Medical Design Briefs - December 2023 - 4

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recent study projects that new U.S.
Food and Drug Administration
(FDA)-approved artificial intelligence
(AI) medical imaging products will increase
five-fold by 2035. The data comes
from the Harvey L. Neiman Health Policy
Institute and American College of Radiology®
(ACR) Data Science Institute
(DSI).
The Harvey L. Neiman Health Policy
Institute is one of the nation's leading
medical imaging socioeconomic research
organizations. The Neiman Institute studies
the role and value of radiology and
radiologists in evolving healthcare delivery
and payment systems and the impact
of medical imaging on the cost, quality,
safety and efficiency of healthcare.
The research, published in the Journal
of the American College of Radiology, projected
the number of new FDA-approved
products using the historical relationship
between the number of new products
and past AI venture capital funding.
Using DSI and venture capital funding
data from Rock Health's Digital Funding
Reports, the study found that annual AI
funding grew from $2 billion in 2013 to
$13 billion in 2022. It currently takes
about six years from funding to FDA approval,
and the study projects there will
be 147 new AI products in 2028, based
on the $13 billion in funding in 2022.
" As radiologists' workload continues
to increase, AI will be a crucial tool to
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4
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Medical Design Briefs, December 2023
cades, " says Keith Dreyer, DO, PhD,
FACR, ACR DSI chief science officer and
chief data science officer at Massachusetts
General Hospital and Brigham and
Women's Hospital.
Assuming that future funding follows
the same linear trend that it has previously,
the study projects funding will be
$30.8 billion in 2029, which would lead
to FDA-approved products in 2035.
" Given the relationship between funding
and new AI products, we project
there will be 350 new AI products in
2035 corresponding to the 2029 funding
level given the lag between funding and
approved products. This is a five-fold increase
from 69 in 2022, " says Eric Christensen,
PhD, research director at the
Neiman Health Policy Institute.
" Artificial intelligence has grown rapidly
and is already changing the way
healthcare professionals work, " says
Christopher Treml, DSI director of operations.
" Based on this research, we expect
that growth to continue accelerating
over the next decade and change
the field in new and exciting ways as AI
products are developed and integrated
into practice. "
Sherrie Trigg
Editor and Director of Medical Content
To learn more about the Harvey L.
Neiman Health Policy Institute, visit
www.neimanhpi.org.
Natalya Evtekhova/AdobeStock
http://info.hotims.com/84486-768 http://info.hotims.com/84486-768 http://www.neimanhpi.org http://www.medicaldesignbriefs.com
Medical Design Briefs - December 2023

Table of Contents for the Digital Edition of Medical Design Briefs - December 2023
