Owning a software with a machine’s learning ability, that’s capable of yielding a very significant output with little or no assistance, after collecting and processing big data supplied, is propelling the growth of Artificial Intelligence’s use in the Health care industry. Artificial Intelligence is being adopted in hospitals, research centers, pharmaceutical companies, and other healthcare institutions in order to improve patients’ health. The utilization of natural language processing in Health care applications such as lifestyle management and monitoring, patient data and risk analysis, and mental health have contributed to the impressive growth of this technology in this industry.

The hospitals and providers segment unsurprisingly holds the largest share of AI’s in the healthcare market in terms of end-users. This is due to a large number of applications of AI solutions that span across provider settings, the proven ability of AI systems to significantly improve care delivery, patient’s experience, the reduction in the overall cost of a healthcare unit, and growing adoption of electronic health records by healthcare organizations. Voice recognition software, clinical decision support systems and other AI-based tools help streamline workflow processes in hospitals, reduce cost, improve health care delivery, and enhance the better patient experience.

Something of note is that the big corporations often lack the research capabilities to develop AI-assisted products in-house, as pointed out by Ashmita Das, CEO of Kolabtree. This has necessitated the formation of partnerships between the big corporations and startups in this sector. For example, pharmaceutical giant Merck has partnered with Atomwise, a startup in the U.S. that makes use of deep learning to reduce the drug discovery process. Also too, GSK has entered into a collaboration with another startup called Insilico Medicine, which discovers new biologic drugs using AI’s.

Startups have been the brains behind the development of lots of AI-assisted healthcare products now being used in homes, hospitals, and clinics to better the lives of people. Kolabtree has illustrated using infographics how these startups and their products use AI to improve healthcare, beginning from drug discovery and diagnosis down to treatment and service provision. But sad to say that lots of the important work that startups have put into the development of the healthcare industry have gone by without proper recognition, while lots of the praises have gone to big pharmaceutical companies.

Healthcare Artificial Intelligence startups in a recent report by CB Insights shows that they have raised $4.3 billion beginning from 2013, which surpasses all other industries. A compound annual growth rate in the healthcare AI market of 40% up to 2021 has been predicted by the consulting firm Frost & Sullivan, largely because AI has great potential to substantially improve healthcare outcomes by 30 to 40% while reducing treatment costs by up to half.

Also, Global Market Insights have predicted an increase of value from $760 million in the year 2016 to $10 billion by the year 2024 in the healthcare AI market. Another research report from ReportLinker also predicts that the AI in the healthcare market is expected to experience growth from an initial $2.1 billion to $36.1 billion by the year 2025. For all these predictions to be actualized is largely dependent on the role played by startups.

An online platform that has contributed to the development of efficient startup healthcare AI’s is Kolabtree. They’ve done so by bringing together startup research organizations with freelance scientists. Employers can post on the platform a project being worked on, consider the various bids from freelancers, interact with them and hire a freelancer with the qualified skillset and experience required to accomplish the project after due negotiations.

Of the over 6,500 registered freelance scientists on Kolabtree, many are Doctorate holders with extensive experience in healthcare and medical research. So they readily render services in their areas of specialization such as experimental design, data analytics, scientific consulting and medical writing.

From an infographic report provided by Kolabtree, showcasing startups that have developed innovative AI-assisted products that are advancing healthcare, here are just a few leading the way:

Benevolent AI

A startup that’s based in London, responsible for the development of a platform that allows the discovery of new treatment, the ability to predict the way a patient is responding to treatment and aid the development of more effective medicines. This platform combines target identification, clinical mechanistic stratification and molecular design.