The healthcare industry has undergone a profound transformation in recent years, thanks to the integration of artificial intelligence (AI) and machine learning (ML) technologies. Various companies worldwide have invested significantly in AI to revolutionize healthcare systems, making them more efficient and effective. One of the most notable impacts of AI in healthcare has been on diagnostic processes. AI-powered solutions have revolutioniseddisease identification and treatment by swiftly and accurately analysing medical images such as X-rays, CT scans and MRIs. These technologies facilitate improved diagnostic speed and accuracy, enhancing patient outcomes and have the potential to reduce healthcare costs. For instance, algorithms have already been developed to automatically calculate changes related to polycystic kidney disease, predict cardiovascular events by analysing eye scans and assessbreast cancer risk.
Market Overview: India and the World
The global AI healthcare market, valued at USD 11 billion in 2021, is projected to soar to USD 187 billion by 2030, according to Statista. The market’s growth is attributed to the ongoing development and deployment of AI and ML platforms to support patient care and research. These advancements have far-reaching implications for the sector, offering innovative tools for diagnosis, treatment and patient care. As AI becomes increasingly integral to the healthcare sector, it will not only enhance medical capabilities but also set the stage for a transformative era marked by personalized and efficient healthcare solutions.
India, too, is witnessing a rapid transformation in its healthcare industry, thanks to the integration of AI. The AI healthcare market in India is projected to grow from USD 0.13 billion in 2022 to USD 2.92 billion by 2030, with a compound annual growth rate (CAGR) of 48.22 per cent, says an Insights 10 research. Key drivers behind this growth will be the increasing demand for healthcare owing to population growth, government support and various initiatives aimed at enhancing healthcare infrastructure. A World Economic Forum report estimates that AI expenditure in India is set to reach USD 11.78 billion by 2025, contributing an estimated USD 1 trillion to the country’s economy by 2035.
The nation’s transformative journey to AI integration will not only address healthcare needs but also emerge as a significant contributor to the nation’s economic development and resilience. NITI Aayog has partnered with several leading AI technology players to implement AI projects in critical areas including health. The US-India Artificial Intelligence Initiative was launched to explore R&D partnerships, collaboration opportunities andexchange ideas. The Government of India is also calling for international collaborations to establish a collaborative framework on AI with like-minded nations.
Challenges, Concerns and the Need for Regulations
Despite the promising advancements, the integration of AI in healthcare comes with its set of challenges and concerns. Data privacy, security and potential biases in algorithms are key considerations that demand attention. The transformative potential of AI in healthcare is also not evenly distributed, particularly in regions with disparities in healthcare access. This necessitates the implementation of regulations to oversee its boundless potential and keep it in check. Three main challenges for AI oversight include dealing with the speed of AI developments, parsing the components of what to regulate and determining the regulatory authorities and processes.
As a result, research and development (R&D) is expected to play a pivotal role in addressing these challenges related to AI in the crucial and sensitive healthcare sector. Ongoing training and education for healthcare professionals will become necessary to effectively utilize these tools. In India, although there is no official AI policy, the Government has taken significant steps to augment this integration. The 2020 release of the National Strategy for Artificial Intelligence is a crucial step toward establishing a strong foundation for future regulations, development and adoption of AI in the country.
AI’s integration into the healthcare sector has brought about significant improvements in diagnosis, treatment and patient care globally. In India, the growth trajectory is impressive, with substantial investments and governmental support driving the sector forward. However, as the industry evolves, it is essential to address challenges related to privacy, security and biases through robust research and regulations, ensuring that the transformative power of AI benefits all segments of the population.
Explore the Future of Healthcare
The 20th CII Health Summit will highlight the need to transform healthcare systems to address the challenges and opportunities in the evolving landscape of healthcare. It would emphasize the importance of resilience in the face of disruptions and the need to build inclusive healthcare solutions that benefit all segments of society.
The summit will deliberate on key topics, like health infrastructure and capacity building; digital health innovation, including the role of AI in healthcare and data security, privacy, and confidentiality; public-private partnerships in healthcare; addressing health inequalities; health policy and governance; preventive and wellness care; needs of the medical technology/equipment landscape and sustainable healthcare systems.