Artificial intelligence (AI) is a popular topic of conversation in companies’ filings with the potential to revolutionize many industries and it is not surprising that AI has generated a lot of discussion in the medical industry. The medical industry is among the top five industries which have the most discussions about AI in Q1 2023, reveals GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Company Filings Analytics Database reveals that the discussions were around cancer detection, AI imaging, and implementation processes. Companies have explored collaboration and venturing into different markets with AI-generated products.

Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “AI is rapidly becoming a mainstream technology. There is no doubt that the use of AI in medical devices is expanding as well as the opportunities for manufacturing medical equipment and gadgets to develop new diagnostic tools. It can also be used to capture and assess data more efficiently, which professionals can use to make better decisions. This technology has the potential to be used in a variety of fields.”

iCAD Inc and Google Health have entered a commercial partnership to introduce their breast imaging AI technology into clinical practice. This partnership will help iCAD Inc  to expand into new markets and reach more patients. Veracyte Inc created the Afirma Genomic Sequencing Classifier (GSC) to determine which patients are benign so they can avoid invasive surgeries. This tool is created using RNA whole-transcriptome sequencing and machine learning technologies.

For cancer detection, RadNet Inc introduced DeepHealth AI-powered Enhanced Breast Cancer Detection service in February 2023. This service offers customers advanced screening mammography, a lifetime risk assessment for breast cancer, and post-mammogram assistance. Renalytix AI Plc platform KidneyIntelX combines predictive blood biomarkers with important data from a patient’s medical history to produce an early and precise kidney health risk assessment.

Venus Concept Inc announced ARTAS iX, which utilizes robotics, machine vision, AI, and machine learning technologies setting a new standard for hair implantation. With the help of this advanced technology, the implantation process can now be completed up to 1,000 grafts per hour, claims the company.

Singh concludes: “Medical industry may undoubtedly benefit from AI. However, it still needs human surveillance to work effortlessly. Despite the challenges, it will be worth witnessing the growth of AI and how it advances the life of patients and physicians.”