The artificial intelligence industry is expanding rapidly and it is increasingly becoming vital in business operations. In Canada companies engaged in AI are attracting a lot of talent and as a result, most Canadian cities are emerging as places that AI talent prefers. Companies such as Shopify (NYSE: SHOP), IBM (NYSE: IBM), and Google (NASDAQ: GOOGL) are leading the AI charge in Canada.
The government has been supportive of the AI ecosystem through research incentives and capital investment. The country became the first to a Pan-Canadian AI strategy worthy of $125 million to deal with talent and research. There is an increasing application of AI in the healthcare sector in Canada.
Canada supporting AI in healthcare
One of the major sectors that AI is disrupting is the Healthcare sector which has huge potential. By 2025 the AI healthcare market could hit $36.1 billion. This significant growth could be a result of the availability of big data as well as growing collaborations and partnerships that are fuelling AI growth. Similarly, the need to minimize the imbalance between patients and the healthcare workforce is also driving AI growth in the healthcare industry.
Canada is a major player in AI development and its healthcare market could grow by CAGR of around 35.9%. With the enhanced application of AI in medical imaging, genomics, precision medicine, and drug discovery the sector is expected to continue flourishing.
Multiple Sclerosis Society receives $1 million for AI research
The Health sector has continued to receive investment to enhance AI capabilities. For instance, TD Bank (NYSE: TD) recently donated $1 million to the Canadian Multiple Sclerosis MS Society to help in research projects. The donation will support research in the use of AI to create tools that will enable the better use of disease-modifying therapies in patients with multiple sclerosis.
The MS Society will use the funds in the Acts of Greatness campaign that aims to raise $75 million to help in research and treatment of the disease. Pamela Valentine Canada’s MS president stated that AI offers an opportunity to health professionals and people living with MS a chance to predict the appropriate treatment. She added that early intervention is very vital to avoid irreversible disability and the application of AI will help enable this.
Using AI to detect lung cancer
Recently radiologist Tim O’Connell mooted the idea of using AI tech to detect lung cancer. He suggested the possibility of running the tech through archives of chest X-rays in hospitals globally to detect cases of lung cancer missed. O’Connell is also the CEO of EMtelligent Software Ltd which has developed a medical natural language processing technology. The tech could help in understanding medical data and also it commissions medical professionals to review notes to decode language employed by fellow doctors.
Although the tech is increasingly becoming important in healthcare O’Connell suggests that there is a need for policy guidance. Ethicists, policymakers, and lawyers should help unpack the implications of AI in medicine. Already Generation R consultancy has developed an AI ethics roadmap to be applied in AI-powered software.
