The incorporation of artificial intelligence (AI) has emerged as a transformational force in the constantly changing healthcare industry, transforming how medical personnel make diagnoses, administer treatments, and oversee patient care. As we enter 2024, the intersection of artificial intelligence (AI) and healthcare is ready to expand to new heights, and the sector is buzzing with developments that could fundamentally alter how we practice medicine. There are outstanding innovators, the forerunners of AI in healthcare, who are pushing the envelope and redefining the industry standard of care in this dynamic field.
This article takes a deep dive into the “Top 8 Companies to Watch Changing the Industry of AI in Healthcare in 2024.” These visionary organizations are at the forefront of this technological revolution, harnessing the power of AI to enhance patient outcomes, streamline operations, and unlock unprecedented insights from the vast troves of medical data. Join us as we explore the cutting-edge innovations and groundbreaking strides that these companies are making, ultimately shaping the future of healthcare as we know it.
Learn more about healthcare tech here: Top MedTech Companies To Watch.
Table of Contents
- IBM Watson Health
- Google Health
- GE Healthcare
- Butterfly Network
- Path AI
IBM Watson Health is a division of IBM dedicated to applying artificial intelligence (AI) and data-driven insights to the healthcare field. Founded in 2015, IBM Watson Health developed the promise to supply tons of patient data to its AI algorithm, revolutionizing healthcare, and tailored therapy. It has quickly become a major player in the healthcare AI space as it offers a wide variety of AI-powered solutions that cater to various aspects of healthcare, from clinical decision support to drug discovery. These solutions aim to assist healthcare providers, researchers, and organizations in making more informed decisions, improving patient outcomes, and reducing costs.
Something that IBM Watson Health brings to this table is AI-driven clinical decision support systems that assist healthcare professionals in diagnosing diseases, identifying treatment options, and predicting patient outcomes. This aids in personalized medicine and more effective care plans. The division is also actively involved in drug discovery and development. By utilizing AI to analyze vast datasets and identify potential drug candidates. This accelerates the research process and has the potential to bring new therapies to market faster.
IBM Watson Health is also constantly evolving its capabilities for its users, here are some recent updates that the company has worked on.
- First off, during the COVID-19 pandemic, IBM Watson Health played a crucial role in helping healthcare providers and researchers by providing data-driven insights, predictive analytics, and support for clinical trials.
- The division has continued to enhance its medical imaging capabilities, enabling more accurate diagnosis through analyzing radiology images, pathology slides, and more.
- They have also had to make great strides in genomic analysis, assisting in the interpretation of genomic data to tailor treatments based on an individual’s genetic makeup.
Some noteworthy Ventures that IBM Watson Health has contributed to include:
- Oncology care by collaborating with cancer centers to provide oncologists with AI-driven insights, helping them make informed decisions about cancer treatment plans.
- Being a part of initiatives to accelerate drug discovery for various diseases, such as research in Alzheimer’s, by analyzing large datasets and identifying potential drug targets.
- Working on patient engagement systems to develop AI-powered applications that assist people in proactive health management.
NVIDIA is a global technology company known for its expertise in graphics processing units (GPUs). While it’s primarily recognized for gaming and graphics applications, NVIDIA has made significant inroads into the healthcare industry by applying its GPU technology to accelerate AI and deep learning solutions. The foundation of NVIDIA’s involvement in the healthcare industry is the use of its potent GPUs and AI frameworks to develop cutting-edge solutions. These solutions address a variety of topics, including genomic analysis, drug research, and medical imaging. NVIDIA accelerates AI study and applications in the healthcare industry by offering faster computing capabilities.
NVIDIA’s GPUs are renowned for their parallel processing capabilities. In healthcare, this translates to significantly faster AI model training, enabling researchers and healthcare professionals to work with complex datasets more efficiently. This ties into NVIDIA’s medical imaging processes, enabling faster and more accurate interpretation of radiological images, including X-rays, MRIs, and CT scans.
