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We recently compiled a list of the Top 10 Medical AI Stocks on Wall Street's Radar. In this article, we are going to take a look at where Oscar Health Inc. (NYSE:OSCR) stands against the other medical AI stocks.
Investments in the global healthcare industry have ramped up sharply since the COVID-19 pandemic. With the advent of artificial intelligence (AI), the industry witnessed a rapid transformation in early disease detection, genomic research, drug discovery, clinical processes, and treatment efficacy prediction.
According to a 2023 PwC report, the AI market in healthcare was valued at $11 billion and is expected to grow to $188 billion by 2030. On January 21st, Oracle Co-founder Larry Ellison said during a White House speech that AI plays an integral role in early cancer detection and vaccine development. He highlighted how AI could help detect tiny tumor fragments and assist in gene-sequencing malignancies for the development of mRNA vaccines at a rapid speed for customized cancer treatment options.
Furthermore, AI is speeding up accurate decision-making by aligning big health data with pattern recognition systems, improving patient outcomes by ensuring timely clinical intervention.
During a fireside chat at the annual J.P. Morgan Healthcare Conference on January 13th, Mayo Clinic chief administrative officer Christina Zorn shared how the company addresses potential future healthcare worker shortages and improves cancer care by leveraging AI in robotics and pathology database management.
“We’re going to use, essentially, the robots to be a member of the healthcare team in the healthcare spaces,” she said. “We saw a paradigm shift in healthcare. You’re either going to disrupt from within, or you’re going to be disrupted,” she said.
The significant growth potential in the evolving AI healthcare industry is driving investor interest in the sector as drug discovery and development companies continue to announce new-gen breakthroughs.
For this article, we selected AI stocks by reviewing news articles, stock analysis, and press releases. We listed the stocks in ascending order of their hedge fund sentiment taken from Insider Monkey’s database of 900 hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).