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FC Industry Highlights | October 2024
Transforming Healthcare: Leveraging Advanced Technologies Growing Opportunities in the Global Healthcare Landscape
Foreword
The digital health industry is undergoing a significant transformation fueled by advancements in artificial intelligence. The first half of 2024 marks the first point of a global rebound in digital health funding after the slump in the post-pandemic period. Notably, the companies with AI-enabled solutions contributed more than half of the total digital health investment, reflecting the growing investors' confidence in the landscape. The role of AI in adding value to administrative processes, drug discoveries, and diagnostics has started to reshape the way the digital health industry works.
While AI might sound promising for the future of the industry, the success of AI in the digital health industry hinges on overcoming some key challenges. Diagnosis bias is one of the challenges in the process of AI applications for healthcare. The collected database should be trained progressively to mitigate the bias and become more reliable for the industry. Companies that can adapt quickly to the use case will eventually acquire the market faster than the rest of the competitors.
Not only limited to having the most data but data privacy and security should also be addressed when applying AI into clinical practice to control patients’ safety and trust in the modern system. An example can be seen in the establishment of The Coalition for Health AI (CHAI), a non-profit organization that is now working with the US government and healthcare community to develop concrete guidelines for the deployment of AI applications in healthcare. This marks the importance for both public and private sectors to fill the gap within each other to support the inauguration of digital health improvement with the role of AI.
Our infographics provide more explanation behind the potential of AI usage in upgrading the digital health industry through cost reduction and efficiency.
While AI might sound promising for the future of the industry, the success of AI in the digital health industry hinges on overcoming some key challenges. Diagnosis bias is one of the challenges in the process of AI applications for healthcare. The collected database should be trained progressively to mitigate the bias and become more reliable for the industry. Companies that can adapt quickly to the use case will eventually acquire the market faster than the rest of the competitors.
Not only limited to having the most data but data privacy and security should also be addressed when applying AI into clinical practice to control patients’ safety and trust in the modern system. An example can be seen in the establishment of The Coalition for Health AI (CHAI), a non-profit organization that is now working with the US government and healthcare community to develop concrete guidelines for the deployment of AI applications in healthcare. This marks the importance for both public and private sectors to fill the gap within each other to support the inauguration of digital health improvement with the role of AI.
Our infographics provide more explanation behind the potential of AI usage in upgrading the digital health industry through cost reduction and efficiency.
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