The healthcare industry is experiencing a seismic shift, with artificial intelligence playing a leading role. As companies enter and exit this competitive market, it’s challenging to keep track of the genuine change-makers. In this post, we bring together the frontrunners—from budding startups to established tech behemoths—worth keeping tabs on.
The Indisputable Impact of AI on Healthcare
While the power of artificial intelligence is beyond question, it has been a subject of debate, especially concerning its long-term implications for humanity. Notable figures like Stephen Hawking have expressed concerns about AI’s potential risks. However, I firmly believe that with proper planning, the era of AI will usher in a new level of collaboration between humans and machines.
Specifically, within the realm of healthcare, AI has the potential to be a game-changer. It could aid medical experts in tailoring treatment plans, and identifying the most effective approaches for individual patients. Moreover, AI can automate routine tasks, freeing healthcare workers from the burden of administrative chores.
To get an idea of how vital AI’s role is becoming, consider our AI-book guide. Aimed at healthcare professionals, this guide is an invaluable resource for understanding how to adapt to a future shaped by human-machine teamwork.
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A Stark Illustration of the Need for AI
A recent snapshot from a hospital in Budapest vividly demonstrates the need for tech-driven solutions in healthcare. Staff still manage appointments manually on an oversized blackboard, a scene that seems more fitting for a bygone era than a modern medical facility.
This archaic approach simply isn’t sustainable. Enterprising individuals are already recognizing the immense value of AI in transforming healthcare systems. According to market researcher Frost & Sullivan, AI in healthcare is projected to generate global revenue of $6.7 billion by 2021, a significant jump from $811 million in 2015.
Pioneering AI Ventures in Medical Record Analysis
As we wade deeper into the era of Big Data, the importance of patient data is undisputed. When industry leaders like Google and IBM venture into this space, it’s a strong indicator that there’s significant opportunity at hand.
Google Health, following its merger with DeepMind in 2019, has been committed to leveraging AI for a host of medical applications—from breast cancer screenings to patient outcome predictions. The company’s actions go beyond mere rhetoric. Their AI-driven algorithm for identifying breast cancer not only proved to be effective but also outperformed human radiologists by an impressive 11.5% on average.
The Inevitable Role of AI in Healthcare
Artificial Intelligence is not just a buzzword anymore; its applications are profoundly altering multiple industries, including healthcare. While AI skeptics, like Stephen Hawking, have expressed concerns, the potential benefits in medicine are too significant to ignore. From tailoring treatment plans to automating mundane tasks, AI is set to redefine how healthcare professionals operate, making the field more efficient and patient-centric.
Our AI-focused guide aims to equip healthcare professionals for an era where AI doesn’t replace them but instead becomes a powerful collaborator. Through human-machine cooperation, the healthcare sector can significantly benefit.
The Urgent Need for AI in Medicine
Imagine a hospital where patient appointments are still managed manually on a chalkboard. Sounds archaic, right? The need for AI in medical systems is glaringly evident. Frost & Sullivan’s research projects AI-generated healthcare revenue to reach a staggering $6.7 billion by 2021, signaling the sector’s massive growth potential. Let’s turn the spotlight on companies that are democratizing healthcare through AI. They’re the ones to watch if you’re interested in a more efficient and effective healthcare system.
Pioneering in Patient Data Management
Google Health has been a key player, especially after merging with DeepMind. They have AI-powered solutions that help in breast cancer detection, outperforming human radiologists by an impressive 11.5% on average.
Specializing in medical documentation, Augmedix’s solutions convert natural doctor-patient conversations into real-time medical notes. Their latest feature, “Chart Prep,” enhances physicians’ workflow efficiency by automating manual tasks.
A startup rooted in Silicon Valley, CloudMedX uses Natural Language Processing and deep learning to optimize both patient and financial outcomes. They’ve already made their mark in various medical areas, from congestive heart failure to orthopedic surgery.
Babylon Health is primarily known for its AI-driven remote consultation services. While they have seen success, it’s worth noting that they recently ended their 10-year contract with the NHS due to economic challenges.
An AI “co-pilot” for emergency medical staff, Corti utilizes AI to identify patterns in critical conversations. For example, it helps in recognizing cardiac arrests during emergency calls more effectively than human dispatchers.
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Innovations in Medical Imaging
Aiming to democratize medical imaging, Butterfly Network’s handheld device, Butterfly iQ, is making strides toward making remote medical imaging accessible, particularly beneficial for remote communities.
Enlitic specializes in harnessing deep learning to interpret medical images at breakneck speeds. Their technology integrates seamlessly into existing healthcare systems, enhancing physicians’ capabilities and efficiency.
BenchSci Toronto-based BenchSci uses AI to transform published figures into experimental data that scientists can search and manipulate. The technology enables researchers to identify and examine the best reagents, such as antibodies, for their experiments, which can lead to more effective therapies. With a searchable database of millions of published, peer-reviewed papers, BenchSci accelerates drug discovery by facilitating more targeted experimentation. The company recently partnered with a range of pharmaceutical giants including Merck and Novartis, providing them with insights that are projected to save each company hundreds of millions of dollars in the drug development process.
Healx Cambridge-based Healx leverages AI to repurpose existing drugs for rare diseases. Its machine learning algorithms scan through large volumes of medical literature, clinical trial data, and other related resources to identify potential drug candidates that can be repurposed to treat rare diseases quickly and cost-effectively. In 2022, Healx announced that they had identified a promising treatment for Fragile X Syndrome, an often-overlooked genetic disorder. The AI-driven discovery has provided renewed hope for patients suffering from this condition and has been heralded as a groundbreaking moment for AI in healthcare.
ReviveMed Focused on metabolomics, ReviveMed uses machine learning algorithms to analyze millions of data points related to small molecules and proteins, deciphering complex biological interactions. The data generated helps identify new drug targets and biomarkers for diseases, including fatty liver disease and Parkinson’s disease. Founded at MIT, ReviveMed aims to revolutionize the drug discovery process by focusing on the oft-ignored metabolome. The company believes this will be crucial in treating complex diseases that often involve interactions between multiple proteins and small molecules.
Insitro Insitro is developing machine learning models that integrate genetics, clinical, and other data types to optimize drug development. This data-driven approach allows Insitro to identify both targets and biomarkers for diseases, enhancing the efficiency and effectiveness of drug discovery processes. In 2022, Insitro entered into a collaboration with Gilead Sciences to discover and develop therapies for nonalcoholic steatohepatitis, a severe form of fatty liver disease.
Biorelate UK-based Biorelate offers AI-driven curation of biomedical texts to provide unique insights for drug discovery. The technology streamlines the identification of relationships between diseases, genes, and drugs, delivering the ability to quickly scan the global repository of biomedical knowledge for novel, actionable insights. Their collaboration with pharmaceutical companies aims to bring down the time and cost of drug discovery, ultimately aiming to put effective treatments within easier reach for patients worldwide.
Transforming Medical Imaging
Taking medical imaging to the next level, Arterys fuses cloud technology and AI. Their deep learning AI platform streamlines radiology image analysis, slashing missed detections by a whopping 70%. Acquired by Tempus Labs in 2022, the company is changing the medical imaging landscape by offering around-the-clock access to crucial patient data.
Their software empowers medical professionals to access and interpret top-notch medical imaging, saving both time and costs. The company made headlines in 2016 when its technology assisted in identifying symptoms of Rheumatic Heart Disease among Kenyan school children, detecting 48 cases within just four days.
With an algorithm boasting 90% accuracy, Behold.ai’s deep learning models classify and localize CXRs as heatmaps within seconds. Partnering with NHS Somerset, the London-based startup is focused on applying its algorithm to diagnose lung cancers.
Their AI tool, ChestEye, double-reads medical imaging and final radiologist reports, spotlighting reporting errors. They identified 190 clinically relevant missed findings in their joint pilot study with Astra Zeneca in 2021.
Clarius steps it up with portable wireless HD ultrasound machines, featuring AI-powered apps for automatic anatomy detection. They received FDA clearance and CE Mark Certifications in 2022, broadening the horizon for ultrasound technologies.
Speeding Up Drug Development
They are pioneering AI in reducing medicine development costs. AtomNet, their deep learning technology, predicts the efficacy of small molecules in binding to proteins. Atomwise recently inked a $1.2 billion deal with Sanofi.
Using classic machine learning and neural networks, this drug discovery company conducts about 2 million experiments every week. Their algorithm identifies new drug candidates and possible toxicities, essentially creating novel treatments.
This Chinese startup aims to digitize human life. They aggregate biological samples and lifestyle factors to offer a range of personalized products and services, making strides in the health and wellness sector.
Focused on genetic medicines, they have already identified a drug candidate for Wilson’s disease. Their toolkit for controlling cell biology allows for quicker discoveries in therapies.
Their Simulated Cell technology uses AI to run millions of simulated experiments on a virtual high-definition tumor cell. Collaborations with Bayer and the University of Cambridge are already in the works.
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Their self-assessment app matches reported symptoms with symptoms of patients of similar demographics, estimating the likelihood of certain conditions. With 13 million users, Ada Health has a Class IIa medical device certification in Europe.
A wellbeing analytics platform that utilizes passive IoT sensors to establish what ‘being well’ looks like for an individual. It has been used to dramatically reduce hospital visits.
This solution for automated type 1 diabetes treatment calculates and administers insulin doses in an automated and personalized manner. The results of their year-long study showed a time-in-range improvement of 17.6%.
This app provides a preliminary evaluation of suspicious skin lesions within minutes, reducing the waiting time for potential treatments.
This mental health app uses cognitive behavioral therapy tools to assist in the treatment of depression symptoms. It offers a safe space, devoid of societal stigmas, to talk about mental health issues.
The advancements we see today are just the tip of the iceberg. The fusion of AI with healthcare is set to redefine our experience with medicine, making it more personalized, efficient, and accessible than ever before. Time to embrace the future!