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Tech expert Jarno Duursma sees both advantages and disadvantages when it comes to using AI in healthcare. First the advantages: Scientists at Life Lines, a large-scale study into the onset of chronic diseases among 165 thousand people in the northern Netherlands, make use of artificially intelligent software. Duursma: This research has been going on since 2006. A huge database is being compiled from all those studies and questionnaires. With the help of AI, doctors are able to identify connections that they would otherwise never have spotted, like improving the diagnosis of depression or the prediction of cancer.

Or what about research into medicines? At Leiden University in the Netherlands, researchers are working on a model that is based on 3.8 million measurements that have been published on drug candidates since the 1970s. This acts as a kind of library that helps scientists search in the right direction. The system also predicts interactions between a chemical and a protein based on 5.5 billion data points. Using the softwares predictions, a chemist can get to work testing whether the potential drug will work in actual practice. In this regard, the use of artificial intelligence saves a lot of time and money. These are very fine applications that allow you to develop a drug that works faster or to use an existing drug for other diseases. These are great developments that get me fired up, Duursma adds.

Something else that gets Duursma enthused: Avatars in healthcare. For example, in the form of a digital doctor who conducts a simple intake or summarizes complicated and lengthy pieces of text in a short video for patients. By letting artificial intelligence carry out an intake, a doctor has more time to spare. You can also use this digital doctor to explain patient leaflets using a video, which sometimes works better than long texts.

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Despite his enthusiasm, Duursma also warns against using AI in healthcare. Our healthcare is becoming more and more expensive and is putting more pressure on society. We need to do something about this, but we shouldnt be focusing solely on technology. We still need to keep a critical eye on the dangers of AI.

In his view, we tend to overestimate the merits of software. To illustrate this point, he points to an algorithm that predicts whether a mole is malignant or not. The software was perfectly capable of picking out bad birthmarks, but what transpired when the scientists started probing into how it did that? The system did not reach its conclusions by looking at the moles themselves, but saw the ruler that dermatologists use to track the growth of suspicious moles as an important signal. This shows that an algorithm trained with different pictures of birthmarks comes up with an assessment based on something completely different than what you might expect.

Duursma sees the same thing in a host of initiatives that were designed to detect Covid-19 on lung photos with the use of AI. These lung photos are all different qualities and there are a lot of nuances in them. So, in any event, the data is very messy. A specific AI system once again drew a conclusion on the basis of something weird. The algorithm based its diagnosis on a font on the x-ray images of certain hospitals where there were a lot of corona patients. This black box is one danger that AI poses that we need to be aware of.

According to Duursma, another disadvantage of using artificial intelligence is that we want to capture all problems as data. By this datafication of the problem, you might be needlessly diminishing the problem. This creates a techno-solutionism, whereby you only focus on where data can be collected. Whereas when you zoom out, not everything can be captured as data. These problems are then excluded from it.

Nor should we be blind, Duursma believes, to any unintended long-term consequences that technology or artificial intelligence may cause. As an example, he cites the selfie cameras in iPhones: The selfie camera has contributed to making the individual even more of a focal point. Young people now visit a plastic surgeon with their favorite Snapchat filter: This is how I want to look. Thats an unintended consequence of this technology, but no Apple developer had ever considered that before.

Duursma goes on to say that we need to pay more attention to the talents and qualities that we lose along the way as a result of technology, especially in healthcare. I used to be very good at remembering phone numbers. Now my phone does that for me. The same goes for navigating or doing math in your head. These are skills that we are losing through the use of technology. Especially in healthcare, it is important that we treat this very carefully. Look at this from the perspective of a moral compass. Imagine that we will soon have an infallible algorithm for checking moles. Are radiologists then allowed to unlearn this skill? Or do we teach students not to look at photos because the software does that? I dont have answers to these questions, but we should continue to critically examine this aspect.

Tech philosopher at Fontys University of Applied Sciences, Rens van der Vorst, also offers much the same critical examples when talking about AI in healthcare. Generally speaking, you see that the diagnostic results of algorithms are quite disappointing. Following the outbreak of corona, all sorts of claims were made. For example, about an algorithm that could predict whether someone had corona based on the sound of someones cough. All those initiatives turned out not to be so successful after all. We tend to overestimate the impact of technology in the short term but underestimate it in the long term. Maybe the same kind of thing is happening with AI.

Van der Vorst sees mainly advantages to the use of AI in logistics operations in hospitals. Technology often serves as an amplifier. So if you start using AI to help a supermarket operate more efficiently, a supermarket will operate more efficiently. The same is true for a hospital. Weve seen that software is not yet good enough at making diagnoses, but artificial intelligence is capable of planning more efficiently. AI can also play a role in preventive care right now. With measurements taken in the home and advice on healthy living, to name a few things.

