The business problem
As a result of the pandemic AI is currently no longer the top priority of both the MedTech giants and the healthcare systems. However, once we are able to look beyond the immediate demands that raised due to the COVID crisis, AI will again emerge as a key area of interest.
AI has already proved that it is able to provide solutions for some of the most common challenges such as allowing the delivery of more accurate and comprehensive patient care and reducing administrative burden.
Despite the challenges, visionary MedTech companies continue strengthening their position in the AI domain. GemSeek has built significant expertise in supporting their transition to AI-driven innovation with the most appropriate and actionable market research and analytics approaches.
Our client needed a map to plan its steps to leadership in AI development
Our client, a well-recognized medical device company, had significantly expanded its investments in AI-based solutions. However, to get ahead of the competition in AI and set the trends, our client needed strategic insights on the market landscape and development. GemSeek’s approach towards this project included:
- Opportunity assessment
The growing number of partnerships between healthcare providers and OEMs delivering clinical AI, was a solid indicator for AI’s immense technological and financial potential. Anyhow, only narrow task-specific AI applications were applied in diagnostic imaging, leaving sufficient room for innovation. With the help of healthcare providers and practitioners we identified the most promising areas in need of AI to assist our client in developing cutting-edge solutions.
- Market mapping
We helped our client understand the competitive landscape, and pinpointed attractive collaboration and acquisition opportunities. For instance, we discovered a rise in alliances between tech giants and startups, whereby combining the resources of the first with the ability to out-innovate incumbents of the latter showed great promise for securing a leading position in the space.
- Key competitors deep-dive
In order to get ahead of its key competitors – both OEMs and startups, our client needed to become familiar with their overall strategies and deep-dive into their R&D, products, marketing, sales, etc. Our team mapped the main players and prepared detailed competitive profiles of each one to enable our client to take informed decisions and refine its strategy.
- Ongoing monitoring
We assisted our client in keeping abreast of the latest developments in medical AI by delivering a weekly newsletter with highlights and powerful market insights. To do so, we used our monitoring and text analytics tools to analyze the vast content from hundreds of sources – social media, news sites, blogs, forums, and review sites.
GemSeek had to identify the most promising AI applications in medical imaging and find potential partners for the development of cutting-edge solutions
We helped with actionable insights and practical recommendations on the key questions our client needed to address.
- What should we develop next?
Through a primary study among KOLs and Radiologists at different hospitals, we mapped and analyzed all steps of the workflow, along with their inherent challenges. We also worked with focus groups to test our client’s concepts and estimate their market potential. The greatest excitement was around 3 areas: Image processing, Image Perception & Reasoning – where freeing up practitioners’ time by applying AI would allow them to focus on more important matters.
- Acquire or ally?
To help our client locate, evaluate and select the right partners and target companies for acquisition, we created an advanced Partnership Assessment Tool. The tool allowed us to rank 50+ AI startups in healthcare, based on multiple criteria incl. solutions, market presence, customer base, team, and funding needed.
- How to crack key competitors?
Our team researched 120+ sources to map and build competitor profiles, revealing what makes the main players successful and where they are vulnerable. We performed deep-dives into their strengths & weaknesses, products (incl. product development roadmap), target markets and go-to-market strategies in order to provide strategic recommendations.
- Are we missing something?
In order to keep our client up to date with the latest developments in the industry, we established a weekly newsletter, covering over 700+ sources in 4 different languages. With the help of our media monitoring and text analytics tools, we conducted analyses and provided the most important information about general AI, such as trends, competition, new developments, customer feedback, etc.
A brand-new accelerator and collaboration with 12 leading hospitals and 6 startups support the ambitious AI development strategy of our client.
Based on the results from the 1st phase of the project, our client undertook 2 major strategic moves:
- AI development strategy
The company decided to develop AI-based applications addressing challenges in 2 topical areas of the radiology workflow – Image processing and Image perception. To do so it used the Partnership Assessment Tool to identify and enter into strategic collaborations with 6 startup companies. Moreover, our client established partnerships with 12 leading hospitals worldwide, in order to involve them in different phases of the product development and get ahead of its key competitors.
- Accelerator program
Our client launched and is currently running an accelerator, providing support for up to 15 AI startups from all over the world. In addition to funding, the startups enrolled in the client`s 6-month program receive support from the company`s inhouse teams and network. Combining the insights from our ongoing weekly newsletter with those of the Partnership Assessment Tool, our client manages to find the most up-and-coming new companies and help them develop their projects into commercially viable solutions.
A look in the future
At GemSeek, we deploy data-driven insights to solve our clients` most pressing business challenges. We work to unlock our clients` data and mobilize the organization to deliver maximum potential with new and existing customers.
About Company: Multi-Modality Portfolio
Company Size: 10 001+ employees
Location: USA, Europe, Asia, India
GemSeek Capabilities: Qualitative research, Desk Research, Text Analytics