NVIDIA is always looking to upgrade its capabilities in the sector here are some features that are helping them in doing so:
- Clara Health, is an integrated suite of healthcare tools by NVIDIA, delivering genomics analysis, natural language processing for medical records, and AI-assisted medical imaging. It attempts to improve patient care by streamlining radiology workflows.
- RAPIDS is an open-source data science and analytics platform developed by NVIDIA. It includes GPU-accelerated libraries for machine learning, enabling faster data processing and analysis for healthcare applications.
- Onto, NVIDIA’s DGX systems are purpose-built AI computing platforms that cater to the unique needs of healthcare organizations, supporting both research and clinical applications.
By giving healthcare professionals and researchers the computing capacity and resources, they need to address difficult medical challenges and provide improved patient care, NVIDIA’s dedication to advancing AI in healthcare is revolutionizing the sector.
Google Health is a division of Google dedicated to applying AI and data-driven technologies to the healthcare sector. Due to their extensive background in data management, machine learning, and cloud computing, Google is well-positioned to compete in the healthcare AI market. Through cutting-edge AI technologies, the company seeks to enhance patient care, quicken medical research, and increase healthcare efficiency.
Google Health focuses on a variety of AI-driven healthcare applications, such as drug development, management of electronic health records (EHRs), medical imaging, and predictive analytics. Google Health aspires to transform the quality and efficiency of healthcare delivery by utilizing its experience in data processing and AI technologies.
Google Health has the ability to excel in managing vast amounts of healthcare data securely compared to some other AI-driven companies in healthcare, which is essential for AI-driven applications. Their cloud infrastructure already provides scalable and reliable storage solutions. Additionally, Google Health also excels at collaborations with leading healthcare institutions and organizations like Northwestern Medicine, Stanford Medicine, and Mayo Clinic, to name a few. All to develop and validate its AI solutions, ensuring they meet rigorous healthcare standards.
Google Health is regularly introducing new initiatives to advance AI in healthcare here are just a few examples to take a look at:
- DeepMind, a subsidiary of Google Health, has developed AI algorithms for medical image analysis, including ophthalmology and radiology. These algorithms help detect diseases like diabetic retinopathy and breast cancer.
- EHR management tools powered by AI, facilitate efficient and secure management of electronic health records and simplify the clinical documentation process for healthcare providers.
- AI-driven chatbots give users advice and information on health-related topics, enhancing access to medical guidance and lightening the load on healthcare institutions.
Google Health’s breast cancer detection project exemplifies the company’s commitment to using AI and data-driven technologies to advance healthcare, enhance patient outcomes, and contribute to early disease detection and intervention. The primary objective of this project is to develop AI algorithms that are capable of detecting breast cancer from mammograms with high accuracy. By automating the analysis of medical images, Google Health aims to assist healthcare providers in identifying potential cases of breast cancer at an early stage. The research has reached astoundingly high levels of breast cancer diagnosis accuracy, frequently outperforming human radiologists in some cases.
The breast cancer detection initiative from Google Health has the potential to transform breast cancer screening systems by making them more widely available, affordable, and precise. By raising the standard of care for people with breast cancer, it can help healthcare systems all around the world.
GE Healthcare is a subsidiary of General Electric (GE) that specializes in healthcare technologies, including medical imaging, monitoring, diagnostics, and healthcare IT. With a rich history dating back to the late 1800s, GE Healthcare has been a leader in the healthcare industry. In recent years, it has embraced AI and machine learning to enhance its healthcare solutions.
There are so many things that GE health care brings to the table with respect to health care. For example, they offer remote patient monitoring solutions, utilizing AI to track patient vital signs and provide timely alerts to healthcare providers, ensuring proactive care. Another strength is their improvements in medical imaging advancements. GE Healthcare has integrated AI into its medical imaging solutions, such as MRI and CT scans, to improve image quality, reduce scan times, and enhance diagnostic accuracy.