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Artificial intelligence in healthcare? 'Don't focus solely on technology' - Innovation Origins

The global wound care solutions market is estimated to garner $30.5 billion in revenue by 2026 at a compound annual growth rate of 6.7%, finds Frost & Sullivan

SAN ANTONIO, Oct. 18, 2021 /CNW/ --Frost & Sullivan's recent analysis, Global Wound Care Solutions and New-age Technology Growth Opportunities, finds that participants in the wound care industry are investing heavily in technologies and solutions that require minimal/no medical intervention and can be used by patients, family and care providers. Primarily contributed by basic and advanced wound care solutions product types, the global wound care solutions market is estimated to garner $30.5 billion in revenue by 2026 from $20 billion in 2020, an uptick at a compound annual growth rate (CAGR) of 6.7%.

With technological advancements and a diverse array of traditional and advanced wound care solutions comprising apps, software, services, devices, and wearables, North America will dominate the wound care market by 2026. Also, the European wound care market will witness stable growth as the market becomes saturated due to technological advancements. Asia-Pacific will see a maximum growth rate as countries across the region adopt wound care solutions rapidly. Similarly, a surge in demand for faster wound recovery and advanced wound dressings in the Middle East and Latin America, respectively, will drive the wound care solutions market in the rest of the world over the forecast period.

For further information on this analysis, please visit: https://frost.ly/6eh

"The requirement for faster, less-invasive wound healing is boosting the demand for advanced wound care solutions," said Suchismita Das, Healthcare & Life Sciences Research Analyst at Frost & Sullivan. "Additionally, the resumption of elective surgeries that were placed on hold during the pandemic will further boost the post-pandemic demand for surgical wound care solutions."

Das added: "As end-users increasingly prefer 'at-home' solutions, simple and effective wound monitoring devices and solutions that require less intervention from clinicians are gaining traction. Further, the artificial intelligence (AI)-enabled solutions, sensor-based devices/wearables, and wound assessment devices aid care providers with clinical decision support (CDS) for faster diagnosis of complex wounds, leading to effective care pathways."

Government and corporate funding for developing next-gen wound care solutions that primarily enable early wound detection and prevention is set to increase, presenting the following growth opportunities for market participants:

Global Wound Care Solutions and New-age Technology Growth Opportunitiesis the latest addition to Frost & Sullivan's Healthcare & Life Sciences research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Global Wound Care Solutions and New-age Technology Growth Opportunities

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Artificial Intelligence to Boost the Global Wound Care Market by 2026 with Minimal Intervention Solutions - inForney.com

HENDERSON, Nev., October 19, 2021--(BUSINESS WIRE)--Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients, filed its quarterly report on Form 10-Q with the Securities and Exchange Commission for the period ended August 31, 2021. AITX is a full SEC reporting company that files detailed annual and quarterly reports as prepared by a PCAOB registered firm and reviewed by an independent auditor.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211019005507/en/

A sampling of the many AITX, its subsidiaries RAD, RAD-G and RAD-M, developments in the 2nd quarter of FY 2022. Included are two new apps, RAD Light My Way and RAD AR (Augmented Reality), plus the announcement of the RAD 3.0 product line. (Graphic: Business Wire)

"The first half of our fiscal year saw continued progress, development, plus exponential sales growth," said Steve Reinharz, President and CEO of AITX. "Both subscription revenues and sales revenues saw dramatic increases year over year."

Key Takeaways from the 10-Q Filing

AITX Financials

The Company completed actions to eliminate almost all of its dilutive financial instruments as follows: 1. Substantially all of the convertible debt has been paid or converted; 2. The number of Series F convertible preferred Shares were reduced; 3. An agreement was reached amongst all Series F shareholders not to convert their shares prior to August 2023, unless there is an uplisting of the Companys stock or an asset sale.

Unless subsequent events reinstate a dilutive financial instrument, none of which are under consideration, the number of outstanding shares of the company will only grow as a result of actions related to the effective and current S-3.

Device parts inventory (on hand) as of August 31, 2021 at $488K, up from $25K as of August 31, 2020, an increase of 1,852%. This increase supports both organic growth, inventory for fast delivery, and support for an expanding sales pipeline.

Story continues

Research and Development spending fiscal YTD August 31, 2021 at $1,334K, up from the previous FY period of $190K, a 602% increase. The increase supports investments in new project development, increased engineering, programming resources, and other R&D initiatives.

Robotic Assistance Devices (RAD) Sales Growth

The Company reports that for the quarter ended August 31, 2021, AITXs second quarter of fiscal year 2022, device subscription revenues, referred to as Recurring Monthly Revenue (RMR), increased 69% over the same period of the prior year. Six month total revenues, including all sales and subscriptions, increased 404% over the prior fiscal years period.

