Artificial Intelligence (AI) has already started revolutionising many aspects of our daily lives. From driving cars to shopping online and from office meetings to watching content online, each and every facet of our routine is under the study/influence of AI. The growing impact of AI in the Well-being industry is also very much apparent. Many new startups in the industry are using AI to better design their algorithms for personalised offerings and precise results.
AI in well-being Industry
According to the latest research report, the total amount of AI investment in the Healthcare Industry is expected to reach $67.4 billion by 2027 from $6.9 billion that industry spent on the technology in the year 2021. This translates into a ridiculously high CAGR of 46.2%, thereby providing strong evidence that the wellness industry will enthusiastically adopt and integrate AI in its operations in the coming years.
Benefits of AI in wellness industry
AI can help the wellness industry identify emerging trends by analysing the data related to the changing tastes and preferences of the consumers. Accordingly, new recommendations can be made to the industry that, in turn, will help startups to better capture the imaginations of target segments. In order to make sure that AI deliver desirable results, startups in the wellness industry should follow the guidelines given below in letter and spirit:
a) Reliable Sources: The collection of data must be done from reliable sources and a range of demographics including the age, gender, income levels, cultural preferences, and ethnicity among others. The inclusion of a wider variety of representatives will help to yield reliable and authentic results for the startups.
b) Data Preparation: Once the data collection is over, it should go through the process of purification so that any outliers can be removed from the collected responses. This preparation ensures that startups will not end up using invalid data for devising their business strategies.
c) Proper Analysis: Once the data is collected and prepared by the researcher, the analysis should be done with the help of relevant tools and technologies. If required, one should not hesitate to take the help of external analysts for processing the data and converting it into useful information.
Application of AI in Wellness Industry
The wellness industry is witnessing a strong emergence of new startups which are using AI quite effectively to win over customers. Following are the specific areas where startups are using AI to disrupt the healthcare segment in a big way:
a) Early Diagnosing and Detection of ailments: X-ray, ECG, and other types of body scans can be effectively analysed by AI to indicate and detect the potential diseases at quite an early stage. Startups are using AI to their advantage and in fact becoming instrumental in saving lives of millions of people around the globe by helping them early detect cancer, heart attacks, and many such other life-threatening diseases.
b) Trend Analysis: AI can predict the vulnerability of a specific population towards potential illnesses in a specific geographic area. The data of the population related to their health records, climate conditions of the geography, and diet factors can be combined and analysed by AI to predict whether the population is susceptible to certain specific kinds of health issues or not.
c) Customised Workouts and Diet Plans: Startups in the wellness industry are using AI to offer customised workouts and diet plans to users. Of course, the role of reliable data is again highlighted here and by collating the information of potential customers on a variety of parameters, the new-age entrepreneurs are winning customers through their customised solutions.
d) Automation and Chatbots: The efficiency of functional procedures and operational mechanisms can be boosted with the help of AI. Startups in the wellness industry are leveraging AI to offer automation and chatbot, features that are not only enhancing the overall efficiency but also bringing in a lot of cost savings for the business ventures.
If you are wondering whether it is worth the time and investment for startups to use AI in the wellness industry then the answer is a resounding “YES”. The adoption of AI can bring a lot of benefits to the table and its early integration into the functioning of startups can help ventures to gain competitive edge over rivals. It is, therefore, recommended to go ahead with AI integration in wellness startups as investment in this particular facet will yield lucrative returns for new enterprises in the future.
The author is Sahil Bansal, Co-Founder, Fitelo