Digital health and artificial intelligence (AI) are two of the most recent hot topics that people both inside and outside of the healthcare industry have been discussing.
For many years, technology has been at the heart of the healthcare revolution. The evolution of the internet, mobile networks, smart devices, and other technologies have significantly altered the process of providing patient care. People no longer have to wait for hours for 15-minute doctor consultations.

Doctor consultations are now as simple as a phone call. Patients can now consult with doctors from the comfort of their own homes. This is just one example of how technology has changed healthcare. Digital health and artificial intelligence (AI) are two of the most recent hot topics that people both inside and outside of the healthcare industry have been discussing. This article examines how artificial intelligence and digital health are fueling the next healthcare revolution while redefining healthcare delivery.

What exactly is digital health?
Digital health is a multidisciplinary concept that employs communication and information technologies to assist healthcare systems in providing affordable, high-quality care. Healthcare institutions can also become more efficient and sustainable with the help of digital health. Real-time examples of digital health include telehealth, mhealth, and wearable devices used to monitor patient status.

AI stands for Artificial Intelligence
AI is one of the most significant breakthrough technologies that is altering our daily lives, from avoiding traffic to online shopping to hospital experiences. While we are already seeing AI-induced changes in our lives, such as personalised movie or music recommendations and voice-controlled personal assistants like Alexa and Siri, let us take a deeper look into how AI and digital health are transforming the healthcare industry and patient care.

Through automation, AI can make it easier to detect invalid claims and accelerate the pace of claim-assessment, processing, approval, and payment.

How artificial intelligence and digital health are transforming healthcare

1. Improved workflow scheduling and prioritisation of cases
   Workflow management and case prioritisation are critical in the healthcare industry because a patient’s life is on the line. The sooner a diagnosis is made, the sooner treatment can begin. AI and machine learning algorithms can help with workflow optimization, case prioritisation, and patient flow management. Using AI and ML algorithms, healthcare professionals can navigate hundreds of medical records and identify critical and non-critical cases in seconds. This will allow physicians and radiologists to prioritise critical cases and design workflows and patient flows accordingly.
2. Rapid drug discovery It can take years, if not decades, to develop an appropriate drug for an illness. Chickenpox, for example, was discovered in the 1950s. However, it took nearly four decades to find the right vaccine for the illness. Drugs for contagious diseases can be discovered and synthesised in months, if not days, thanks to AI. The recent COVID-19 pandemic is a real-time example of how AI can accelerate drug discovery. With the assistance of AI, a relevant vaccine was developed and distributed globally almost a year after the COVID-19 outbreak.
3. Analysis and reporting of quantitative imaging Have you ever received different diagnoses for the same problem from different doctors? If you answered yes, you may have wondered which of the diagnoses is correct. The reason for such disparities in diagnosis among doctors is primarily due to subjective analysis and reporting. Almost all medical images are studied subjectively – based on the radiologist’s or physician’s personal opinions, point of view, and interpretations – which has frequently resulted in diagnostic errors and unnecessary/incorrect treatment. Only quantitative imaging analysis and objective reporting can overcome the shortcomings of subjective analysis and reporting.The process of measuring all the elements in a medical image and comparing them to anatomical values to identify deformities and determine the severity of illness is known as quantitative imaging analysis. Objective reports are generated from quantitative imaging analysis and contain detailed information about every element of the scanned body part, including measurements. However, performing quantitative imaging analysis and producing objective reports takes time, which is why most health centres are unable to do so. However, AI can assist health care facilities in performing quantitative imaging analysis in a timely and accurate manner.
4. Robotic surgery and virtual nursing assistant When compared to traditional techniques, robot-assisted surgery enabled by AI can assist surgeons in performing complex procedures with greater precision, flexibility, and control. Robot-assisted surgery is gaining popularity in the medical field, and the market for robotic surgery is expected to exceed $7 billion by 2025. AI-powered robots, like robot-assisted surgery, can serve as virtual assistants to provide 24/7 support for chronic conditions, monitor patient status, check medication intake, and schedule doctor’s appointments, just like a nurse practitioner.
5. Detection of Fraud AI can assist in ensuring the security of highly sensitive patient data, which is at the heart of providing secure and personalised patient care. Furthermore, AI can automate the process of detecting invalid claims and accelerating the pace of claim-assessment, processing, approval, and payment.
6. Sixth, precision medicine Precision medicine, also known as personalised medicine, is a medical model in which healthcare is tailored to a person’s genetics, lifestyle, and environment. Precision medicine is diametrically opposed to the one-drug-fits-all medical model. Numerous studies and experiments have been conducted to better understand AI’s potential in precision medicine. In the majority of cases, AI has been able to classify and solve precision medicine problems such as disease detection and prediction, treatment optimization, and so on. Most healthcare providers and professionals believe that AI will advance precision medicine by improving accuracy and prediction in patient outcomes. They also believe that AI can help make precision medicine more affordable and accessible to people from rural areas.

