A recent report by CB Insights shows that healthcare artificial intelligence (AI) startups have raised $4.3 billion since 2013, topping all other industries
Kolabtree, the online platform for freelance scientists, has released an infographic highlighting startups that have developed innovative AI-assisted products that are advancing healthcare.
Many of the AI-assisted healthcare products developed by start-ups are now being used in homes, hospitals and clinics to improve people’s lives. Kolabtree has illustrated how these products use AI to improve healthcare, from drug discovery, to diagnosis, treatment and service provision.
“We hear a lot about the work of Big Pharma companies, but the important contributions that start-ups make to the healthcare industry often go under the radar,” commented Ashmita Das, CEO of Kolabtree.
“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 start-up in the US 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.”
Consulting firm Frost & Sullivan has predicted a compound annual growth rate in the healthcare AI market of 40% through 2021, largely because AI has the potential to improve healthcare outcomes by 30–40% while halving treatment costs.
Global Market Insights predicted an increase in the healthcare AI market value from $760 million in 2016 to $10 billion in 2024. Start-ups around the world will be pivotal in bringing these predictions to reality.