5 roles radiologists can fill in the burgeoning $576M imaging AI industry
Radiologists can fill several different roles in the burgeoning artificial intelligence industry, experts noted in a new analysis published Wednesday in JACR [1].
Signify Research estimates that the imaging AI market was worth about $576 million last year alone, a figure that could surpass $1.7 billion by 2027. The technology has the chance to revolutionize the specialty, but vendors require radiologists’ clinical expertise and mastery of imaging workflows for AI to reach its true potential.
“There is no one-size-fits-all approach for radiologists to participate in industry,” first author Steven Rothenberg, MD, an assistant professor at the University of Alabama at Birmingham Department of Radiology, and colleagues advised. “When choosing a role, radiologists should consider their unique strengths, availability, and personal and financial risk tolerance.”
Rothenberg and co-authors—who include the CMO and chief medical information officer at Rad AI—offered five roles members of the specialty can fill, with varying levels of risk:
- Scientific collaborator: “Radiologists can work with industry partners and researchers to develop and evaluate new imaging technologies and techniques, as well as conduct research on the impact of these technologies on patient care, healthcare costs, or efficiency. In this role, the radiologist functions primarily as an academic researcher, with the vendor providing grant funding, cost reimbursement, and potentially sponsored speaking engagements.”
- Medical advisor: “Radiologists can serve as advisors to AI companies, providing their expertise and feedback on the development and evaluation of AI imaging technologies and models. These positions often require a smaller time commitment than the other options and may offer compensation in the form of equity or cash.”
- Inventor: “Radiologists who create novel technologies can license these technologies to vendors to bring to market. This involves working with the radiologist’s technology transfer department to protect their intellectual property and negotiate licensing deals with third parties for royalty payments.”
- Startup founder: “Starting a company poses the highest level of risk and requires overcoming significant obstacles, such as slow industry adoption, strict IT and security requirements, long sales cycles, and entrenched legacy systems. Yet, these barriers also present a fertile environment for innovation, and those with the right mix of ingenuity, persistence, team, funding, timing and luck can achieve tremendous success.
- Employee: “Working in larger organizations offers access to greater resources, an established customer base, and a diverse range of internal talent and expertise. Although risk levels are generally lower and the compensation is more stable, the pace of innovation is slower, and the radiologist likely has less control of the overall product direction.”
Read much more from the team of experts, including the potential negatives of acting as a vendor, at the link below.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.