To summarise
AI and digital health are beneficial not only to patients but also to providers. Many stakeholders and industry leaders believe that the digital health and AI market is expanding and has a high ROI potential. According to one study, AI adoption could save US healthcare providers nearly USD 150 billion by 2025. Not only that, but with medical imaging data expected to double in the next decade, AI will be the only solution to deal with the healthcare data explosion.

According to studies, the increasing volume of data will drive the growth of AI in healthcare. Indeed, many health-care organisations have begun to embrace AI applications not only in patient-facing clinical processes, but also in diagnostic workflows and tasks involving medical images. According to a KPMG survey, 89% of respondents believe AI is already improving system efficiency.

Many health tech companies are shifting their focus away from cancer diagnosis and toward developing AI algorithms for other health issues such as chronic neck and back pain. Synapsica, for example, is a leading AI health tech company that has developed AI tools for spine problems and injuries. Radiologists can perform quantitative imaging analysis and generate objective reports in minutes using Synapsica’s AI tools, Spindle and SpindleX. The healthcare industry is one of those that undergoes transformation almost every decade. The current healthcare industry is very different from what it was a decade ago, and it will be very different in the next decade. And artificial intelligence and digital health will be the primary drivers of the next healthcare revolution.

Today, significant pressures are driving developments in sustainable technology. Governmental pressure, growing consumer demand for environmentally sound goods, and a flood of new funds into climate technology all play a part. After doubling in value in just two years, the climate tech start-up ecosystem in Europe is now worth over $100 billion. BlackRock CEO Larry Fink believes the next 1,000 billion dollar unicorns will emerge in the field of climate technology.

As a result of technological advancements, sustainability is becoming a more important factor in all sectors. Here, we zero in on innovations with the potential to significantly impact the long-term viability of seven different industries: advanced manufacturing services (AMS), automotive, retail, banking, energy, healthcare, and consumer products. This is based on our work at the Bain Innovation Exchange with corporate clients across industries, connecting with hundreds of start-ups focused on this topic, and ongoing conversations with venture capitalists and other investors.

Each highlighted climate tech and green breakthrough has the potential to disrupt many industries because of the interconnected nature of all markets. We’ve zeroed in on the companies that are making waves right now, as well as the newcomers whose methods have the potential to completely revolutionize a specific industry.

Larger and more complicated AMS projects can be investigated and advanced with the use of 3-D printing.

Data from the International Energy Agency shows that 37% of all CO2 emissions are caused by the construction industry. The latest developments in 3-D printing have the potential to minimize natural resource usage and waste in the sector by printing new materials, such as cement and metals, and by printing larger items. Building with 3-D printing is not only more efficient but also more precise, especially when the object being built is intricate or one-of-a-kind.

In economically depressed and underprivileged regions, Alquist uses 3-D printing to reduce the cost of constructing sustainable single-family, multifamily, mixed-use, and senior-living houses. Alquist saves up to 15% off the normal cost of building a home using wood by using 3-D printed concrete. This summer, the business will begin building on the world’s largest 3-D construction project: 200 3-D printed homes in southwestern Virginia, to be built over the course of many years.

Due to the ever-changing nature of the value chain, retail efficiency is more important than ever, and AI allows for more precise monitoring and reduction of scope 3 emissions.

For example, 95 percent of retail emissions come from scope 3 indirect emissions in the supply chain, making retailing a top sector emitter. Although the retailer has some control over the emissions from the sources in their “scope 1” and “scope 2” categories (direct emissions from company-owned sources and purchased power and heating/cooling, respectively), managing emissions from their “scope 3” system is more difficult. Artificial intelligence (AI) and other technologies can be used to track the system’s carbon footprint, predict future emissions, and cut them through more efficient internal and external workings.

Sweep has developed a carbon emission management software that enables merchants to track, predict, and cut scope 3 emissions across their whole value chain. As demand in this kind of nuanced carbon accounting grows, the company was able to raise $73 million in April of 2022.

Financial institutions are continually developing innovative approaches to generating sustainable value, such as the introduction of environmentally friendly and socially beneficial products and services.

With the advent of fintech, banks now realize they must compete with those who grew up with computers. Although banks’ direct impacts on the environment may be minimal, the loan portfolios and product offers they provide have a significant impact on how businesses and people behave, invest, and resolve their impacts. The market for environmentally friendly products is expanding rapidly, and with the larger green transition predicted to cost $125 trillion, lenders have a massive potential to capitalize on this trend. More and more, regulators are demanding that financial institutions quantify and report on their environmental effects, a process that can be complicated by a lack of readily available, high-quality portfolio data and standardized methods of assessment.

Well-known financial institutions are supporting decarbonization initiatives and providing emission reduction services. Green investment techniques, transaction-based carbon offsetting, and the transfer of earnings to compensatory initiatives are just a few examples of how new businesses are focusing on sustainability. Aspiration is a company with over 6 million consumers that aims to help them to get carbon neutral. Carbon reduction measures, such as offsetting a purchase’s carbon footprint, are included in its debit and credit cards. Organizational clients get access to carbon footprint tracking tools and a comprehensive database of carbon reduction resources. The company began operations in 2015 and raised $315 million in further equity funding in December 2021.

To overhaul their whole portfolios, energy businesses must now invest beyond carbon.