Finally, the companies work on workflow optimization. The company’s AI-driven tools assist healthcare providers in optimizing workflows, managing patient data, and improving the efficiency of healthcare delivery.
Continually innovates its AI-powered healthcare solutions, here are some of the company’s newest features and innovations:
- GE Healthcare’s Edison platform serves as a hub for AI-powered applications and services. Facilitating the development and deployment of AI algorithms across various healthcare settings.
- The AI algorithms used by GE Healthcare make it easier for radiologists to recognize anomalies in medical images. They can help, for instance, find lung tumors, fractures, or abnormalities in cardiac imaging.
- AI-driven clinical decision support systems provide evidence-based recommendations to healthcare professionals, assisting them in making more informed decisions about patient care.
The focus of GE Healthcare on improving patient care, diagnostic precision, and the overall effectiveness of healthcare systems can be seen in the company’s commitment to incorporating AI into healthcare technologies. The business keeps up with the changing issues in healthcare and helps to improve patient outcomes by utilizing AI.
Tempus is a technology firm that specializes in transforming healthcare via the use of AI and data-driven methods. Precision medicine pioneer Tempus was founded by Eric Lefkofsky and Brad Keywell in 2015 and has grown significantly. The company’s goal is to enhance cancer treatment by offering cutting-edge resources and knowledge to medical practitioners.
With the many great features that Tempus has to offer to the industry, here are a few that allow them to stand out from the rest:
- Tempus’s ability to aggregate and integrate vast amounts of clinical and molecular data, including electronic health records (EHRs), imaging data, genomic information, and real-world data is vital to the healthcare industry. This comprehensive approach enables a more holistic understanding of patient health.
- To find genetic mutations and changes in cancer patients, Tempus performs genomic sequencing. To customize treatment regimens and locate possible clinical trial opportunities, this data is employed.
- Tempus uses AI to assist healthcare professionals in making clinical decisions. Based on a patient’s molecular profile and medical background, this can include therapy suggestions, trial matching, and insights into future therapeutic choices.
Tempus has worked on a number of well-known initiatives that highlight the company’s influence on healthcare. For example, partnering with various cancer centers and healthcare organizations, like the University of North Carolina (UNC), to build extensive genomic databases. These databases are used to identify trends, biomarkers, and potential treatment options for cancer patients. Tempus’ AI-driven platform helps match cancer patients with relevant clinical trials, increasing the likelihood of finding suitable and potentially life-saving treatments.
The innovative healthcare technology firm Butterfly Network has achieved substantial advancements in the fusion of AI with medical imaging. Dr. Jonathan Rothberg founded Butterfly Network in 2011, which has produced the unique handheld ultrasound gadget known as the Butterfly iQ. With the use of AI-driven software and a compact, pocket-sized ultrasound machine, healthcare professionals may now perform high-quality ultrasounds for a variety of medical purposes. By integrating AI algorithms into its platform, Butterfly Network enables real-time picture interpretation and improves healthcare providers’ diagnostic abilities. The acquisition, interpretation, and analysis of images are made easier by AI technology.
The Butterfly iQ ultrasound device stands out for its innovative design and portability. It replaces traditional, bulky ultrasound machines with a handheld, smartphone-connected device that offers exceptional image quality. The Butterfly iQ is also very versatile and can be used across various medical specialties, including cardiology, obstetrics, gynecology, emergency medicine, and primary care. Its adaptability makes it a valuable tool in diverse healthcare settings. The portability and ease of use of the Butterfly iQ make it well-suited for telemedicine applications. Healthcare providers can perform remote ultrasounds and consult with specialists in real time.
Butterfly Network has been involved in several projects showcasing its impact on healthcare, here are some of those projects:
- Butterfly Network’s technology has enabled remote patient monitoring for chronic conditions. Patients can perform ultrasounds at home, and healthcare providers can remotely assess their health status, enhancing patient care and reducing the need for in-person visits.
