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Landscape and Opportunity Assessment in an Emerging Area
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Artificial intelligence (AI) and analytics technologies are now being well accepted in healthcare, with bellwether clinical application areas (e.g., radiology), and operational application areas (e.g., revenue cycle management). One area of the hospital that perhaps needs the most attention, is the hospital operating room (OR). The OR is a hospital’s highest revenue generator but is also a high cost center. The OR is also ridden with inefficiencies and challenges that prevent hospitals from utilizing them to their fullest potential. On a clinical front as well, significant innovation leaps have eluded the surgery space. This has primarily been the result of mammoth manual efforts required to address those challenges. The advent of AI and analytics, however, is set to change the conventional OR and allied areas (e.g., endoscopy procedures). AI and analytics have the ability to process large volumes of data and derive meaningful insights to guide the user toward efficiencies. Therefore, hospital OR managers who have hitherto been burdened with managing multiple challenges in running the OR, can now leverage on these technologies to the maximum potential. Surgeons also can leverage on the myriad applications of the technology to help at each stage of a surgery. On a broad scale, Frost & Sullivan segments this market in terms of application areas—clinical and operational. Clinical areas are further classified into surgery training solutions (for trainees and incumbent surgeons being trained on new devices or techniques), surgery preparation (pre-operative), surgery performance (intra-operative), surgery analysis, and surgery reporting (post-operative). The operational area seems majorly focused on scheduling accuracy and block utilization optimization solutions; however, there are a couple of solutions for surgical supply chain and case costing as well. Clinical solutions also depend on adjunct tools and technologies such as virtual reality (especially for training) and robotics. Although robotic surgery is another hot area with several developments, the lack of autonomy prevents it from being included in the scope of this study as an AI solution by itself.
This study covers the needs of the OR market, the current landscape of solutions across the two segments of clinical and operational offerings, the market forecast, regional analysis of the solutions, funding analysis for start-ups, the role of medtech and medical imaging equipment participants in terms of how they envision the ‘future of the OR’ and how start-ups could play a role in that vision, as well growth opportunities for the short and long terms.
Key Issues Addressed
Author: Siddharth Shah
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