veritone. He serves as general manager for developer partnerships, cognitive engine ecosystem, and media ingestion for the Veritone platform. Learn more about our platform and join the Veritone developer ecosystem today.