According to recent reports healthcare AI startups have raised $4.3 billion since 2013, topping all other industries, and the AI in healthcare market is expected to grow from $2.1 billion to $36.1 billion by 2025.
Machine learning’s ability to collect and handle big data is fueling the growth of AI, and the increase in value will be driven largely by North American investment, with the United States at the forefront of innovation and spending. Hospitals, research centers, pharmaceutical companies, and other healthcare institutions are ramping up adoption of artificial intelligence to improve patient health, aided by the growing adoption of natural language processing in applications such as patient-data and risk analysis, lifestyle management and monitoring, and mental health.
Kolabtree, the online platform for freelance scientists, has released an infographic highlighting startups that have developed innovative AI-assisted products that are advancing healthcare.
According to Kolabtree CEO Ashmita Das, many of the AI-assisted healthcare products developed by startups are now being used in homes, hospitals, and clinics to improve people’s lives.
“We hear a lot about the work of big pharma companies, but the important contributions that startups make to the healthcare industry often go under the radar,” she observed. “The big corporations often lack the research capabilities to develop AI-assisted products in-house, which is why many have partnered with startups in this sector.
“For example, pharmaceutical giant Merck works with Atomwise, a startup in the U.S. that uses deep learning to shorten the drug discovery process,” Das continued. “Also, GSK has entered into a partnership with a startup called Insilico Medicine, which uses AI to discover new biologic drugs.”
According to reports, consulting firm Frost & Sullivan has predicted a compound annual growth rate in the healthcare AI market of 40 percent through 2021, largely because AI has the potential to improve healthcare outcomes by 30 to 40 percent while halving treatment costs. Startups around the world will be pivotal in bringing these predictions to reality.