Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Technology > AI: The Future of Healthcare
    Technology

    AI: The Future of Healthcare

    AI: The Future of Healthcare

    Published by Uma Rajagopal

    Posted on September 16, 2022

    Featured image for article about Technology

    By Dr Christophe Bianchi, Chief Technologist HealthCare, Ansys

    The covid pandemic touched almost every aspect of our lives and its legacy can still be seen throughout society and the economy. During that time there was a laser-pointed focus placed on the healthcare industry – leading doctors and scientists instantly became household names as the fragility of life came to the fore of our lives. We turned to companies that developed vaccines, institutions that provided medical guidance and the media who provided us daily updates on the status of the virus.

    Now, as the world moves on, the future of healthcare has retained its place under the spotlight. How can innovations and advancements help to make us more robust as a species and continue to improve bettering lives and fighting disease. Increasingly, the industry is turning to artificial intelligence (AI). The industry is learning to harness AI’s game-changing ability to improve the accuracy and efficiency of the simulation models that are increasingly shouldering the burden of decision-making processes used throughout the medicinal world.

    As AI and simulation continue to develop and improve, the possibilities that are offered to the healthcare industry far exceed anything that could have been dreamt of in previous generations.

    A gamechanger: In-silico medicine

    When developing a new product, drug or process, rigorous testing is required to approve its use throughout the population. Traditionally this is done through bench testing or widely-criticised animal testing, followed by thorough clinical trials. This is often a very expensive and time-consuming process due to the number of inherent challenges that applying one standard cure to huge variations in people causes. New drugs for example can take as many as 10 to 15 years to bring to market by the time they are approved and licensed. In this process many drug and product candidates fail in their trials due to a lack of safety and efficacy, significantly contributing to time and cost.

    Moreover, the lack of certainty at these early development stages, of how a product will perform or how the body will react, carries the underlying threat of serious damage that can be done to any patient or animal taking part in the study – clearly not only a practical but an obvious and profound moral issue.

    Supported by AI and machine learning, in-silico medicine leverages computer modelling to revolutionise product development. It uses vast amounts of data to generate highly accurate computational models of patients that can then be used to simulate almost any medical outcome. This in-silico approach is able to be run on an almost limitless number of virtual subjects, as opposed to being limited to a relatively small number of physical subjects like animals or humans, which allows for much greater accuracy. Such methods benefit the industry with sharper understanding of how a disease progresses, more accurate prediction of the outcome of surgeries, or fast and effective evaluation of a drug treatment’s efficacy.

    The impact of these innovative methods on the time and cost it takes to develop a new healthcare product is enormous. According to BIS research, thanks to in-silico drug discovery, the cost of bringing a drug to market fell from £2 billion in 2010 to £880 million in 2020.

    However, the application of AI and simulation within healthcare is far-reaching and not just limited to product development. Digital twins are also having a game-changing effect in other areas of the industry.

    Creating digital twins of just about anything

    A digital twin is a highly accurate virtual replica of a real-life object, component or system. Sensors on the physical asset collect data that is then sent to its digital counterpart that give engineers real-time and accurate information on how it will react to any given set of circumstances. Implementations of digital twins across all industries are set to increase by 36% on average over the next five years. Globally, the market for digital twins is expected to grow from $6.9 billion currently to $73.5 billion in 2027. They have many applications, across almost every industry, but their role in healthcare is becoming increasingly implemented with great effect from virtual organs to planning surgery.

    Reducing the risk of surgery

    Surgery is increasingly implementing simulation-based digital twins – one example is that of endovascular aneurysm repair (EVAR). Every year, aortic aneurysms, when the aorta ruptures and causes massive internal bleeding, claim the lives of thousands of people. EVAR is a technique for repairing the aorta in order to eliminate an aneurysm before it can rupture and cause often fatal damage. Surgeons are able to make an incision in the groin area and insert a stent graph which they thread up the body until it reaches its target. Due to the nature of this procedure, it is fraught with danger. However, using simulation, supported by AI, a digital twin of the patient’s vascular system can be created. This then facilitates, to a highly accurate degree, the surgeons to practice ahead of time by mapping out exactly which route to take and how to manoeuvre through the body, all done virtually, with no risk to the patient. This technique has been used to great effect by Professor Jean-Philippe Verhoye who performs more than 100 successful EVAR surgeries every year. He believes it will become standard practice throughout the surgical world in as little as 10 to 15 years.

