Signify Premium Insight: The Value of an Algorithm
Published: March 16, 2021
In recent years, AI has been among the most headline-grabbing technologies across many different sectors, including medical imaging. The advances made, and the excitement surrounding their potential has contributed to a rapid increase in the number of companies offering medical imaging AI tools over the last decade, with well over half of the independent software vendors (ISVs), many of which are start-ups, having entered the market since the start of 2016. All told, there are now more than 200 companies developing AI algorithms for medical imaging.
More recently however, the market is changing. The proliferation of vendors is easing, later-stage funding is increasingly outstripping early-stage funding (as discussed in a previous Premium Insight) and market leaders are beginning to emerge. Another change we are beginning to see in the market is a trend toward greater consolidation, with some companies adopting an increasingly acquisitive approach to these innovative vendors.