How Medical Technology Companies are Taking Full Advantage of AI in Healthcare
COVID-19 put unbelievable strain on our health care system. With industry organizations facing sharper realities around managing costs and new expectations from consumers, leaders are looking more closely at technology to pave the way to better collaboration, experiences and outcomes. During the COVID-19 pandemic, the healthcare industry has turned to AI to accelerate COVID-19 research to unlock as much knowledge around the virus as possible to develop suitable antiviral medicines. AI can read, understand, and interpret vast databases of biomedical knowledge in seconds, enabling researchers to rapidly map epidemiology data, biomarker genes, molecular targets and identify potential treatment options. An article by Med-Tech Innovation recently said: "Healthcare is on the cusp of a revolution – one that will be driven by technologies like artificial intelligence (AI) and edge computing. Implementation of healthcare AI is expected to grow at an annual growth rate of 41.4% from 2020 to reach $51.3 billion by 2027, while edge cloud computing is expected to grow by 34.1% between now and 2025. As both technologies continue to mature, they are increasingly being included together in healthcare leader's decision-making. The two technologies go hand in hand – AI is now a key use case for edge computing and edge is a significant enabler for AI." Active healthcare and tech stocks in news today include: BioSig Technologies, Inc. (NASDAQ: BSGM), Alphabet Inc. (NASDAQ: GOOG), Teladoc Health, Inc. (NASDAQ: TDOC), Splunk® Inc. (NASDAQ: SPLK), NVIDIA Corporation (NASDAQ: NVDA).
Med-Tech Innovation continued: "Traditionally, these types of AI applications have been powered by data centres and cloud computing. Of course, big data will always be processed via the cloud. However, in time, AI has made its way closer to the user – into software and into Internet of Medical Things (IoMT) endpoints and other medical devices. For example, wearable health monitors such as ECG monitors and blood pressure monitors can collect and analyse data locally, which a patient can share with their doctor for an instant health evaluation. As a result, more healthcare businesses involved in AI have started to realise the benefits of edge computing. In fact, Deloitte now predicts that more than 750 million edge AI chips – designed to enable on-device machine learning – will be sold this year."
BioSig Technologies, Inc. (NASDAQ:BSGM) BREAKING NEWS - BioSig and Mayo Clinic Collaborate on New R&D Program to Develop Transformative AI and Machine Learning Technologies for its PURE EP™ System - Global market for AI in healthcare is estimated to reach $45.2 billion by 2026 - BioSig Technologies, a medical technology company commercializing an innovative signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals, today announced a strategic collaboration with the Mayo Foundation for Medical Education and Research to develop a next generation AI- and machine learning-powered software for its PURE EP™ system.
The new collaboration will include an R&D program that will expand the clinical value of the Company's proprietary hardware and software with advanced signal processing capabilities and aim to develop novel technological solutions by combining the electrophysiological signals delivered by the PURE EPÔ and other data sources. The development program will be conducted under the leadership of Samuel J. Asirvatham, M.D., Mayo Clinic's Vice-Chair of Innovation and Medical Director, Electrophysiology Laboratory, and Alexander D. Wissner-Gross, Ph.D., Managing Director of Reified LLC.
The global market for AI in healthcare is expected to grow from $4.9 billion in 2020 to $45.2 billion by 2026 at an estimated compound annual growth rate (CAGR) of 44.9%. According to Accenture, key clinical health AI applications, when combined, can potentially create $150 billion in annual savings for the United States healthcare economy by 2026.
"AI-powered algorithms that are developed on superior data from multiple biomarkers could drastically improve the way we deliver therapies, and therefore may help address the rising global demand for healthcare," commented Kenneth L Londoner, Chairman and CEO of BioSig Technologies, Inc. "We believe that combining the clinical science of Mayo Clinic with the best-in-class domain expertise of Dr. Wissner-Gross and the technical leadership of our engineering team will enable us to develop powerful applications and help pave the way toward improved patient outcomes in cardiology and beyond."
"Artificial intelligence presents a variety of novel opportunities for extracting clinically actionable information from existing electrophysiological signals that might otherwise be inaccessible. We are excited to contribute to the advancement of this field," said Dr. Wissner-Gross.
BioSig announced its partnership with Reified LLC, a provider of advanced artificial intelligence-focused technical advisory services to the private sector in late 2019. The new research program builds upon the progress achieved by this collaboration in 2020, which included an abstract for 'Computational Reconstruction of Electrocardiogram Lead Placement' presented during the 2020 Computing in Cardiology Conference in Rimini, Italy, and the development of an initial suite of electrophysiological analytics for the PURE EPÔ System.
BioSig signed a 10-year collaboration agreement with Mayo Clinic in March 2017. In November 2019, the Company announced that it signed three new patent and know-how license agreements with the Mayo Foundation for Medical Education and Research.
In other healthcare news of note:
Mayo Clinic and Google - Alphabet Inc. (NASDAQ: GOOG) recently announced a 10-year strategic partnership on Tuesday, Sept. 10. This partnership will redefine how health care is delivered and accelerate the pace of health care innovation through digital technologies. Mayo Clinic selected Google Cloud to be the cornerstone of its digital transformation. Mayo will use advanced cloud computing, data analytics, machine learning and artificial intelligence (AI) to redefine health care delivery, bringing together global providers and consumers to make health care better.
"Data-driven medical innovation is growing exponentially, and our partnership with Google will help us lead the digital transformation in health care," says Gianrico Farrugia, M.D., president and CEO of Mayo Clinic. "It will empower us to solve some of the most complex medical problems; better anticipate the needs of people we serve; and meet them when, where and how they need us. We will share our knowledge and expertise globally while caring for people locally and always do it with a human touch."
Splunk® Inc. (NASDAQ: SPLK) is an integrated data analytics and security platform that generates data insights supporting mission critical initiatives such as protecting patient records, optimizing workflows to improve the patient experience, correlating data across disparate clinical applications, and securing the dynamic threat landscape.
Splunk addresses healthcare IT challenges by providing data-driven insights across a broad range of use cases for providers, payors, pharmaceuticals, medical device manufacturers and healthcare information exchanges (HIE).
Healthcare demands new computing paradigms to meet the need for personalized medicine, next-generation clinics, enhanced quality of care, and breakthroughs in biomedical research to treat disease. With NVIDIA Corporation (NASDAQ: NVDA), healthcare institutions can harness the power of artificial intelligence and high-performance computing (HPC) to define the future of medicine.
Organizations and research institutions around the world are using NVIDIA's scientific computing platform in the fight against COVID-19— chest CT AI models that help better detect the disease, smart cameras to conduct temperature screenings, and supercomputers that can scan one billion compounds in 12 hours in virtual drug screenings.
Teladoc Health, Inc. (NASDAQ: TDOC) has recently emerged as a convenient alternative to the traditional in-person health care appointment. Teladoc, the oldest and largest telehealth company, provides 24/7 access to physicians worldwide via audio or video consultations. Patients use the Teladoc website or mobile app platform to complete a medical questionnaire, speak directly with a board-certified physician, and obtain prescriptions. Machine learning has brought a paradigm shift to the telehealth care process, powered by the availability of health care data and rapid advancement of algorithm technologies. Telehealth companies have turned to machine learning for assistance in three major processes: diagnosing patients, improving treatment decisions, and solving logistical challenges. By integrating synergies between machine learning and telehealth, Teladoc can remain competitive in delivering the most efficient, highest quality care to patients.
SOURCE: FinancialNewsMedia.com
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