AI will have an increasing impact on humanity and on the business side. For humanity, this technology is a life changer. Life expectancy will expand, and all standard illnesses will be diagnosed with a much higher probability of correctness. Regarding the business side, healthcare takes about 10% of the entire global GDP. With the help of AI, a lot of these costs can be reduced by making faster and safer diagnoses.
What can be expected from AI in healthcare today and tomorrow
Just in Hamburg, there are about 90 AI companies, of which 10 are in the healthcare section. For example, AI increases the probability to correctly detect cancer, tumours, or other anomalies with the help of x-rays or magnetic resonance tomography (MRT). Today a big step forward would be if physicians would get educated appropriately in the field of AI. Thus, doctors would make use of this technology, resulting in good and stable diagnoses. With the constant help of AI, illnesses would not just be diagnosed well, but also at an early stage. Use case examples for this potential are wearables such as smartwatches. With the help of AI software, they can learn about their user, permanently check their heart rate and point out anomalies. Therefore, thinking another step further, we could come from healing to preventing illnesses.
What AI in healthcare is capable of
Many Companies and decision-makers still don´t understand what AI can do for them. In 2015, 10% of all US deaths were based on misdiagnosing illnesses and medical errors. For example, AI has a solution to diagnose prostate sicknesses correctly in 96% of the cases. Normally an MRT takes about 25 minutes to diagnose prostate cancer. With the help of AI, that interval will be reduced to 10-12 minutes. Therefore, the result is doubling the capacity of MRTs. This AI solution is integrated and works, but the approval of the regulators will take until the end of the year. Furthermore, intelligent predictive models can be used to reduce the frequency of cost-driving events. For example, the risk of infection during hospitalization can be calculated more accurately for each patient, allowing preventive measures to be initiated early. Also, the likelihood of a patient returning can be predicted and prevented better. Moreover, the utilization of intensive care units and emergency rooms can be predicted more accurately. As a result, resources can be planned in a more targeted manner.
The usage of AI in Germany
AI will drive our economy forward and improve our healthcare. In the German market, the GDP will increase by 11% over the next 10 years if more AI is applied, for China, it is 25%, and for the USA 15%. According to a questionnaire from Bitkom, the industry association of the German information and telecommunications sector, about two-third of German companies with at least 20 employees think that AI is the most important future technology. Nevertheless, in 2020 59% of the German companies have never invested in AI and are also not planning on doing so. Reasons are time lacks and missing employees with know-how regarding the topic. 38% of the companies claim not to have enough capital and 36% name the unclear legal situation. All in all, AI can do our economy good, but slow regulation work, missing capital, and a lack of education regarding AI are slowing the process down.
The AI bus and its fuel called data
Data is data, and if it comes from some village in Africa or the white house it makes no difference. Thus, with the help of AI, developing countries can get a much better health system. Data can also be collected internationally to help to diagnose illnesses that are not common in some parts of the world. Therefore, AI can bring the whole world to the same advanced level, regarding important sections of the healthcare system. Nevertheless, there is very little systematic collection of data, as we are at the very beginning here. Especially in western societies, data security is a very important topic. On the other side, most ill people will be happy to share their data to be diagnosed correctly and get the right treatment. However, in several countries health insurances for example could use AI to predict sicknesses and therefore drop these customers. As an easy solution for that, if data is used beyond one’s individual treatment, it could be anonymized.
“Data sharing is crucial though to be able to work with AI, but the benefits are huge.” – Ragnar Kruse, Founder & CEO at AI.Hamburg
The potential of AI in healthcare
Learn more about how AI is changing our healthcare system and gain deeper insights into the topics mentioned in this article. Watch the full BLOCKCHANCE Online LIVE show, where Ragnar Kruse, Founder and CEO at AI.Hamburg, Matthias Steffen, Founder and CEO at FUSE-AI, and Jaroslav Bláha, Founder and CEO at CellmatiQ, discuss the potential of AI in healthcare. BLOCKCHANCE Online LIVE is a regularly hosted live show on YouTube, where you can ask renowned experts in their field your questions and gain glimpses of our future. Join our community at the upcoming BLOCKCHANCE Europe 2021 conference! Get your ticket here and take a deep dive into the universe of future technologies.