Optiscan Imaging is researching how AI can be implemented in its cancer-fighting technology, which it believes has the potential to generate billions of dollars in revenue for the thriving healthcare industry in the United States.
With the help of a $3 million industry grant, the firm intends to advance the development of its gastrointestinal (GI) endomicroscope. According to the company, a new study indicates that the gadget has the potential to bring in an astounding $8 billion in extra income in the US market.
Dr. Sanchitha Fernando, chief technologist at Optiscan, is spearheading the company’s second-generation initiative, which will get funding from the federal government’s Cooperative Research Centres Projects (CRC-P) program.
Optiscan, the CSIRO, Hydrix, and Design + Industry are working together on a project to create a small digital microscopy probe. This probe will be able to fit into the biopsy channels in the majority of endoscopes. It will be able to capture real-time, slide-free images with amazing subcellular detail. An AI engine will automate the system’s ability to identify and evaluate cells with malignant or precancerous potential.
Management states that a study it commissioned from US-based advisors Latham Biopharm Group found that their gastrointestinal endomicroscopy technology has the potential to bring in $9.5 billion in healthcare savings due to earlier diagnoses and treatment, in addition to a substantial new revenue stream.
Camile Farah, Managing Director and CEO of Optiscan Imaging, said “This project is part of a company-wide transformation which is creating a portfolio of products and services that will tackle large addressable markets. On completion, our new device will bring together the power of the company’s endomicroscopy platform with that of cutting-edge AI and will open new opportunities in functional GI imaging.”
Even while technology is advancing at a rapid pace, many medical diagnostic processes still involve invasive procedures, take a lot of time, and typically involve numerous professionals working together in a wider healthcare network.
A digital microscope the size of a pen that puts the capability of “real-time 3D single-cell imaging” in the hands of a medical professional is created by Optiscan’s proprietary imaging technology, which houses miniature components.
Endomicroscopes are tiny, portable instruments that may be held in the palm of your hand and pressed against a sample to observe its details. These microscopes use a miniature optical fiber-scanning mechanism to create an image. They are essentially fiber-optic fluorescence confocal microscopes. The next step is to touch the probe to the tissue of interest; this will generate images.
Impressive submicron-resolution high-resolution images can be effortlessly obtained from both big and living samples when the probe is in touch with them, offering stability and a z-plane reference.
Utilizing state-of-the-art AI, Optiscan’s innovative technology will open up new possibilities in functional gastrointestinal imaging for disorders like Crohn’s disease, ulcerative colitis, and irritable bowel syndrome. Further applications include the detection and surgical removal of gastrointestinal polyps and cancers.
Given the substantial financial potential shown in its recent commissioned research, the organization will surely utilize its grant cash to quickly demonstrate the effectiveness of its groundbreaking product.
With as many as 11% of American adults afflicted with gastrointestinal disorders, which can be severely disabling, this can only be a positive development.
