ANALYSIS ON IMPACT OF COVID-19 ON THE MARKET
The spread of COVID -19 has entirely changed people’s life. COVID-19 which was originated in the city of Wuhan, China in 2019 and has been continuously spreading all over the world since then. It spread to more than 180 countries and the U.S. tops the list followed by India, Brazil, the U.K. among others. As of 14 November 2021, WHO reported 254.14 million positive cases worldwide of which 5.12 million patients have lost their lives to the virus. On a positive note, 229.80 million patients have recovered and 7.16 billion doses have been administrated globally. The pandemic has put the lockdown, travel ban, and business shutdown in most of the countries which have highly impacted the global economy. All the major industries are facing serious disruption such as a break in the supply chain, shut down of offices and manufacturing units, and many more due to the pandemic.
Artificial intelligence in the healthcare market has noted a gradual increase in its demand in the COVID-19 pandemic crises. AI-based tools and solutions can adapt to the crisis's dynamic character swiftly, at scale, and a low cost. As a result, artificial intelligence is taking a front place in the healthcare industry. Hence, the pandemic is expected to act as an accelerator for the market’s growth.
Artificial intelligence (AI) applications are becoming increasingly popular in healthcare. Before the COVID-19 pandemic, concerns related to our aging populations and healthcare professional shortages were already driving up AI usage in healthcare. This trend has been increased by the pandemic. Real-time contact tracing apps are only one of the many AI tools being deployed to track the virus's progress and strengthen the public health response. Many companies are coming up with healthcare monitoring platforms to diagnose and treat different diseases.
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Looking into the rising demand for artificial intelligence in healthcare, the government is also taking different initiatives to boost the growth of the market.
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The pandemic scenario has boosted the demand for artificial intelligence in the healthcare industry as it is capable of analyzing large data sets, combining patient insights, and resulting in predictive analysis. Obtaining patient insights quickly allows the healthcare ecosystem to identify crucial areas of patient care that need to be improved. It is also used in wearable healthcare devices to better assist patients.
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Although the demand for the market is increased tremendously after the Corona period it has hampered the supply chain of the market. It was adversely affected as the lockdown prevailed in many regions globally. Companies are making their operations work according to the government regulations such as limiting the workforce and increasing the work shifts. However, there is an improvement in the supply chain as most of the facilities have opened and working in the most optimum capacity. A slowdown in manufacturing facilities has been witnessed, which has further impacted the supply chain of several industries.
In the COVID-19 pandemic, the healthcare system remains under immense strain. Using Artificial intelligence (AI) technology like machine learning (ML) and natural language processing (NLP) incredible outcomes and process improvements were provided. Remote patient monitoring (RPM), which is already leading to greater efficiencies and reduced costs for healthcare providers and is showing to improve clinical outcomes for patients. AI is also used to solve a variety of healthcare industry problems, including providing accurate predictions of disease surge.
Moreover, it can accurately read and interpret millions of pieces of content in record time, organize the data, and deliver insights to clinicians to help diagnose complicated conditions and better understand treatment protocols more quickly, leading to faster therapy and improved patient outcomes. Thus AI has great potential to improve healthcare delivery which has risen its demand in the market.