The 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool startup idea from YoStartups is to create an AI-based image processing platform for healthcare industry which can help doctors remotely diagnose diseases using diagnostic reports.
Market Definition for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
According to World Bank Data, the number of physicians is less than 2 per 1000 people worldwide. The access to quality healthcare currently is limited due to constraints connected with time and access. But with the advancements in the fields of internet and telecommunication, the development of an AI-based image processing diagnostic platform can be a game changer in the third world countries which don’t have access to quality medical professionals.
The governments in the developing nations have started investing heavily in healthcare infrastructure which can optimise resource utilization and boost productivity in the health sector with the tool and, in turn, this can free up healthcare professionals who can then be deployed in more critical areas.
Also, Dr. Nick Bryan, an Emeritus Professor of Radiology at Penn Medicine and Dr. Bradley Erickson from the Mayo Clinic in Rochester, Minnesota predicts that within ten years all medical imaging exams will be reviewed by a Pathologist or a Radiologist only after a machine has analyzed it. So the opportunities are massive in the years to come as the healthcare footprint increases across the world.
Competitor Analysis for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
There are various companies listed below which are using AI, Big Data and Machine Learning to improve accuracy in diagnosing critical health conditions.
Great Britain’s National Health Service is working in partnership with Google’s DeepMind (DeepMind Health), whose goal is to create new apps for healthcare professionals, assisting them with patient emergency alerts and risks associated with potential treatment options
ViewsIQ, a healthcare technology company, is disrupting pathology practice by digitizing patient samples microscopically. Its Panoptiq system is the first software-based approach to digital imaging that allows seamless integration into a pathologist’s clinical workflow. They want to accelerate the way the diagnostic information is delivered.
Microsoft’s InnerEye is a research project that uses state of the art artificial intelligence to build innovative image analysis tools to help doctors treat diseases such as cancer in a more targeted and an effective way.
Pain Point & Target Audience for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The target audience for the startup would be the rural population who do not have access to the quality healthcare, because of restricted access to qualified medical professionals. Secretary-Mimicking Artificial Intelligence performs secretarial tasks intelligently and semi-autonomously, with rapidity and consistency, thus enabling pathologists to focus on slide interpretation, which results in a marked increase in productivity, a decrease in error, and reduction of stress in daily practice. Secretary-Mimicking Artificial Intelligence undergoes encounter-based learning continually, resulting in a continuous improvement in its knowledge-based intelligence.
Value Proposition for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The proposed start-up can provide a deep learning platform for pathologists to upload the medical images obtained from the different samples. This platform can analyze the image inputs and come up with a possible diagnosis. This can shorten the time to treatment for patients who don’t have access to world-class healthcare. It can also generate alternate revenue streams for both hospitals and diagnostic centers by handling patients who do not have physical access to the hospital location. This platform can help doctors in screening the patients quickly, reducing the workload on the doctors. It can also help doctors diagnose on time; thus reducing further complications arising from late diagnosis.
Business Model for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The start-up can work with both hospitals and diagnostic centers on a SaaS-based model.
It can also tie up with hospitals and diagnostic centers initially on a revenue sharing basis or pay per use basis until it builds a trust in the market.
Way to market for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The start-up should start with collating and analyzing all the medical reports by doing pilot projects with hospital and diagnostic centers to perfect the algorithm. They can also adopt crowdsourcing model to collect data wherein interactive application platforms on mobile phones can take images of specific conditions over a period.
Milestones for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The start-up should tie up with local pathologists and diagnostic centers which can help them with initial data sets till the platform can diagnose possible conditions based on the image inputs. By the end of the year, the start-up should have tied up with a couple of the top hospital chains to run pilot projects and further improve the prediction accuracy of the algorithm.
Investment Needed For Prototype for 1001 Startup Ideas -AI Enabled Medical Diagnostic Tool
For developing and testing the platform, pitch for raising up to $125k from accelerators like Rockstart AI Accelerator, Microsoft Accelerator, Y Combinator, etc. The tools like DeepMind from Google, Microsoft AI Platform or IBM’s Dr. Watson AI health framework, Apple’s ResearchKit can be used till the in-house AI reaches the desired accuracy for prediction.
Team Capability for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The team must include a member with work experience with one of the big chain of hospitals who can leverage relationships to get access to initial data, also a medical professional with domain knowledge and a data scientist to analyze data with the help of machine learning and deep learning techniques.
Investors / Expert Take for 1001 Startup Ideas – AI Enabled Medical Diagnostic Tool
The technologies based on Artificial Intelligence will dominate the tech business landscape, and we already see the advancement in various sectors. In the presented idea, the challenge will be to get quality medical professionals on board to ensure that the product can scale up faster without glitches.
The start-up would need to engage more and more healthcare professionals and the pathologists to give recommendations to fast-track the learning process with better accuracy.
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This 1001 startup idea article is from Yostartups, YoStartups is a Pre Accelerator and it empowers entrepreneurs to propel their business ideas into successful ventures. Yostartups’ core mission is to take the message of entrepreneurship to 1 billion people globally by 2020.
In case you are looking at scaling or launching a venture on similar lines, you can apply for our virtual acceleration program Excelrate on our website, Yostartups.com, Yostartups’ Excelrate program will help you in streamlining and structuring your startup idea. We have limited scholarships and discount packs for deserving startups, depending on the strength of your application, you may qualify for a discount.