In the wake of a tumultuous three years of an ongoing global pandemic, what is coming next in the world of medical AI? The tech industry as a whole has experienced revolutionary developments in 2022, namely ChatGPT’s creativity as a language model [1] and cautious lows, with major lay-offs at MANGA and huge tech companies [2]. 2023 promises to continue to prioritize technological advancements with a more cautious approach.
1. Competition, competition, competition
Venture Capital Investment will slow at least until Q4 of 2023 [3]. With mature tech companies laying off up to 10% of their workforces, to federal interest rates rising, capital is very expensive and competitive today. Competition for funding and customers will likely become even more intense, making it important for startups to differentiate themselves in order to stand out. This could give rise to founders and startups seeking non-dilutive funding as an alternative to traditional venture capital funding, such as grants, revenue-based financing, and crowdfunding, in order to avoid giving up equity in their companies.
2. Philosophical Debate on AI
In 2022, two chatbots made headlines for achieving the ability to hold human-like conversations, causing both panic and intrigue among the public. One such chatbot, developed by Google, even convinced one of the company’s engineers that it was sentient. This event is likely to reignite philosophical debates about the meaning of truth and how we come to know things. However, according to Phil Libin, co-founder and CEO of “All Turtles and mmhmm”, there are two main issues that we are likely to face with the advancement of AI in the coming year. The first is the potential for an increase in lies and misinformation being generated by bad actors using AI. The second is that many of the proposed uses for AI will not be possible until we have a different type of technology that is capable of reasoning, rather than just auto-completing words. This will require a shift in thinking about epistemology and may make philosophy majors more employable.
3. Health-tech Startups and Companies continue to revolutionize care
Health-tech startups and companies are continuing to push the boundaries of what is possible in healthcare. These innovative organizations are using various technologies to revolutionize the way care is delivered, including improving clinician workflows, incorporating data on social determinants into disease management at the patient or population level, and using structured and unstructured data to predict disease with improved accuracy. These advancements are helping to shift the industry from reactive to preventive patient care.
According to John Koetsier, a contributor for Forbes, “Digital health is modernizing healthcare, making it more efficient, more accessible, and more personalized. It’s streamlining the medical supply chain, reducing waste, and saving lives through remote monitoring, telemedicine, and more. Digital health is also creating new markets and opportunities, such as virtual reality training for surgeons, wearable health monitors, and AI-powered health coaching.” As the adoption of health-tech continues to grow, it is likely that we will see even more significant changes in the way care is delivered in the coming years.
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