- The company partners with academic institutions and medical professionals on clinical research initiatives that use AI-assisted ultrasound for early disease detection and assessing the efficacy of treatment.
- They have actively participated in global health projects, providing healthcare professionals in underserved regions with access to affordable and portable ultrasound technology. This has been particularly beneficial for maternal health and point-of-care diagnostics in resource-limited settings.
The goal of Butterfly Network to make high-quality medical imaging portable, accessible, and AI-enhanced has the potential to revolutionize the way that healthcare is provided. By democratizing access to cutting-edge ultrasound technology, Butterfly Network is enabling medical practitioners all across the world to enhance patient outcomes and push the limits of diagnostic medicine.
Path AI is an innovative healthcare technology company at the forefront of utilizing AI to enhance pathology and diagnostic services. The 2016-founded business intends to automate pathology operations while enhancing illness diagnosis precision using AI-powered image analysis. The technology developed by Path AI helps pathologists diagnose patients more accurately and quickly, ultimately leading to better patient care.
Now we’ll take a look at some of Path AI’s key strengths. Path AI specializes in AI-driven image analysis for pathology specimens. Its deep learning algorithms can analyze vast quantities of medical images, helping pathologists detect and diagnose diseases with a high level of accuracy. Path AI also incorporates quality control measures into its AI algorithms, ensuring that diagnoses are accurate and reliable. This commitment to quality enhances the trust that healthcare professionals place in AI-assisted pathology.
Here are some new features Path AI continues to develop to improve the healthcare industry:
- The company constantly refines its AI algorithms to improve the accuracy and speed of pathology image analysis. This includes the detection of subtle anomalies and predictive analysis of disease progression.
- Path AI works on seamless integration with existing laboratory information systems (LIS) and electronic health records (EHR) systems. This ensures that pathology results are readily available to healthcare providers.
- The platform provides telepathology, allowing pathologists to consult with healthcare facilities in underprivileged areas and interact remotely.
Arterys is a leading healthcare technology company that specializes in applying AI to medical imaging. Founded in 2011, the company has its headquarters in San Francisco, California. Arterys has gained recognition for its innovative approach to medical image analysis, which leverages cloud-based AI algorithms to assist healthcare professionals in diagnosing and treating various medical conditions.
Arterys is at the forefront of the AI revolution in healthcare, particularly in the field of medical imaging. The company’s platform offers advanced cloud-based solutions that enable radiologists, cardiologists, and other medical specialists to analyze medical images more efficiently and accurately. Arterys focuses on key areas such as cardiovascular imaging, oncology, and neurology. Arterys’ cloud-based platform harnesses the power of AI to analyze medical images in real-time. This approach provides healthcare professionals with instant access to AI-driven insights, enhancing diagnostic accuracy and speed.
Constantly pushing forward to enhance its platform here are some of Arterys’s newest features and capabilities.
- Cardio AI offers AI-powered solutions for cardiac imaging, aiding in the detection of heart conditions and providing quantitative assessments of cardiac function.
- The company’s AI algorithms assist in oncology imaging, helping oncologists identify and monitor tumors, as well as assess treatment response.
- Neuro AI from Arterys provides AI-driven tools for neuroimaging, supporting the diagnosis and treatment of neurological conditions.
Overall, with a concentration on medical imaging, Arterys is a significant player in the fusion of AI and healthcare. Their cutting-edge algorithms and cloud-based solutions have the potential to completely change how effectively and accurately diagnoses and treat patients in a variety of medical disciplines.
In conclusion, 2024 looks to be a significant turning point in the development of AI in the healthcare sector. How we diagnose, treat, and manage patient care is drastically changing as a result of the convergence of AI and healthcare.
The eight forward-thinking businesses described in this article are at the vanguard of this technological transformation and are influencing how healthcare will be provided in the future.