Companies specialising in artificial intelligence (AI) in healthcare are in “rude health” and are set for exponential growth over the next five years, according to a new report.
The report by adviser and broker finnCap outlines the companies that are employing AI to its best advantage and where its application should have a meaningful business benefit.
AI has potential applications across life sciences, including drug discovery, clinical trials and patient care, in addition to potential improvements in speed and efficiency of company operations.
Many trials are still unsuccessful because drugs fail to show efficacy and safety and AI is seen as a way of improving the chances of success by screening for various factors that could affect outcomes.
The global market was worth $2.1bn in 2018, with exponential growth to $36.1bn predicted by 2025, at a combined annual growth rate of 50.2%.
AI presents various new challenges, and the pharmaceutical industry has highlighted many technologies in the past that promised to drive productivity, but nothing has yet worked on a large scale.
Nevertheless, the authors believe that AI is likely to become a greater differentiator in the next 5-10 years and the report presents case studies and real-world examples of the benefits it could provide.
Regarding to AI impact for society and healthcare, the Michael Dukakis Institute for Leadership and Innovation (MDI) established the Artificial Intelligence World Society Innovation Network (AIWS-IN) for helping people achieve well-being and happiness, relieve them of resource constraints and arbitrary/inflexible rules and processes, and solve important issues, such as SDGs.
The original article can be found here