Healthcare Startups Leading the Way in Medical Artificial Intelligence
Owning a software with a machine’s learning ability, that’s capable of yielding a very significant output with little or no assistance, after collecting and processing big data supplied, is propelling the growth of Artificial Intelligence’s use in the Health care industry. Artificial Intelligence is being adopted in hospitals, research centers, pharmaceutical companies, and other healthcare institutions in order to improve patients’ health. The utilization of natural language processing in Health care applications such as lifestyle management and monitoring, patient data and risk analysis, and mental health have contributed to the impressive growth of this technology in this industry.
The hospitals and providers segment unsurprisingly holds the largest share of AI’s in the healthcare market in terms of end-users. This is due to a large number of applications of AI solutions that span across provider settings, the proven ability of AI systems to significantly improve care delivery, patient’s experience, the reduction in the overall cost of a healthcare unit, and growing adoption of electronic health records by healthcare organizations. Voice recognition software, clinical decision support systems and other AI-based tools help streamline workflow processes in hospitals, reduce cost, improve health care delivery, and enhance the better patient experience.
Something of note is that the big corporations often lack the research capabilities to develop AI-assisted products in-house, as pointed out by Ashmita Das, CEO of Kolabtree. This has necessitated the formation of partnerships between the big corporations and startups in this sector. For example, pharmaceutical giant Merck has partnered with Atomwise, a startup in the U.S. that makes use of deep learning to reduce the drug discovery process. Also too, GSK has entered into a collaboration with another startup called Insilico Medicine, which discovers new biologic drugs using AI’s.
Startups have been the brains behind the development of lots of AI-assisted healthcare products now being used in homes, hospitals, and clinics to better the lives of people. Kolabtree has illustrated using infographics how these startups and their products use AI to improve healthcare, beginning from drug discovery and diagnosis down to treatment and service provision. But sad to say that lots of the important work that startups have put into the development of the healthcare industry have gone by without proper recognition, while lots of the praises have gone to big pharmaceutical companies.
Healthcare Artificial Intelligence startups in a recent report by CB Insights shows that they have raised $4.3 billion beginning from 2013, which surpasses all other industries.
