As creepy as Hal was in “2001: A Space Odyssey” to the cuteness of Pixar’s “Wall-E”, the science fiction community has both unsettled and entertained generations of readers and movie goers. A machine that can perform tasks that normally require the skills of a human being defines the field of Artificial Intelligence (AI) and it is transforming the medical device industry. Investors are pouring money into start-ups in the AI med devices sector at higher rates than the other industries exploiting AI. Since 2013, this segment has raised $4.3B USD in start-up funding.
The holy grail of AI in healthcare is in improving patient outcomes and reducing healthcare costs. The key in medical devices is the development of both diagnostic and treatment tools. However, the primary stumbling block for AI in medical devices has been the FDA. But the regulatory dam finally broke this year.