PitchBook Analyst Note: AI's Health Exam
• Artificial intelligence and machine learning (AI/ML) is beginning to resonate with venture investors particularly in the healthcare sector, which recorded 48 deals in 2017 raising $718 million, representing 65% and 126% growth YoY, respectively.
• Within healthcare, we expect AI to be used mainly to augment workers’ skills, as opposed to displacing them. Personal AI assistants for physicians/nurses can recall relevant medical research, compile population patient data, provide initial possible diagnoses, and optimize workflow. Time saved by these innovations represent countless hours that can be used more efficiently by industry professionals.
• Deep learning algorithms that leverage image recognition are already more accurate than panels of specialists in detecting and diagnosing pneumonia, TB, certain early stage cancers, and other diseases.