How AI and Robotics are transforming the $9 trillion healthcare sector

Name: How AI and Robotics are transforming the $9 trillion healthcare sector
Uploaded: 2024-07-17T13:07:52+00:00
Duration: 8 min
Channel: euronews (in English)
Description: The global healthcare sector is valued at $9 trillion, which is 11% of the world’s GDP. This mammoth market is being transformed by advances in both robotics and artificial intelligence. At the same time a range of new patient apps are empowering people to take control of their own health data.

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2 years ago

The global healthcare sector is valued at $9 trillion, which is 11% of the world’s GDP. This mammoth market is being transformed by advances in both robotics and artificial intelligence. At the same time a range of new patient apps are empowering people to take control of their own health data.

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00:00From robots assisting with operations to AI-influenced diagnostics, technology is transforming the

00:08multi-trillion-dollar healthcare sector. The future of medical care might be closer than

00:13we think.

00:18Welcome to The Exchange from our studio here in Doha.

00:21Coming up on this episode, we speak to GE Healthcare. Revenue for the multinational

00:26medical technology firm rose to almost $20 billion last year. We speak to President of

00:32GE Healthcare International Eli Sheilhot about how that growth is changing the prognosis

00:38for investors as well as patients. Plus, we speak to Bertalan Mesko, Director of the Medical

00:44Futurist Institute, for a look at the latest inventions and advances in medical equipment.

00:50Well, according to analysis by the World Economic Forum, the global healthcare market is worth

00:55a staggering $9 trillion annually. To put that number in perspective, that accounts

01:01for 11% of the entire world's GDP.

01:05Well, technology is changing healthcare at incredible speed. Robot-assisted operations

01:11are on the rise. And tech is also making firms more efficient. Financial consultants Deloitte

01:18predict that artificial intelligence could create $360 billion of savings over the next

01:24five years in the US market alone.

01:28Well, I went on a visit to a medical facility in Qatar that's embracing the latest tech

01:33to enhance patient care. Let's take a look.

01:38This is Amman Hospital. It's a good example of a fresh approach that combines technology,

01:45medicine and design to improve people's lives.

01:49The first thing you notice is that it doesn't look or feel like a traditional hospital.

01:54There's clearly a commitment here to investing in everything required to help patients

01:59and visitors feel relaxed and reassured.

02:02And that includes investment in high-tech medical equipment. In the first of its kind

02:08in Qatar, Amman Hospital is investing in artificial intelligence as part of its IVF

02:16programme. Experts believe that AI-powered fertility treatment could improve the chances

02:22of a healthy pregnancy by as much as 30%.

02:27In the world of IVF and embryo selection, artificial intelligence, it allows you not

02:31to only assess the embryo by looking at its appearance, but also by studying its behaviour.

02:38Ultimately, this allows you to select better embryos and it enables us to reach better

02:43pregnancy rates and pregnancy outcomes.

02:46Investing in innovation is also a top priority in the field of neurology.

02:51This is the RTMS machine. It stimulates the brain, which helps treat a range of conditions.

02:57Let's take the example of depression. Studies have shown that the front areas of your left

03:04brain show abnormally low levels of activity. RTMS is used to activate these areas and the

03:12patient will feel better in parallel. And this could be long-lasting depending on the

03:17number of sessions.

03:18In other conditions, let's say migraines, for example, the back of your brain is hyperactive

03:23and we use RTMS to inhibit those areas using certain type of frequencies.

03:29For hospitals like this one, the future of healthcare is based on a deep understanding

03:34of what makes us all unique. But in the quest for truly holistic healthcare, brilliant business

03:41systems have become just as important as breakthrough biochemistry.

03:48Eli Shailat is president of GE Healthcare International, one of the world's biggest

03:53medical technology companies. I asked him where GE is focusing its investment over the

03:58next five years and how far that will improve patient health.

