AI Articles and Analysis in Healthcare

Sensors and mobile devices are in many ways working with AI software for business intelligence purposes in a few industries, including insurance and oil and gas. In the healthcare space, mobile devices and wearables allow patients to receive information on possible diagnoses for their symptoms and to monitor metrics such as their heart rate.

There are several companies claiming to offer AI-based medical transcription software, specifically speech recognition software, to hospitals and healthcare companies. We found that these solutions are intended to help hospitals and healthcare companies with medical transcription in different forms, transcribing speech into text in order to fill out and update patient medical records in electronic health record (EHR) and electronic medical record (EMR) databases.
Machine Learning for Medical Transcription - Insights Up Front
We can’t seem to find evidence that the prominent companies offering speech recognition software for medical transcription have what we would expect in terms of talent at their company, except for Nuance Communications. It isn’t clear how exactly their solutions could work without natural language processing, a kind of artificial intelligence. Nuance employs many data scientists with PhDs and Master’s degrees in computer science and hard sciences like physics. This is generally what we look for when it comes to vetting a company on their claims to leveraging artificial intelligence and cutting through the marketing hype we so often see on AI vendor websites.

There are several companies claiming to offer AI solutions to healthcare companies, as we've explored extensively in our past reports. In this particular report, we focus on AI as it pertains to working with electronic health records (EHRs) and electronic medical records (EMRs). AI vendors offer solutions to hospitals and clinics with a variety of functions.

Event Title: NITI Aayog-ORF AI for All Conference

Event Host: NITI Aayog, Observer Research Foundation

Accenture reports that in 2017, the 16 top biopharmaceutical companies in the world had an aggregate global revenue of $428 billion, which was nearly half the global pharmaceutical market by net sales. The report also revealed a shift to specialty drugs for hard-to-treat diseases.

Accenture forecasts that growth in the AI healthcare market is expected to reach $6.6 billion by 2021 from $600 million in 2014, growing at an annual compound rate of 40%. We've covered AI in healthcare extensively on TechEmergence, but in this report we'll be looking at four European companies offering more niche solutions for both business and consumers in the healthcare space. We found that these solutions are intended to help CPG companies with at least one of the following business problems:

According to the International Health, Racquet & Sportsclub Association, the global fitness industry earned revenues estimated at $83.1 billion in 2016, up from $81 billion in 2015, and growing by 2.6%. If it continues at this rate, it should reach $87.5 billion in 2018. As of now, numerous AI vendors claim to assist gyms with signing up new gym customers, developing nutrition and fitness programs, and maintaining good customer relationships. Some offer chatbots that they claim can help gym members maintain personalized fitness regimens.

According to Deloitte, global healthcare spending is expected to grow annually by 4.1% from 2017-2021, up from just 1.3% in 2012-2016. The report suggests this growth will be fuelled by aging, rising populations, the growth of developing markets, advances in medical treatments, and rising labor costs.