At the recently held 105th RSNA Scientific Assembly and Annual Meeting, International Business Machines Corporation IBM highlighted some of its clients and collaborations for its IBM Watson Health Imaging artificial intelligence (AI) platform.
The IBM Watson Health unit is one of the leading platforms engaged in developing AI and data-driven technologies for augmenting healthcare services. The solutions are aimed to effectively respond to some of the most challenges scenarios in healthcare.
About Watson Health Imaging’s Collaborations
At the RSNA event, the IBM Watson Health platform will be showcasing solutions across AI and Machine Learning, Enterprise Imaging, Vendor Neutral Archive, Image Viewing and Sharing as well as PACS.
We note that on Oct 30, 2019, Clinical Review 3.0 was launched in the U.K. The solution identifies missed findings by analyzing medical imaging and related reports. IBM Watson Health Imaging has also teamed up with Fortrus Ltd. Markedly, Fortrus boasts strong relations in the U.K. public sector, including a single supplier outcome-based Managed Services framework.
In June, 2019, Hardin Memorial Health announced that it will be the first provider to use IBM Watson Imaging Patient Synopsis. The solution provides analytical insights regarding patients’ history and provides better treatment process.
In September, IBM Watson Health and Guerbet entered into an exclusive agreement for the development of an AI software solution pertaining to prostate cancer diagnostics and monitoring. The solution entails the use of MR imaging. This deal marks an extension between IBM Watson Health and Guerbet’s earlier collaboration that was allied with liver cancer diagnostics.
Further, IBM unveiled the IBM Imaging AI Marketplace — a single-source solution for locating, purchasing, deploying and managing AI imaging applications. The solution can be easily accessed through IBM’s iConnect Enterprise Archive. Notably, the Imaging AI marketplace contains solutions that have been approved by the FDA along with Watson Health developed AI solutions.
4ways Healthcare Limited is another client that has collaborated with IBM Watson Health Imaging. 4ways expects to achieve its growth targets through the support of IBM Watson Health's Merge PACS 8.0 platform.
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Rising Importance of AI in Medical Imaging
We note that AI and analytics are rapidly gaining importance in the healthcare sector. Within this domain, AI-based solutions are being widely applied in medicinal imaging, drug discovery, precision medicine and genomics. Such applications are speeding up diagnostic processes as well as developing new technologies for identification and control of diseases. During third-quarter 2019, IBM Watson Health witnessed broad-based growth in Payer, Provider, Imaging and Life Sciences domains.
According to a Markets and Markets report, global diagnostic imaging market is anticipated to reach $33.5 billion by 2024 from $25.7 billion in 2019 at a CAGR of 5.5%. We expect such trends to aid IBM Watson Health Imaging to expand its clientele.
Other key players in the AI-empowered medicinal imaging market space include Alphabet Inc.’s GOOG Google , Microsoft MSFT, Apple AAPL, Medtronic, Carestream Health, Inc. and Welltok.
IBM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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