Artificial Intelligence in healthcare is one of the most significant technological advances in medicine. Startups developing AI-driven imaging and diagnostic solutions are the major factors responsible for the growth of the market. China, the US, and the UK are emerging as a popular hub for healthcare innovations. China-based healthcare AI startups have benefited from the government’s AI-focused development strategy, inspiring investment, and private-public partnerships. Additionally, the British government has announced a National Artificial Intelligence Lab that will collaborate with Britain’s universities and technology companies to research on cancer, dementia, and heart disease. UK-based startups have benefited from the government’s robust library of patient data, as British citizen’s share their anonymous healthcare data with the British National Health Service.
Tokyo-based AI Medical Service, the Japanese startup developing the AI-powered technology to detect cancerous lesions from endoscopic footage, announced in October 2019 that it had secured about USD $43 million US (about 4.6 billion yen) in a Series B round. Healthcare analytics firm Tricog has raised USD $10.5 million in a Series B round of funding. Using Artificial Intelligence and Machine Learning, the startup helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases. The investment comes in from UTEC – The University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, USA; and Dream Incubator, Japan, and also saw participation from Inventus Capital and Blume Ventures. Using Artificial Intelligence and Machine Learning, the five-year-old startup has helped 3 million patients globally. It also uses its virtual cardiology services to help in remote clinics.
All these investments have led to a boost in the market. According to a report by The Insight Partners, the artificial intelligence in healthcare diagnosis market was valued at US$ 3,639.02 million in 2019 and is projected to reach US$ 66,811.97 million by 2027; it is expected to grow at a CAGR of 44.0% during 2020–2027.
The adoption of AI has increased in hospitals with the rise in the prevalence of chronic diseases such as cancer and rare diseases as the technology assist in providing better treatments, especially to newborns with complex disorders. In 2018, ~9.6 million people died due to cancer worldwide. With the analysis of over 1.7 million new cancer cases and more than 606,000 expected cancer deaths in 2019, advancements in cancer diagnostic methods and medication options are need of the time.
Advanced AI is capable of drastically altering cancer diagnosis landscape and treated through machine learning to distinguish imagery of tissue containing cancerous cells from pictures of healthy tissue such advantages offered by AI will further increase the adoption in the hospitals and clinics.