News
February 1, 2021
COVID-19 put unbelievable strain on our health care system. With industry organizations facing sharper realities around managing costs and new expectations from consumers, leaders are looking more closely at technology to pave the way to better collaboration, experiences and outcomes. During the COVID-19 pandemic, the healthcare industry has turned to AI to accelerate COVID-19 research to unlock as much knowledge around the virus as possible to develop suitable antiviral medicines. AI can read, understand, and interpret vast databases of biomedical knowledge in seconds, enabling researchers to rapidly map epidemiology data, biomarker genes, molecular targets and identify potential treatment options. An article by Med-Tech Innovation recently said: “Healthcare is on the cusp of a revolution – one that will be driven by technologies like artificial intelligence (AI) and edge computing. Implementation of healthcare AI is expected to grow at an annual growth rate of 41.4% from 2020 to reach $51.3 billion by 2027, while edge cloud computing is expected to grow by 34.1% between now and 2025. As both technologies continue to mature, they are increasingly being included together in healthcare leader’s decision-making. The two technologies go hand in hand – AI is now a key use case for edge computing and edge is a significant enabler for AI.” Active healthcare and tech stocks in news today include: BioSig Technologies, Inc. (NASDAQ: BSGM), Alphabet Inc. (NASDAQ: GOOG), Teladoc Health, Inc. (NASDAQ: TDOC), Splunk® Inc. (NASDAQ: SPLK), NVIDIA Corporation (NASDAQ: NVDA).
Med-Tech Innovation continued: “Traditionally, these types of AI applications have been powered by data centres and cloud computing. Of course, big data will always be processed via the cloud. However, in time, AI has made its way closer to the user – into software and into Internet of Medical Things (IoMT) endpoints and other medical devices. For example, wearable health monitors such as ECG monitors and blood pressure monitors can collect and analyse data locally, which a patient can share with their doctor for an instant health evaluation. As a result, more healthcare businesses involved in AI have started to realise the benefits of edge computing. In fact, Deloitte now predicts that more than 750 million edge AI chips – designed to enable on-device machine learning – will be sold this year.”
BioSig Technologies, Inc. (NASDAQ:BSGM) BREAKING NEWS - BioSig and Mayo Clinic Collaborate on New R&D Program to Develop Transformative AI and Machine Learning Technologies for its PURE EP™ System - Global market for AI in healthcare is estimated to reach $45.2 billion by 2026 - BioSig Technologies, a medical technology company commercializing an innovative signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals, today announced a strategic collaboration with the Mayo Foundation for Medical Education and Research to develop a next generation AI- and machine learning-powered software for its PURE EP™ system.
The new collaboration will include an R&D program that will expand the clinical value of the Company’s proprietary hardware and software with advanced signal processing capabilities and aim to develop novel technological solutions by combining the electrophysiological signals delivered by the PURE EPÔ and other data sources. The development program will be conducted under the leadership of Samuel J. Asirvatham, M.D., Mayo Clinic’s Vice-Chair of Innovation and Medical Director, Electrophysiology Laboratory, and Alexander D. Wissner-Gross, Ph.D., Managing Director of Reified LLC.
The global market for AI in healthcare is expected to grow from $4.9 billion in 2020 to $45.2 billion by 2026 at an estimated compound annual growth rate (CAGR) of 44.9%. According to Accenture, key clinical health AI applications, when combined, can potentially create $150 billion in annual savings for the United States healthcare economy by 2026.
“AI-powered algorithms that are developed on superior data from multiple biomarkers could drastically improve the way we deliver therapies, and therefore may help address the rising global demand for healthcare,” commented Kenneth L Londoner, Chairman and CEO of BioSig Technologies, Inc. “We believe that combining the clinical science of Mayo Clinic with the best-in-class domain expertise of Dr. Wissner-Gross and the technical leadership of our engineering team will enable us to develop powerful applications and help pave the way toward improved patient outcomes in cardiology and beyond.”
“Artificial intelligence presents a variety of novel opportunities for extracting clinically actionable information from existing electrophysiological signals that might otherwise be inaccessible. We are excited to contribute to the advancement of this field,” said Dr. Wissner-Gross.
BioSig announced its partnership with Reified LLC, a provider of advanced artificial intelligence-focused technical advisory services to the private sector in late 2019. The new research program builds upon the progress achieved by this collaboration in 2020, which included an abstract for ‘Computational Reconstruction of Electrocardiogram Lead Placement’ presented during the 2020 Computing in Cardiology Conference in Rimini, Italy, and the development of an initial suite of electrophysiological analytics for the PURE EPÔ System.
BioSig signed a 10-year collaboration agreement with Mayo Clinic in March 2017. In November 2019, the Company announced that it signed three new patent and know-how license agreements with the Mayo Foundation for Medical Education and Research.