While artificial intelligence is a buzzword in many industries, investors may be surprised to see its increasing use in medical devices, diagnostics and even drug development.
In fact, in 2022, the The US FDA has approved 91 AI or machine learning applications Activated devices For a list of such approved devices. Since 1995, more than 500 AI-enabled devices have received FDA approval, says Margaretta Colangelo, an AI consultant at Insilico Medicine.
Three-quarters of approved devices are for radiology. Among other areas, 11% (57 devices) are in cardiology, while 15 and 14 devices are in hematology and neurology, respectively. A few devices each are for ophthalmology, gastrointestinal/urology, and general and plastic surgery.
Margaretta Colangelo/Insilico Medicine
The company with the largest number of approved AI devices is GE Healthcare (GEHC42 with. Coming in at number 2 is Siemens Healthcare (OTCPK:SEMHF)(OTCPK:SMMNY) with 29. Phillips (PHG) occupied the top 5 positions with 10 devices.
Among the smaller companies in the AI medical device space is iRhythm Technologies (IRTC) the company received approval for its ZEUS system and accompanying GeoWatch in July 2022. According to iRhythm, the watch uses “continuous photoplethysmography, an AI-based algorithm, to detect. [atrial fibrillation] and calculate an AFib burden rating.” A report is then sent to the patient’s physician.
ZEUS and Zio are owned by Verily Life Sciences, Alphabets (GOOG) Life Sciences Research Initiative.
Among the major medical device companies, Medtronic (NYSE:MDT) has many products on the list of approved products. These include devices for continuous glucose monitoring (Guardian Connect), an electrocardiogram monitor (True Rhythm Diagnostics) and colon cancer diagnostic support (GI Genius).
Big Pharma AI Partnerships
It’s important to note that many companies with approved AI products are small, privately held companies. These companies tend to work with big pharmaceutical companies. Two notable ones are Page AI and PathAI.
In June 2022, Paige AI announced a collaboration with Johnson & Johnson (NYSE:J.N.J) Janssen unit a AI-Based Biomarker Testing for Bladder Cancer. Results are available within an hour.
PathAI has ties to Bristol-Myers Squibb (NYSE:PMY), GlaxoSmithKline (NYSE:GSK), and Roche (OTCQX:RHHBY) in August 2022, the FDA approved the company’s digital pathology platform AISight DX for primary diagnosis in clinical settings. PathAI also has the AISight product for exploratory and clinical drug development research.
Bristol (PMY) using AISight to apply AI-powered pathology Translational research in oncology, fibrosis and immunology. Roche uses a new algorithm developed by PathAI Its digital pathology workflow software. and GSK (GSK) started a partnership to use PathAI’s AIM-NASH tool in 2022. Drug development programs in oncology and non-alcoholic steatohepatitis.
AI to drive medical device innovation
A recent report from analytics firm Global Data argues that AI will become a significant driver of medical device innovation by 2023 as AI usage among doctors increases. The company noted that the market for AI-based products will grow 12% from 2022 to $93 billion by 2023.
“We know [AI] For data management purposes, it can be used for remote surgery, diagnostic and procedural assistance, clinical trials and more,” said Alexandra Murdoch, Medical Device Analyst at Global Data.
The Global Data Report Explains that AI can improve medical device manufacturing efficiency and reduce risk through machine learning. By analyzing vast amounts of data, computers can learn from mistakes and improve.
In addition, AI will further influence digital health, which will benefit patients. For example, telehealth applications use AI chatbots that take and analyze patient symptoms and then provide healthcare guidance.