The healthcare industry continues to be a hotbed of innovation, with activity driven by telemedicine, real-time diagnostics, smart hospitals and access to digital therapies, as well as the growing importance of technologies such as artificial intelligence (AI), the Internet of Things (IoT), augmented reality (AR), robotics and data management practices. In the last three years alone, there have been over 106,000 patents filed and granted in the healthcare industry, according to GlobalData’s report on Artificial Intelligence in Healthcare: Health Insurance Risk Analysis.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
200+ innovations will shape the healthcare industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the healthcare industry using innovation intensity models built on over 443,000 patents, there are 200+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, drug delivery device security, microscopic image analysis models, and cellular imaging techniques are disruptive technologies that are in the early stages of application and should be tracked closely. Smart balloon catheters, automated immunoassay analysers, and AI-assisted MRI are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are smart fitness training system and non-invasive physiological monitoring which are now well established in the industry.
Innovation S-curve for artificial intelligence in the healthcare industry
Health insurance risk analysis is a key innovation area in artificial intelligence
In order to distinguish between minor, acceptable clinical risks and unacceptable major risks, risk analysis in healthcare requires discussion of the sources of risk, their effects, and the probability that those effects may happen with those involved in providing healthcare, patient safety, and the organisation itself. Data from risk analysis are used to help with the following assessment and management of hazards.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 40+ companies, spanning technology vendors, established healthcare companies, and up-and-coming start-ups engaged in the development and application of health insurance risk analysis.
Key players in health insurance risk analysis – a disruptive innovation in the healthcare industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to health insurance risk analysis
|Company||Total patents (2010 - 2021)||Premium intelligence on the world's largest companies|
|Aliphcom||63||Unlock company profile|
|Expanse Bioinformatics||54||Unlock company profile|
|Ping An Insurance (Group) Company of China||43||Unlock company profile|
|Omron||34||Unlock company profile|
|Swiss Re Malaysia||19||Unlock company profile|
|Koninklijke Philips||18||Unlock company profile|
|UnitedHealth Group||17||Unlock company profile|
|Taikang Insurance Group||15||Unlock company profile|
|DAYA Medicals||15||Unlock company profile|
|Allstate||14||Unlock company profile|
|SomaLogic||14||Unlock company profile|
|Hi.Q||11||Unlock company profile|
|State Farm Mutual Automobile Insurance||11||Unlock company profile|
|Theator||11||Unlock company profile|
|Sony Group||11||Unlock company profile|
|SoftBank Group||11||Unlock company profile|
|Moody's||11||Unlock company profile|
|Swiss Reinsurance||10||Unlock company profile|
|Alphabet||10||Unlock company profile|
|Abbott Laboratories||10||Unlock company profile|
|Terumo||9||Unlock company profile|
|Quality Standards||9||Unlock company profile|
|Fujifilm Holdings||8||Unlock company profile|
|F. Hoffmann-La Roche||7||Unlock company profile|
|Healthcare Interactive||7||Unlock company profile|
|Walmart||7||Unlock company profile|
|Amino||7||Unlock company profile|
|International Business Machines||7||Unlock company profile|
|Quality Healthcare Intermediary||7||Unlock company profile|
|Microsoft||7||Unlock company profile|
|Rite Aid||7||Unlock company profile|
|Merck & Co||7||Unlock company profile|
|MedImpact Holdings||7||Unlock company profile|
|Cardiocom||7||Unlock company profile|
|USAA||6||Unlock company profile|
|Bank of America||6||Unlock company profile|
|Parkland Center for Clinical Innovation||6||Unlock company profile|
|Verisk Analytics||5||Unlock company profile|
|Millennium Pharmacy Systems||5||Unlock company profile|
|Centene||5||Unlock company profile|
|Halliburton||5||Unlock company profile|
Source: GlobalData Patent Analytics
Aliphcom is one of the leading patent filers in the market for health insurance risk analysis. Some other key patent filers in the field include Expanse Bioinformatics and Ping An Insurance. In terms of application diversity, SomaLogic leads the pack, followed by Alphabet and Theator. By means of geographic reach, Cardiocom held the top position, followed by DAYA Medicals and Halliburton in the second and third spots, respectively.
A large amount of data on past and present patients' health records can be analysed using artificial intelligence. The data can be easily organised in a single database and made available to healthcare providers. Health risk analysis can identify the risk factors regarding possible futuristic diseases. This analysis will help the insurance companies to plan their respective insurance packages accordingly.
To further understand how artificial intelligence is disrupting the healthcare industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Healthcare.