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