According to the World Resources Institute’s ClimateWatch, energy production is responsible for more than 70% of “man-made” greenhouse gas emissions. Leading energy businesses are reinventing and diversifying in response to increasing government interventions, incentives, and subsidies, as well as to shifting expectations among customers, investors, and employees. Although digitalization is opening up new possibilities for collaboration and creative business models, enterprises still need to strike a balance between a number of important concerns, such as the cost of energy, the reliability of the energy supply, and the potential profitability of any investments.

Companies like Google and General Electric have established corporate venture capital funds to invest in cutting-edge energy research. Between January 2020 and August 2021, climate technology businesses received almost $40 billion in venture funding, an increase of about 40% over the previous two-year period, as reported by PitchBook.

H2GO Power, a spinoff from the University of Cambridge, has created a reactor that stores hydrogen in a solid state and releases it on demand. This makes it a zero-emission, safe, and reliable alternative to lithium batteries. Units the size of shipping containers collect renewable energy, store it as hydrogen, and then release it when needed. Algorithms developed by AI enable effective management at a low cost.

The healthcare business in the United States is recognizing the importance of supporting the circular economy.

Seventy-five percent of all plastic ever made is now considered garbage, and the manufacturing process produces a lot of carbon dioxide. The healthcare industry is responsible for a sizeable amount of global plastic waste, much of it is related to essential medical supplies and procedures. The World Health Organization (WHO) has recently estimated that the critical products needed to manage a global pandemic have included 87,000 metric tonnes of personal protective equipment, 144,000 metric tonnes of syringes, needles, and other vaccine waste, and chemical and plastic waste from more than 140 million test kits.

The difficulty lies in minimizing waste without compromising the quality of service. Circular economy principles may call for a shift toward the usage of medical gadgets that are built for reuse and intended to be used for as long as possible after initial use. Expendables ought to be made from materials that can be broken down naturally in landfills. Seaweed and other plants are used in the production of biodegradable packaging by Notpla. The firm has apparently generated over $12 million to date and provides equipment and supplies to help businesses package their products in the most environmentally friendly way possible. Positively demonstrating the rapidity of the invention in times of global disruption, the industrial design firm Morrama very recently designed a prototype for what might be the world’s first entirely recyclable and biodegradable Covid-19 test.

Vertical farming and lab-grown meat are at the forefront of ESG expansion because they represent the future of food production and consumption.

As a result of the global food system, 7.9 billion people are fed and one-third of the world’s GDP is produced. On the other hand, it has a significant negative impact on the environment by accounting for almost a quarter of all greenhouse gas emissions and adding to the rate of deforestation and extinction of species. Using less water and land to grow the same or more food is possible with the help of innovative farming and eating practices like vertical farming and lab-grown meat. As a result, fewer resources are expended on chemical fertilizers, pesticides, and long-distance shipping. By using far fewer resources (both energy and water) in the production process, cultured beef has the potential to drastically reduce pollution levels.

The startup ecosystem is developing innovative strategies to take advantage of these openings. In only a few short hours, Air Protein is made by blending airborne components with the company’s cultivated animal proteins. Incorporating culinary expertise, the company is able to transform flour into a product with textures and flavors that are indistinguishable from those of real meat. And, IGS provides vertical farming platforms that regulate environmental conditions for maximum plant and human health.

Because of shifting norms and rising consumer interest, the auto industry is adopting air mobility.

Roughly 80% of the world’s energy is used in cities, and about 1.6 billion tonnes of greenhouse gases are released annually by vehicles on the road, according to the US Department of Energy. Decongesting cities, decreasing noise pollution, and aiding in the decarbonization of the energy sector are all possible with the help of urban air mobility (UAM), which uses drones to move both goods and people. Using electric propulsion and larger batteries in conjunction with vertical takeoff and landing systems makes this a technical possibility. Building on the findings of a 2021 study on societal acceptance of UAM, the European Union Aviation Safety Agency has begun developing its UAM regulatory framework. They estimate that within three to five years, it will have become commonplace in Europe.

Volocopter is an industry trailblazer, having secured $170 million at a valuation of $1.7 billion to build the first ecosystem of air cabs and heavy transport drones. Upon taking over as CEO in 2024, Dirk Hoke, formerly of Airbus Defense and Space, will be responsible for launching the company’s air taxi services in Singapore. There are proposals to run a fleet of 10–20 air taxis from the Seletar Aerospace Park to ferry visitors between Marina Bay and Sentosa.

Transformation of the value chain needs to take place on multiple fronts to keep up with the rapid pace of innovations in sustainability.

As an issue, sustainability is both intricate and dynamic, necessitating regular assessment. These creative approaches are just the beginning, and they may not be without their own environmental costs. In order to arrive at the best, most well-rounded solutions throughout any value chain, a thorough risk assessment is always necessary.

Innovation is happening faster than ever, ESG considerations are becoming standard operating procedures, and keeping tabs on the evolution of the complex ecosystem is crucial. Because of this, we need to keep digging deeper into these issues and learning more about the many facets of innovation strategy, start-up ecosystem participation, VC funding, and business development.