Artificial intelligence (AI) is aiming to revolutionize the healthcare sector, forging a new era of medical innovation.
As we dive into the realm of the top AI healthcare stocks, it’s imperative to understand the game-changing potential of this technology. According to a Markets and Markets report, the global AI healthcare sector is forecast to cross the whopping $100 billion mark later this decade. This surge is powered by the emergence of AI-based solutions that can effectively streamline operations and trim costs.
From refining diagnoses, reducing medical errors, and enhancing patient outcomes, AI technology is proving its tenacity in the medical sphere. The intersection of surging healthcare demand and AI’s ascension has birthed spectacular long-term investment opportunities.
Investing in AI healthcare stocks provides a lens to this evolving landscape, so it’s imperative to journey into this dynamic world to uncover the stocks steering this revolution.
GE Healthcare Technologies (GEHC)
Following its spin-off from General Electric (NYSE:GE) earlier this year, GE Healthcare Technologies (NASDAQ:GEHC) continues to turn heads as a leading manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals.
Its robust portfolio ranges from CT machines and MRIs to ultrasounds and mammograms. Others in the suite include digital tools designed to optimize the management of these crucial products. Moreover, it operates a profitable enterprise that continues to deliver for its shareholders, offering tremendous long-term upside.
Also, it is committed to spearheading a digital revolution in the sector. Particularly through AI and machine learning, GEHC is shaping the future of patient care. By leveraging these advanced technologies, GEHC’s products can process extensive patient data to provide more accurate diagnoses and treatment options. A case in point is its AI-driven imaging software, which can identify and analyze anomalies in medical images. This approach not only enhances early disease detection but boosts treatment outcomes.
Medtronic (MDT)
The healthcare sphere is undergoing a paradigm shift, and Medtronic (NYSE:MDT), one of the leading medical device manufacturers, is leading the charge. Medtronic’s strategy for AI integration involves forging alliances with industry giants while optimizing alliances with AI to improve patient outcomes.
For example, take the launch of its AI-powered surgical assistant, ‘Hugo”. It’s a testament to the firm’s innovation-driven trajectory, promising a massive boost in sales over the long term.
Moreover, by strategically partnering with tech giants such as Nvidia (NASDAQ:NVDA) and IBM Watson, Medtronic is integrating AI into its medical devices and applications, thereby advancing patient care. For instance, it’s using AI to enhance diagnostic imaging and enable predictive diabetes management.
Additionally, it has launched the FDA-cleared “smart” insulin pen to boost its AI-driven solutions for global health systems.This underscores its commitment to delivering personalized, efficient patient care. Hence, these strategic strides firmly position Medtronic’s pivotal role in steering digital transformation in the healthcare sphere.
McKesson (MCK)
McKesson (NYSE:MCK) is undoubtedly a key player in North America’s healthcare sector, handling the distribution of nearly one-third of the region’s pharmaceuticals. It operates a robust business that continues to grow across both lines growing its dividend payouts in the past 15 consecutive years. Moreover, the company’s forward momentum shows no signs of slowing. This year, McKesson elevated its guidance, underpinned by the burgeoning demand for medical devices.
The company’s strategic investment in AI healthcare firms such as Komodo Health underlines its ambition to improve meaningful insights and solutions for its customers. Moreover, its adoption of the Google Cloud Platform accelerates its AI and data analytics capabilities, enabling real-time patient population monitoring and other advancements. The company is leveraging AI automation via its partnership with Genesys to deliver AI-powered chatbots and voice assistants to boost its customer experience significantly.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines