According to CB INSIGHTS report, due to COVID-19 pandemic nearly 500 AI startups globally were able to raise venture fund of $8.4 billion alone by the first quarter of 2020.
It is predicted that integration of AI technology into the healthcare industry can generate revenue increase by almost 9 times.
AI and deep learning (DL) has several applications in the healthcare industry and some of the potential applications include:
Medical Data Processing
IBM Watson Health has taken the advanced step of improving the assignment of medical prescription.
Stratasan is involved in medical data processing which collect, update and check error for any incoming data.
AI is also used to process through various corona virus literature to help extract useful biomedical research information.
Analysis of Medical Report:
It involves deep learning technology to improve the diagnosis of medical reports such as reading of X-rays and MRI . The technology aims at making conclusions on reports through image analysis and can be complimented with expert consultation of a radiologist.
University of Buffalo (UB) is using machine learning (ML) to analyze predictive patterns in high resolution digital images.
Stanford University and Harvard Medical School are both involved with similar research technology on developing new AI methods for allowing digital image diagnosis.
Cardiologs is a cardiac diagnostic company (France based company)that utilizes AI and cloud technology to identify heart conditions.
Gleamer is another Europe based AIM company that uses a team of engineers and medical professionals to create medical grade AI tool that can be used by radiologists.
Phone screening/ Virtual Diagnosis:
This utilizes AI medical screening for consultation of patients. It is gaining popularity mostly due to its consultation low cost and convenience offered. It mostly involves online diagnosis through virtual consultation with a physician and answering a series of relevant questions.
Virtual Clinic and Symptomate are perfect example of this platform. With COVID-19 in effect it is more likely that patients would opt for online diagnosis and consultation.
Machine Medicine is a Europe based company that specializes in developing AI technology for motor assessment.
KEVIN is a motor assessment AI tool that utilizes video data acquisition and computer vision based analysis.
One of the major challenges and limitation include occasional incorrect diagnosis and treatment advise.
The collaboration of registered physician and AIM technology can drastically improve the current healthcare industry and make healthcare more affordable.
The US healthcare market is $ 3.6 T but Europe based digital healthcare startups are also offering similar competition by raising approximately $ 2.6 Billion. Tech companies are on the constant lookout and developing the new wave of AIM technology.