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Highlights
- Integrating AI into medical sector can enhance different processes like medical screenings, diagnosis, and patient data
- Cardiology, neurology, and cancer are the major diseases that utilise AI tools
- AI delivers data for diagnosis, treatment, and health management
Artificial intelligence (AI) applies Machine Learning (ML) algorithms and other cognitive technologies in healthcare, with cardiology, neurology, and cancer being the major diseases that utilise these tools.
AI is transforming the way healthcare professionals are making decisions. It delivers data for helping in diagnosis, treatment, and population health management. Integrating AI into the medical sector can enhance different processes like medical screenings, diagnosis, and patient data. This in turn, is supposed to save a lot of time and human efforts.
In this article, we will discuss three AI stocks related to healthcare from the ASX.
Data source: ASX data as of 01 April
Painchek is a leader in developing smartphone-based pain assessment and monitoring applications. It uses a cloud-based digital tool available to professional caretakers in residential aged care facilities or home care settings. The company provides services targeted at vulnerable individuals and those who cannot communicate with their caretakers.
Recently the company announced that Summerset Holdings Limited (ASX:SNZ) is rolling-out PainChek®’s pain assessment solution across all care centres after a successful 6-month pilot. The company reported cash and cash equivalents of AU$6,466,041 at the end of the half-year period ending 31 Dec 2021.
Image source: © Coffeekai | Megapixl.com
LBT innovations is a medical technology company that designs AI platforms and intelligent imaging technology for automated analysis of microbiology processes and improvement of the medical diagnosis process. The core competencies of LBT are artificial intelligence, image analysis and software engineering solutions.
Recently, the company received purchase orders for multiple APAS® instruments from its exclusive United States distributor, Remel Inc., a part of Thermo Fisher Scientific, Inc (NYSE:TMO). The company has increased its customer access in the United States and Europe in the past few months. It has made investments in COVID-19 test centres and is also looking for efficiencies in other businesses.
Opyl Limited (ASX:OPL)
Opyl provides leading biopharma and health organisations with access to emerging AI-assisted technologies and professional guidance to helps them understand and improve healthcare design, development, and delivery. The company aims to enhance health and wellness by optimising data assets and digital activation to advance technologies for life.
In the half-year ended 31 Dec 2021, the company’s Opin platform witnessed strong growth in customer acquisition and a remarkable increment in the average price point of recruitment projects. The company expects to have more substantial revenue in the second half of the year.
Also read: Why Sigma (ASX:SIG) expects to return to black in FY23
