Bayer Brings British AI Radiology Firm, Blackford Analysis, Onboard
Bayer will boost its radiology business by adding Blackford’s artificial intelligence tools for analyzing medical images.
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By - Last month, Bayer announced its acquisition of Blackford Analysis, a Britain-based firm that specializes in hosting solutions for medical image analysis and integrating artificial intelligence (AI) algorithms. Following the acquisition, Blackford will maintain functional autonomy, building with the help of Bayer’s global infrastructure.
Bayer did not disclose the deal’s financial terms. Yet, its internal radiology business accounted for nearly $2 billion in sales during 2021, and the broader radiology market is expected to grow by 5.8% annually through 2028. According to Reuters, Bayer also saw radiology business sales increase by 7% in the third quarter as aging patient populations increased the demand for medical imaging.
“Adding Blackford and its AI technology to our radiology portfolio secures Bayer an excellent position in the fastest growing segment within the overall global radiology industry,” said Stefan Oelrich, Member of Bayer’s Board of Management and President of their Pharmaceutical Division.
The Blackford platform supports healthcare providers as an expert in the AI imaging field. Instead of developing solutions in-house, Blackford connects radiology professionals with AI applications that cover seven radiology sub-specialties. Their most recent partnership will bring Brainomix’s e-Stroke solution onto the comprehensive platform allowing for timely diagnosis and faster treatment times for stroke victims.
“Combining our knowledge and experience as one of the leading platform providers in the industry with Bayer’s advanced radiology portfolio will enable us to provide solutions to deliver ongoing clinical value to radiologists and their teams,” said Ben Panter, Chief Executive Officer of Blackford Analysis.
Blackford operates as a third-party integration partner by incorporating AI solutions into radiology departments’ workflows. Currently, the company has over 80 AI solutions across its 30 vendor partnerships. In addition to integrating solutions, Blackford teams evaluate solutions' effectiveness and ensure that applications achieve their desired business effects.
A recent survey estimated that over a third of providers use an artificial intelligence solution to support medical imaging processes. The survey recorded higher usage of AI technology at imaging centers than hospitals, with most leveraging the technology for computer-aided detection of disease states. These facilities also use AI to improve image quality and reduce the time needed to diagnose a patient. In the future, it’s expected that more patients will need medical imaging as populations around the globe age and develop ailments like tumors, cancers, and other diseases that require understanding the structures within a patient’s body.
