AI Healthcare stocks to watch: (OTCPINK: $GTCH) (NYSE: $BBLN) (NYSE: $GE) (NYSE: $PHG)
Adoption and Innovation of AI Tech in the Healthcare Sector
Point Roberts, WA and Vancouver, BC - December 22, 2021 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) issues a sector snapshot on the role of AI in healthcare, featuring technology company GBT Technologies Inc. (OTCPINK:GTCH).
Artificial Intelligence (AI) technologies have achieved near ubiquity in everyday life and in few places is this more true than in the healthcare sector. Recent research published by Markets and Markets projects that globally the AI in Healthcare market will grow from $6.9 billion USD in 2021 to $67.4 billion by 2027. A similar report published by Allied Market Research forecasts a market size of $194.4 billion by 2030. As might be expected, much of this is driven by demands for innovation spurred on by the COVID-19 pandemic, but the former report in particular also cites the "market influx of large and complex healthcare datasets, growing need to reduce healthcare costs, improving computing power and declining hardware cost," and more as being key factors influencing the market's growth.
With regard to COVID-19 however, the following excerpt from the Allied Market Research report's overview reads:
At present, AI technologies are playing a crucial role to combat the pandemic. Though the use of AI in healthcare is not a new notion, its application in the COVID-19 outbreak situation has proven its prospects in the sector. The AI tools are rapidly being used to detect & diagnose the virus and retort to the outbreak through personalized information and learning.
GBT Technologies Inc. (OTC PINK:GTCH), an early stage technology developer in (IoT), and Artificial Intelligence (AI) Enabled Mobile Technology Platforms, recently announced plans to implement Metaverse Technology within its Apollo (Internal Project Code Name) motion detection system. The following statement from the company outlines the technology, indicating as well its application outside of healthcare:
The system is based on radio waves and can detect a moving entity's motion and stationary positions enabling an imaging technology to show these movements and positions on a computer screen in real time. Internal project code name Apollo, includes an AI technology that controls the radio waves transmission and analyzes the reflections, constructing 2D/3D images in real time.
The technology can be implemented within a wide variety of domains like health monitoring, security and computer vision. Apollo's technology can be also used as an efficient driver's monitoring system, detecting impaired or distracted drivers, providing audible and visual alerts; and in extreme cases, take over the vehicle. The system can distinguish between living entities and objects working through mediums like walls, underwater and underground, which enable the creation of a wide variety of safety and rescue applications. The system's range is determined by its antennas and repeaters to enable larger coverage. GBT believes that this type of technology can be in the forefront of the wireless solutions arena; particularly, since it's a wearable-less nature. The company is targeting building a generic prototype and engaging with possible partners to implement a practical application.
According to the press release, implementing Metaverse technology into Apollo facilitates the ability to "represent physical reality into augmented and virtual reality computerized environments." A further excerpt from the press release indicates:
"[The] Apollo system is targeted to be used for medical, security, and surveillance applications, and equipping it with Metaverse imaging technology, will offer major advancements within its cinematic capabilities."
Elsewhere, digital healthcare firm Babylon Holdings Limited (NYSE:BBLN) recently announced the launch of its AI-powered triage tool in Rwanda, as part of a 10-year partnership with the Government of Rwanda to build Africa's first digital-first universal healthcare system. This AI-powered triage tool helps nursing staff by generating relevant questions, collecting information and providing insight, thus streamlining the entire triage process. Paula Musoni, Babylon's Minister of ICT & Innovation, explained:
"The use of technology to deliver government services to Rwandans citizens has been at the core of the national ICT strategy. Whilst Rwanda has done extremely well in applying ICT to deliver most government services, the introduction of Babylon AI allows us to augment human capacity in a chronically understaffed sector that has been put under even more pressure due to the pandemic. Through this technology, Babyl is elevating the quality of treatment for every online patient irrespective of where they are in the country."
GE Healthcare, the $17 billion healthcare business subsidiary of General Electric (NYSE:GE), recently signed a letter of intent to collaborate to advance precision diagnosis and treatment of lung cancer with Optellum. Optellum is a private firm, described in the press release as the "leader in AI decision support for the early diagnosis and optimal treatment of lung cancer." Ben Newton, General Manager, Oncology Solutions, at GE Healthcare, said:
"The precise diagnosis of lung cancer can greatly improve patient prognosis. The integration of imaging and medical device data from the Edison Platform with AI-enabled solutions like the one offered by the Optellum Virtual Nodule Clinic has the potential to streamline clinician workflows and advance our goal of making precision healthcare, taking the right action at the right time for every patient, at scale, as widely accessible as possible."
Royal Philips (NYSE:PHG) recently launched new AI-enabled innovations in Magnetic Resonance Imaging (MRI), at the Radiological Society of North America (RSNA) annual meeting, designed to "speed up MR exams, streamline workflows, optimize diagnostic quality, and help ensure the efficiency and sustainability of radiology operations." Arjen Radder, General Manager of MR at Philips, said:
"At this year's RSNA, we are focused on introducing scalable high performance MR systems to the imaging enterprise, with intelligent software built in to automate tasks to help relieve the burden on radiology staff and departments. With AI-driven smart connected systems, optimized workflows, and integrated clinical solutions, our goal is to deliver high quality diagnostic images while also improving radiology department productivity by relieving radiologists of burdensome routine tasks so they have more time to take care of their patients."
While COVID-19 has undoubtedly amplified adoption and innovation of artificial intelligence technologies within the healthcare sector, AI is demonstrably well on its way to continue to develop as an integral part of the market after the pandemic.
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