The healthcare industry is rapidly evolving and advancing to better improve patient experiences and outcomes through the use of medical technology. Sales of medical devices are expected to reach $800 billion by 2030, but there is an increasing trend that many healthcare organizations don’t know what to do with—the rise of artificial intelligence (AI) and machine learning (ML).
Healthcare and medical technology are complex industries, so figuring out where to begin utilizing complex technologies like AI can be difficult, but it is critical that organizations understand how they can utilize the capabilities of AI and machine learning. Here are four ways medical technology companies can begin implementing AI into medtech.
1. Device Failure
Arguably the best use of AI in medtech is predicting when a device will fail. Determining the lifetime of medical instruments and devices allows you to see when a device is at risk of failure. When you are working with potentially life-saving technologies, it is crucial for healthcare providers to be able to trust the equipment they are working with. By utilizing AI, you can have a better idea of when a device will need to be fixed or replaced.
2. Time to Market
A lot goes into a clinical trial beyond research. There is a whole administrative side to the process of finding subjects, managing test sites and identifying the potential risks. AI can step in and improve the efficiency of this process with predictive models and analytics, allowing medical device makers to focus on improving clinical operations. When companies focus on clinical operations and utilize AI, they are able to minimize the time it takes to bring a new device to market.
So much data is generated throughout a patient’s healthcare journey. Through the power of AI, this data can be utilized to develop more personalized treatment plans. Wearable medtech devices and health-focused mobile apps allow actionable recommendations to be delivered to patients in real-time. AI and ML can help give patients access to their treatment plan, dietary needs, prescribed medicine schedule, and other doctor recommendations. The more technology is leveraged to customize treatment, the less likely issues of patient compliance will arise.
4. Inventory Management
Managing the inventory of medical devices can be tricky. An AI-backed solution can examine consumption patterns during procedures over time and provide recommendations. With these AI-powered recommendations, you can reduce the risk of over-ordering or not having the proper equipment.
AI’s use in medtech and healthcare as a whole is just beginning, but there is no doubt it is going to play a major role in the future of medical technology. Gartner already named data and analytics as some of the biggest opportunities for the healthcare world. Medical technology companies have the opportunity to leverage their data and work with providers to drastically improve patient experiences and outcomes. Together, data and AI can create a healthier world.
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This article first appeared on Medical Product Outsourcing’s website.