Signify Premium Insights - Generative AI October News Round-up
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Written by Alan Stoddart | Managing Editor - Signify Premium Insights – Generative AI
This article provides several links to our Signify Premium Insights, evaluating recent industry-shaping events. To access these articles, you will need a subscription or can simply request a 30-day free trial.
The ‘Generative AI-ification’ of the healthcare technology has gathered pace in October, with a number of significant announcements coming. This is understandable, vendors with a focus in medical imaging are gearing up for Radiological Society of North America (RSNA) 2024 and showing off their new solutions, while the increasing competition in other areas of healthtech has seen vendors upping their game to remain competitive.?
Proscia was among the vendors making moves with the announcement of the inclusion of generative AI in its Concentriq Embeddings solution. The tool will be built into the vendor’s Concentriq platform and serves up a collection of pathology-focused foundation models, which AI developers and research scientists can use to better leverage their own proprietary datasets.?
It is no surprise that Proscia has made such a move given the applicability of generative AI to digital pathology use cases, regardless, the move is significant, more directly bringing generative AI into users' workflows. Read how it can be leveraged in the Premium Insight .?
Another significant story in the month was Qure.ai ’s $65m fundraise, bringing the vendor’s total disclosed funding to some $125m. As well as helping fund the vendor’s expansion into the US, and bankroll the acquisition of some complementary companies, Qure also intends to use the money to invest into foundation models.?
As highlighted in the Premium Insight assessing the news , the move typifies the question many medical imaging AI vendors with a heritage in narrow AI must answer: is investment in generative AI necessary??
The technology remains a way off clinical implementations, with regulatory and technological barriers stymieing utilisation in that area, but there are other areas, such as algorithm training and reporting findings, which could be valuable. The question is, how much of a priority should vendors make of such uses??
One more immediate implementation of generative AI is being undertaken by a partnership of ambient scribe vendor Abridge and clinical information expert Wolters Kluwer . The pair have worked together to integrate Wolters Kluwer’s UpToDate clinical information directly into clinical notes through Abridge’s scribe solution.??
The move is set to ensure that clinicians always have the highest quality, most relevant and most up to date information available at their disposal, which in turn should help them make better decisions and ultimately deliver better care for their patients. There are risks to such an implementation, however, particularly over the longer term. As highlighted in our Premium Insight covering the collaboration , it is therefore essential that the vendors are clear in their longer-term visions from the get go.?
Big Tech vendors were also very active in October, with 谷歌 launching the general availability of Vertex AI Search for Healthcare and its Healthcare Data Engine. While 微软 announced several new open source foundation models focused on healthcare, along with the general availability of its Fabric solution. Such announcements offer insight into these vendors’ strategies, insight which was assessed in our Premium Insight, where both the advantages and drawbacks of their approaches was assessed.?
Regulation also proved to be a topic of discussion in the month. One of the stories which could lead to some cooling of the excitement around generative AI centred on Pieces Technologies. The vendor has now settled a case with the Attorney General of Texas following allegations of inaccurate advertising about the performance of its generative AI tools.?
Although the vendor reached a no-cost agreement with the state, as highlighted in the Premium Insight on the topic , the action could have ramifications for generative AI vendors. The importance of being able to evidence their claims, a potentially lengthy and expensive procedure, has become more important, while other wider effects, such as increased difficulty in securing funding, could mean the case has implications far wider than for Pieces itself and beyond Texas’ borders.?
Along with analysis of the trends driving the news stories in October, the month’s Signify Premium Insights also featured discussion of some of the latest research from the Generative AI Market Intelligence Service .?
One of the deliverables in the service is the product database, tracking all announced products and categorising them and the vendors which offer them. Several of this month’s Premium Insights delved into the information collected in this research, exploring how different types of vendors offering solutions across a range of use cases can stand out from the crowd, successfully commercialise them, overcome obstacles in their fields, and help facilitate the adoption of generative AI among their customers.?
Along with a deep dive into Signify Research’s product database, Premium Insights also offered analysis of the Generative AI Market Intelligence Service’s Vendor Sentiment Index . Although there is a huge amount of hype around generative AI, the true sentiment of vendors revealed in the VSI illustrates the challenges facing vendors. While the technology may be transformational, our analysis showed that there remains a lot of work to do before that transformational potential can be realised.
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About Alan Stoddart | Managing Editor - Signify Premium Insights – Generative AI
Alan brings more than a decade of editorial expertise and leads on Signify Research’s Insight and analysis services. Prior to joining, Alan held editorial positions covering a diverse range of technology and engineering/IT topics working with Kantar Media and Kimberley Media Group.
About the Signify Premium Insights Contributing Analysts
Signify Premium Insights rely heavily on the industry expertise from Signify Research’s expert medical imaging analyst team. This team brings with it many years of experience developing market reports, insights and providing consultancy services to the medical imaging industry.
Alex Green | Managing Director and Principal Analyst
Alex has 24 years’ experience in tech market intelligence. He leads on Signify Research’s Digital Health offerings focusing on integrated care IT, EHR/ EMR and telehealth. Prior to joining Signify he served as a Senior Research Director at IHS and as a Business Analyst/IT Project Manager in a joint NHS/ Government role.
Vladimir Kozynchenko | Senior Market Analyst
Vlad joined Signify Research in 2023 as a Senior Market Analyst in the Digital Health team. He brings two years of experience in the consulting industry, having undertaken strategy, planning, and due diligence assignments for governments, operators, and service providers. Vlad holds an MSc degree with distinction in Business with Consulting from the University of Warwick.
Jon Hill | Market Analyst
Jon joined Signify Research in 2023 as a Market Analyst within the Digital Health team. He holds a BSc in Pharmacology having graduated from the University of Bath in 2023.
Arun Gill | Principal Analyst
Arun joined Signify Research in 2019 as part of the Digital Health team focusing on EHR/EMR, integrated care technology and telehealth. He brings with him 10 years’ experience as a Senior Market Analyst covering the consumer tech and imaging industry with Futuresource Consulting and NetGrowth Consultants.
About Signify Research
Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences, Healthcare IT and AI in Healthcare.
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