    Progress within the healthcare industry has always been expensive, time-consuming and full of moral and practical obstacles. AI and simulation and their increased implementation are bringing scores of opportunities to develop new products, methods and processes in a way that was inconceivable previously. The pandemic brought our vulnerability as a species into sharp focus. Therefore, it is crucial that healthcare continues to advance in order for us to meet any future challenges. AI and simulation, and its continued adoption, will play a pivotal role in that success.

    Related Posts
    Redefining Cloud Reliability at Scale: Advancing Secure and High-Performance Multi-Cloud Systems
    Redefining Cloud Reliability at Scale: Advancing Secure and High-Performance Multi-Cloud Systems
    Apuroop Reddy Bannur: How Intelligent Technology and AI-Driven Trade Innovation is Transforming Global Supply Chains
    Apuroop Reddy Bannur: How Intelligent Technology and AI-Driven Trade Innovation is Transforming Global Supply Chains
    Vector Algorithmics highlights risk control through October’s record crypto liquidation event
    Vector Algorithmics highlights risk control through October’s record crypto liquidation event
    The Quiet Revolution in Cloud Security and AI-Driven Reliability
    The Quiet Revolution in Cloud Security and AI-Driven Reliability
    Treasury transformation must be built on accountability and trust
    Treasury transformation must be built on accountability and trust
    Financial services: a human-centric approach to managing risk
    Financial services: a human-centric approach to managing risk
    LakeFusion Secures Seed Funding to Advance AI-Native Master Data Management
    LakeFusion Secures Seed Funding to Advance AI-Native Master Data Management
    Clarity, Context, Confidence: Explainable AI and the New Era of Investor Trust
    Clarity, Context, Confidence: Explainable AI and the New Era of Investor Trust
    Data Intelligence Transforms the Future of Credit Risk Strategy
    Data Intelligence Transforms the Future of Credit Risk Strategy
    Architect of Integration Ushers in a New Era for AI in Regulated Industries
    Architect of Integration Ushers in a New Era for AI in Regulated Industries
    How One Technologist is Building Self-Healing AI Systems that Could Transform Financial Regulation
    How One Technologist is Building Self-Healing AI Systems that Could Transform Financial Regulation
    SBS is Doubling Down on SaaS to Power the Next Wave of Bank Modernization
    SBS is Doubling Down on SaaS to Power the Next Wave of Bank Modernization

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Technology PostDigital Transformation Q&A with UST’s CTO Niranjan Ramsunder
    Next Technology PostEU proposes rules targeting smart devices with cybersecurity risks

    More from Technology

    Explore more articles in the Technology category

    Trust Embedding: Integrating Governance into Next-Generation Data Platforms

    Trust Embedding: Integrating Governance into Next-Generation Data Platforms

    The Guardian of Connectivity: How Rohith Kumar Punithavel Is Redefining Trust in Private Networks

    The Guardian of Connectivity: How Rohith Kumar Punithavel Is Redefining Trust in Private Networks

    BNY Partners With HID and SwiftConnect to Provide Mobile Access to its Offices Around the Globe With Employee Badge in Apple Wallet

    BNY Partners With HID and SwiftConnect to Provide Mobile Access to its Offices Around the Globe With Employee Badge in Apple Wallet

    How Integral’s CTO Chidambaram Bhat is helping to solve  transfer pricing problems through cutting edge AI.

    How Integral’s CTO Chidambaram Bhat is helping to solve transfer pricing problems through cutting edge AI.

    Why Physical Infrastructure Still Matters in a Digital Economy

    Why Physical Infrastructure Still Matters in a Digital Economy

    Why Compliance Has Become an Engineering Problem

    Why Compliance Has Become an Engineering Problem

    Can AI-Powered Security Prevent $4.2 Billion in Banking Fraud?

    Can AI-Powered Security Prevent $4.2 Billion in Banking Fraud?

    Reimagining Human-Technology Interaction: Sagar Kesarpu’s Mission to Humanize Automation

    Reimagining Human-Technology Interaction: Sagar Kesarpu’s Mission to Humanize Automation

    LeapXpert: How financial institutions can turn shadow messaging from a risk into an opportunity

    LeapXpert: How financial institutions can turn shadow messaging from a risk into an opportunity

    Intelligence in Motion: Building Predictive Systems for Global Operations

    Intelligence in Motion: Building Predictive Systems for Global Operations

    Predictive Analytics and Strategic Operations: Strengthening Supply Chain Resilience

    Predictive Analytics and Strategic Operations: Strengthening Supply Chain Resilience

    How Nclude.ai   turned broken portals into completed applications

    How Nclude.ai turned broken portals into completed applications

    View All Technology Posts