“By 2025, AI systems could be involved in everything from population health management to digital avatars capable of answering specific patient queries,” says Harpreet Singh Buttar, an analyst at Frost & Sullivan.
Investors Are Rallying Behind Artificial Intelligence Startups:
Around 15 percent of the total artificial intelligence deals in the first quarter of 2016 went to digital health startups focusing on AI applications. Notable among them was the $12.3 million investment that patient-monitoring AiCure raised in a Series A funding round. Another key deal was the $25 million investment that Babylon Health raised for its remote healthcare service app. Babylon’s Series A funding round was led by Investment AB Kinnevik, with participation from DeepMind Technologies, Hoxton Ventures and other players.
Investors are hot on the trail of startups that are building much-needed healthcare solutions, powered by artificial intelligence. Is your digital health startup experimenting with AI?
Startups Are Pushing Innovation in Health Care with Artificial Intelligence:
Recent years have witnessed huge advances in artificial intelligence across various healthcare segments.
A growing number of digital health startups are driving this wave of innovation. For example, Lumiata is delivering real-time predictive analysis of symptoms, diagnoses, procedures and medications.
Ginger.io, one of the most innovative digital health companies around, offers personalized and affordable mental health solutions to those battling depression and anxiety. Its algorithms can infer human behavior by tracking cellphone usage. Another leading industry name, WellTok, recently collaborated with IBM’s Watson to use cognitive computing to offer personalized healthcare guidance to consumers.
Many other digital health ventures are using AI applications and systems to transform health care. Is your startup one of them?
Artificial Intelligence Is Changing Several Healthcare Segments:
Artificial intelligence is already making the delivery of health care more efficient. Here are five ways in which AI applications are transforming health care.
- Speeding up drug discovery: Artificial intelligence can speed up R&D and drastically cut the costs of developing new drugs. In fact, startups like Atomwise and Numerate are successfully using machine learning to reduce the time and resources involved in discovering new therapies. Companies such as Cloud Pharmaceuticals and Berg are successfully using artificial intelligence and big data computing to zero in on potential drug compounds.
- Improving adherence: AI applications can play a key role in promoting medication and treatment adherence. AiCure, for example, is using motion-sensing and facial recognition techniques to determine if the right person is taking the right drug at the right time! Patient data is captured on a mobile application and transmitted back to a clinician, all in real time.
- Virtually assisting patients: Artificially intelligent virtual assistants are now bringing the doctor to patients! For example, ly has developed a mobile-first virtual nurse, Molly, to follow up with patients post discharge. Molly can help patients measure their vitals, talk about their condition and even connect to a relevant physician via video call.Alme Health Coach is another virtual health assistant that helps patients manage chronic diseases. This coach, designed by Next IT, is practically a virtual caregiver. It encourages patients to make healthy lifestyle choices, reminds them to take medications and prompts them to schedule a doctor’s appointment when necessary.
- Diagnosing ailments: Artificial intelligence tools can think like doctors, but faster and with more information. Yes, indeed! Computer-aided diagnosis can gauge more factors than a doctor could. AI applications can review a patient’s history in an instant, while evaluating risk factors, such as age and previous illnesses, to come up with a list of possible diagnoses.Digital health ventures ai and Enlitic are using deep-learning to help radiologists make more accurate diagnosis. In fact, Enlitic has proven to be 50 percent more successful in detecting lung cancer nodules than a panel of radiologists.
What aspect of health care is your AI-centered solution transforming?
The Future of Artificial Intelligence in Health:
Artificial intelligence is all set to be an everyday occurrence in health care!
So far, three dozen AI-centric digital health startups have raised more than $530 million across a broad range of segments—right from drug discovery and nutrition to virtual assistants. These figures are only going to soar as investors increasingly put their money and muscle behind digital health startups that build AI-based solutions.
Already, computer-aided diagnosis and treatments are being tried at 16 cancer institutes working with IBM’s Watson Health. Earlier this year, Under Armour and IBM Watson came together to power fitness apps with cognitive computing.
We’ll see more AI applications and systems get out of the lab and into the market.
Doctors too are going to see increasing assistance from AI technologies. According to an analyst at Frost & Sullivan, “Augmenting the expertise of trained clinicians, AI systems will provide an added layer of decision support that is capable of helping mitigate oversights or errors in care administration.”
That’s not all—more patients will also look to AI technologies for support, advice and monitoring. With more than 86 percent of all healthcare spending aimed at treating chronic conditions, AI techniques could dramatically change the face of doctor-patient relationships.
Artificial intelligence has the potential to improve outcomes by 30 to 40 percent, while cutting treatment costs by as much as 50 percent! Thus, it’s no surprise that all eyes are looking to artificial intelligence as it revolutionizes health care. Is your digital health startup going to be a part of this revolution?