04:03Different markets, you know, have different needs, right? But I think I would see three

04:09different ways of looking at markets today. You have the mature markets where technologies

04:15are not necessarily all new. It's established. We have the right healthcare professionals

04:20delivering services. These markets are basically having much more aging population. I'm looking

04:25here at Western Europe, Germany, France, Italy, the UK. But also if you look in Asia, Japan,

04:32South Korea, Australia, New Zealand, these are maturing and aging population markets.

04:37And so they would need a different kind of healthcare. If you look at emerging markets,

04:42emerging markets need much more access to healthcare. And so the customer or in this

04:45case, the patient experience is getting better. And the journey and the care pathway is shorter

04:50and more efficient. And, you know, it goes back to our purpose. How do we use our experience,

04:55our technology, our innovation to bring a world or to create a world where healthcare has no limits?

05:03A world where healthcare has no limits, a bold vision from GE Healthcare. But what tools and

05:08technology do medical staff need to make this future vision a reality? Dr. Bertalan Mesko is

05:15director of the Medical Futurist Institute. He's a physician, analyst and entrepreneur who predicts

05:21that high tech medical gadgets will one day make healthcare invisible. Well, I caught up with him

05:26and I asked him to explain more. As the medical futurist, people always expect me to come up with

05:32something exciting in the world of technologies. But the one thing I'm far the most excited about

05:38looking at the recent years of progress in medicine and healthcare is patient empowerment.

05:42I know it doesn't sound cool, but this is simply the biggest milestone in the history of healthcare,

05:47that this is an unprecedented paradigm shift that patients can finally bring data, insights,

05:53second opinion, peer support to the table. There are a few technological trends, though,

05:58that stand out. As examples, I would come up with skin patches and like bracelets that can

06:04continuously measure blood pressure. Actually, you know, I can go on forever about all these

06:08gadgets from smartphone connected ECGs to devices that can do a vision test for patients at home.

06:15But the general trend is that a swarm of devices has become accessible for patients to finally

06:22interact with the data they used to own, but had no interfaces to access them.

06:27Now, it's time for our regular feature business in 60 seconds. Start the clock.

06:35American Express prepares to provide an earnings release for the second quarter of 2024.

06:40The giant finance brand has recently expanded into the Indian market and launched the first

06:45Amex business credit card in Nigeria, with plans to extend card services to Ghana, Rwanda and

06:51Congo. Swedish carmaker Volvo is also due to update on its performance in the first quarter

06:56of this year. News of the firm's lower than expected revenue caused a sharp share price

07:01drop of 6 percent. But with retail sales rising worldwide, analysts will be hoping for a better

07:07reaction to the results in the second quarter. And Lloyds Banking Group is set to release the

07:12company's half year financial results. The UK based banking giant had disappointing Q1 numbers.

07:18Profits fell 28 percent after tough training conditions in both mortgages and savings

07:23markets. Bosses are hoping that increased confidence in the wider economy will have

07:29arrived just in time to boost these half year numbers. Well, whether it's robots in operating

07:36theatres or AI making hospitals ultra efficient, technology is giving the global health care sector

07:43a truly holistic transformation. Well, that's all we have time for on this edition of the show.

07:49Thank you for watching. Please do check out Euronews.com for all your latest business news

07:53and join us again next time on the exchange.

Comments

Dr. David Zagzag10 months ago
I find this video's overview of the $9 trillion global healthcare sector and its transformation by AI and robotics incredibly compelling. The potential for these technologies to improve diagnostics, treatment, and patient care is immense. However, it's crucial that we proceed thoughtfully, addressing the ethical implications of AI in healthcare, ensuring data privacy, and maintaining the human connection in patient care. The rise of patient apps empowering individuals to manage their health data is also a significant development, fostering greater patient engagement and potentially leading to better health outcomes. It's a complex landscape, and ongoing dialogue is essential to harness these innovations responsibly.

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How AI and Robotics are transforming the $9 trillion healthcare sector

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