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Health industry leads the way when it comes to AI investment

(Image credit: Image Credit: Geralt / Pixabay)

The healthcare industry is leading the charge when it comes to Artificial Intelligence (AI) development and adoption, new research has found.

A report from CB Insights says AI is being used in diagnosis and drug design, to name a few. The industry is raising significant investment capital every year but still, there are roadblocks ahead that need to be overcome.

The report states that Google's DeepMind neural network can be used to detect eye diseases and that it is already as good as humans when it comes to diagnosis. Pharmaceutical companies like Merck or GlaxoSmithKline are partnering with tech start-ups to design new drugs.

And when it comes to funding – healthcare AI startups (in the private market) have raised $4.3B across 576 deals since 2013, “topping all other industries in AI deal activity”, the report states.

But still, there are roadblocks ahead, and CB Insights says the biggest one is inertia.

Current processes that no longer work need to be overhauled, and the healthcare industry needs to start experimenting with emerging technologies.

“The biggest opportunity where we are still in the early stage is to use deep learning and artificial intelligence to identify completely new indications, completely new medicines,” Bruno Strigini, Former CEO of Novartis Oncology told CB Insights.

The entire report, a 33-page PDF, can be found on this link.

Image Credit: Geralt / Pixabay