Sales Funnel Development

The Company reports that its sales funnel continues its solid growth as its sales team continues to produce significant activity and results. RAD President and COO, Mark Folmer commented, "We expect to close the month of October with an additional RMR of nearly $14,000. This will bring RADs total RMR to just over $80,000. Were expected to cross the $1 million annualized RMR run rate in the current fiscal quarter, ending November 30."

New Products Announced RAD 3.0

On Wednesday, October 13, 2021, the Company announced its new lineup of RAD 3.0 devices. RAD 3.0 marks a complete design and re-engineering of nearly all RAD solutions. "The entire RAD team worked feverishly hard throughout Q2 so that we could preview all of the improvements in design and performance that we showcased earlier this week," Reinharz added. "The response to our RAD 3.0 announcements has been overwhelmingly positive. Im sure that we have a hit on our hands and we cannot wait for our customers to see these in person," Reinharz commented.

The AITX Investors Open House and RAD 3.0 Reveal video is available for viewing at https://tinyurl.com/hkp5ds

"Fiscal year 2022 continues to confirm RADs inevitable progress," Reinharz added. "These second quarter results reveal our constant grind, whether its inventing new products, penetrating new markets, or solidifying our financial position. There is so much more on the immediate horizon that we expect to conquer, making FY 2022 an incredibly big year for us in sales, team, tech and industry stature," Reinharz concluded.

The Company recommends that interested parties examine the published 10-Q to review all details, and reminds readers that this release is limited to the applicable highlights of the quarter.

Follow Steve Reinharz on Twitter @SteveReinharz for future AITX and RAD updates.

AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industrys existing and costly manned security guarding and monitoring model. RAD delivers this tremendous costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.

About Artificial Intelligence Technology Solutions (AITX)

AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITXs RAD and RAD-M companies help organizations streamline operations, increase ROI and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education and healthcare. To learn more, visit http://www.aitx.ai and http://www.roboticassistancedevices.com, or follow Steve Reinharz on Twitter @SteveReinharz.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005507/en/

Contacts

Steve Reinharz949-636-7060@SteveReinharz

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Artificial Intelligence Technology Solutions, Inc. Reports Revenue Increases of Over 400% Over Same Period Prior Year as Shown in 2nd Quarter SEC...

Animal testing is considered to be one of the worst cruelties towards any animal in this world over 100 million animals such as mice, frogs, dogs, rabbits, monkeys, cats, and many others are killed in animal experimentation. Meanwhile, cutting-edge technologies like artificial intelligence, machine learning, etc. are helping in boosting productivity while reducing workloads from human employees efficiently through AI models. Thus, artificial intelligence holds the potential to replace animal testing in the future. Artificial intelligence replacing animal testing can be a new approach to save these animals from undergoing lab experiments that hurt and kill them. Lets explore how AI models can save these animals from going through harmful animal testing.

Animal testing has saved millions of human lives at a cost of the precious lives of animals for a long time. It has helped the world with unbelievable medical innovations like vaccines, antibiotics, and many more drugs. But, this is not fair to these animals who sacrifice their lives for these experiments days after days for multiple years. This has been observed that some animal testing is not reliable enough to predict the behavior of drugs in human bodies. There is a huge wastage of time, money, animal lives, and many more. Thus, AI models are suitable and favorable for those experiments. Artificial intelligence and machine learning are known for generating reliable outcomes efficiently and effectively throughout the year if the training data is accurate.

AI models can save the lives of millions of animals with computer vision and accurate datasets. This is one of the true alternatives to animal models that holds huge potential to generate reliable and safe outcomes for drug discoveries. The emergence of quantum computing is creating a massive way with breakthroughs and experiments. Thus, there is no need for utilizing different animals for not-so-reliable animal testing.

In 2016, Thomas Hartung led some researchers from Johns Hopkins University to successfully develop an artificial intelligence algorithm that can determine substance toxicity after comparing it to similar databases and predictions from previously conducted animal testing. This software project showed this group of researchers that testing on animals showed inconsistencies and different animals can show different results to the same experiment. There is a concern that laboratories cannot use animals for these experiments but all kinds of testing are not possible to be completed by computers.

Start-ups like Verisim Life have started utilizing the power of artificial intelligence and machine learning in biosimulation to replace animal testing in the nearby future. It is a San Francisco biotechnology start-up focused on building digital animal simulations to reduce animal testing for drug discoveries. When animal testing is slow and unreliable, this AI model can eradicate the cruelty as well as boost the process of drug discovery to supply at a faster rate.

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Potential of Artificial Intelligence Replacing Animal Testing in the Future - Analytics Insight