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Global Artificial Intelligence (AI) In Healthcare Market Size Is Anticipated to Reach Around $613 Billion By 2034
Globe Newswire 14-Aug-2024 10:50 AM
PALM BEACH, Fla., Aug. 14, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The artificial intelligence (AI) infrastructure market is expected to expand in the next decade across all the worldwide healthcare markets. AI algorithms have demonstrated the capability to analyze vast amounts of medical data, including patient records and genetic information. This efficiency allows healthcare professionals to diagnose conditions more quickly and accurately, leading to better patient outcomes. AI-powered diagnostic tools can detect subtle patterns and indicators of diseases, this offers early detection and further works on early prevention of diseases. AI systems also help in assisting healthcare professionals with valuable tools, all these factors that offer improved diagnosis process act as a driver for the market's growth. A report from Precedence Research said that the global artificial intelligence (AI) in healthcare Market size, which was USD 19.27 billion in 2023, is estimated at USD 26.69 billion in 2024 and is anticipated to reach around USD 613.81 billion by 2034, expanding at a CAGR of 36.83% from 2024 to 2034. The U.S. artificial intelligence (AI) in healthcare market size was valued at USD 6.07 billion in 2023 and is expected to be worth around USD 195.01 billion by 2034, growing at a CAGR of 37% from 2024 to 2034. Active A.I. companies active in the markets include: Avant Technologies Inc. (OTCQB:AVAI), C3 AI (NYSE:AI), Snowflake (NYSE:SNOW), NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT).
The Precedence Research report said: "The growing adoption of the digital technologies in the healthcare sector owing to the growing need for reducing the healthcare costs and offer enhanced quality patient care services to the patients are the prominent factors that are boosting the growth of the global artificial intelligence in healthcare market. The surging prevalence of various chronic diseases and growing elderly population is resulting in the increased pool of patients at hospitals. The large volume of patient health data is generated every day, which is required to be stored and managed effectively. The growing demand for the personalized medicines and the necessity of maintaining digital health records are significantly driving the artificial intelligence in healthcare market."
Avant Technologies, Inc. (OTCQB:AVAI)Unveils AI-Powered Healthcare Infrastructure to Deliver Intelligent Healthcare Solutions - Avant Technologies, Inc. ("Avant" or the "Company"), an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, today announced a significant initiative to improve patient care by creating an advanced AI-powered healthcare infrastructure. This new platform will utilize machine learning and advanced computing to empower healthcare providers and patients, which will enhance care delivery and monitoring. Healthcare-focused applications, such as "intelligent agents," will directly benefit from this platform, which includes built-in features specifically designed for healthcare applications for professionals and patients.
Avant's vision for the future of healthcare revolves around integrating with existing systems and providing a suite of built-in infrastructure and intelligent features. These features include first-line advising agents that offer personalized guidance to patients, advanced analytics to uncover hidden patterns and optimize treatment plans, and tailored treatment protocols based on individual patient data. The platform will also include a predictive health analysis feature for early intervention and medication management tools to ensure optimal adherence and effectiveness.
One of the infrastructure's key focuses is a highly secure connection to clinic and hospital patient databases. This ensures privacy and compliance while enabling remote telemedicine features. It also expands access to quality healthcare, especially in underserved areas.
"Our mission is to utilize the latest advancements in AI, including the massive potential of future quantum computing, to create a healthcare ecosystem where healthcare applications can naturally incorporate smart features for patient care, ensuring that every patient receives the best possible care," said Kenneth L. Waggoner, Chief Executive Officer at Avant Technologies. "We believe that evidence-based medicine and intelligent resource allocation will pave the way for a healthier future for all."
Avant's ambition extends beyond improving patient outcomes. By optimizing healthcare spending through intelligent data-driven insights, the company aims to make quality healthcare more accessible and affordable for everyone. This initiative reinforces Avant's commitment to utilizing cutting-edge technology to create a more efficient, effective, and equitable healthcare system for the future. CONTINUED… Read this and more news for Avant Technologies at: https://www.financialnewsmedia.com/news-avai/
In other industry developments and happenings in the market recently include:
C3 AI (NYSE:AI), the Enterprise AI application software company, recently announced that the company has achieved the Amazon Web Services (AWS) Generative AI Competency. This specialization recognizes C3 AI as an AWS Partner that helps customers and the AWS Partner Network (APN) drive the advancement of services, tools, and infrastructure pivotal for implementing generative AI technologies.
Achieving the AWS Generative AI Competency differentiates C3 AI as an AWS Partner that has demonstrated technical proficiency and customer success in supporting minimized hallucinations, prompt engineering, model customization, and data privacy. C3 AI possesses the experience and expertise demonstrated through successful projects addressing customer challenges using generative AI solutions. These solutions enable digital transformation strategies for augmenting the customer experience, delivering hyper-personalized and engaging content, streamlining workflows, and delivering actionable results powered by generative AI technology from AWS.
Snowflake (NYSE:SNOW), the AI Data Cloud company, recently announced that it will host the Llama 3.1 collection of multilingual open source large language models (LLMs) in Snowflake Cortex AI for enterprises to easily harness and build powerful AI applications at scale. This offering includes Meta's largest and most powerful open source LLM, Llama 3.1 405B, with Snowflake developing and open sourcing the inference system stack to enable real-time, high-throughput inference and further democratize powerful natural language processing and generation applications. Snowflake's industry-leading AI Research Team has optimized Llama 3.1 405B for both inference and fine-tuning, supporting a massive 128K context window from day one, while enabling real-time inference with up to 3x lower end-to-end latency and 1.4x higher throughput than existing open source solutions. Moreover, it allows for fine-tuning on the massive model using just a single GPU node — eliminating costs and complexity for developers and users — all within Cortex AI.
By partnering with Meta, Snowflake is providing customers with easy, efficient, and trusted ways to seamlessly access, fine-tune, and deploy Meta's newest models in the AI Data Cloud, with a comprehensive approach to trust and safety built-in at the foundational level.
NVIDIA Corporation (NASDAQ:NVDA) recently announced major advancements to Universal Scene Description, or OpenUSD, that will expand adoption of the universal 3D data interchange framework to robotics, industrial design and engineering, and accelerate developers' abilities to build highly accurate virtual worlds for the next evolution of AI.
Through new OpenUSD-based generative AI and NVIDIA-accelerated development frameworks built on the NVIDIA Omniverse™ platform, more industries can now develop applications for visualizing industrial design and engineering projects, and for simulating environments to build the next wave of physical AI and robots.
Palantir Technologies Inc. (PLTR) and Microsoft Corporation (NASDAQ:MSFT) recently announced a significant advancement in their partnership to bring some of the most sophisticated and secure cloud, AI, and analytics capabilities to the U.S. Defense and Intelligence Community. This is a first-of-its-kind, integrated suite of technology that will allow critical national security missions to operationalize Microsoft's best-in-class Large Language Models (LLMs) via Azure OpenAI (AOAI) Service within Palantir's AI Platform (AIP) in Microsoft's government and classified cloud environments.
Palantir and Microsoft have a long history operating in secure and accredited environments to deliver leading technology for the most critical U.S. Defense and Intelligence missions. Now, through this partnership, Palantir will deploy their suite of products – Foundry, Gotham, Apollo, and AIP – in Microsoft Azure Government and in the Azure Government Secret (DoD Impact Level 6) and Top Secret clouds. Palantir will also be an early adopter of Azure's OpenAI Service in Microsoft's Secret and Top Secret environments.
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