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Artificial Intelligence (AI) Reshaping Healthcare Industry with Unimaginable Potential
Globe Newswire 20-Nov-2024 8:45 AM
PALM BEACH, Fla. , Nov. 20, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Healthcare Artificial Intelligence (AI) market exhibits a high degree of innovation, characterized by ongoing advancements in technology. Rapid developments in ML, deep learning, NLP, and computer vision are driving the evolution of AI-powered healthcare solutions. One primary factor driving market growth is the increasing demand in the healthcare sector for enhanced efficiency, accuracy, and better patient outcomes. According to a March 2024 Microsoft-IDC study, 79% of healthcare organizations are presently utilizing AI technology. In addition, the return on investment (ROI) is realized within 14 months, generating USD 3.20 for every USD 1 invested in artificial intelligence (AI). AI technologies hold transformative potential in various areas including medical imaging analysis, predictive analytics, personalized treatment planning, and drug discovery, potentially transforming conventional healthcare practices. A report from Grand View Research said the global AI in healthcare market size, which was estimated at USD 19.27 billion in 2023, is expected to grow at a CAGR of 38.5% from 2024 to 2030. The report said: "Mergers & acquisitions (M&As) play a significant role in shaping the healthcare AI market landscape. Companies [that] engage in M&A activities to expand their AI software and services increase their market reach or acquire specialized technology and expertise. End-users are becoming increasingly aware of the potential benefits of AI in improving patient care, operational efficiency, and healthcare outcomes. Education initiatives and industry events helped raise awareness about the capabilities and applications of AI in healthcare." A.I. companies active in the markets include: Avant Technologies Inc. (OTCQB:AVAI), Teladoc Health, Inc. (NYSE:TDOC), Tempus AI, Inc. (NASDAQ:TEM), Medtronic plc (NYSE:MDT), Clover Health Investments, Corp. (NASDAQ:CLOV).
Grand View Research continued: "The software solution component segment is anticipated to grow at the fastest CAGR of 38.7% over the forecast period. The segment growth is attributed to the rapidly growing adoption of AI-based software solutions among healthcare providers, payers, and patients… The services component segment is anticipated to witness significant growth from 2024 to 2030. The growth of this segment can be attributable to the rising penetration of AI-based technologies in several healthcare applications, such as clinical trials, virtual assistants, robot-assisted surgeries, dosage error reduction, and fraud detection. The healthcare providers (hospitals, outpatient facilities, and others) segment is expected to grow significantly over the forecast period. AI-powered medical imaging analysis tools aid healthcare providers in interpreting medical images like X-rays, MRIs, and CT scans. These tools improve diagnostic accuracy, shorten interpretation time, and facilitate early disease detection, resulting in prompt interventions and enhanced patient care. In addition, hospitals are leveraging AI-driven predictive analytics to anticipate patient admission rates, pinpoint at-risk populations, and allocate resources effectively. These factors are driving the segment growth."
Avant Technologies, Inc. (OTCQB:AVAI)and Ainnova Advancing Proprietary Retinal Camera to Market with Vision AI Software - Avant Technologies, Inc. ("Avant" or the "Company"), and its partner Ainnova Tech, Inc. (Ainnova), a leading healthcare technology company focused on revolutionizing early disease detection using artificial intelligence (AI), today announced the companies will advance Ainnova's proprietary low-cost retinal camera, which will be used for fundus photography, and seamlessly packaged together with Ainnova's Vision AI software platform for commercialization. By combining the two technologies, Ainnova's versatile camera will provide precise retinal scans to its AI software leading to even more accurate data.
Vision AI is a powerful cutting-edge, AI-driven platform that can quickly and accurately detect the early markers of a host of diseases by applying AI models to examine imaging data from the eye to expedite earlier detection and allow patients to better manage their disease. The diseases that Vision AI can detect include diabetic retinopathy and other retinopathies, such as glaucoma, macular edema, age-related macular degeneration and other anomalies, as well as other diseases that do not require retinal images, and instead use other datapoints that Ainnova will integrate into the software like the detection of kidney disease, liver fat, cardiovascular risk, and pre-diabetes.
Currently, Ainnova's Vision AI software works well with any fundus camera on the market; however, Ainnova and Avant are aiming for exclusivity by developing a lower-cost, easier-to-use camera that captures retinal images automatically and then uploads those images to the Vision AI software platform, which then produces a "risk report" in mere seconds. Ai-nova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova, will develop the retinal cameras as part of the joint venture and licensing deal to facilitate the development of Ainnova's technology portfolio. AAC owns the licensing rights to develop, maintain, and market Ainnova's technology portfolio in both North America (United States and Canada) and throughout Europe.
Vinicio Vargas, Chief Executive Officer of Ainnova and member of AAC's Board of Directors, said, "The cost of a fundus camera has always been a barrier to entry into ... this market, so our low-cost camera should allow us to not only enter the market but to capture a large share of the market. To that end, I will be meeting with a leading U.S. provider of digital healthcare solutions to discuss a potential distribution agreement, investment, and regulatory support."
AAC will market the two technologies as a Software as a Service (SaaS) + retinal camera package with the hope of making retinal scans a part of routine healthcare. The business model is a pay-per-use platform, per patient, monthly, aimed at primary care clinics, insurance companies, opticians, pharmacies, occupational health companies that provide the service to employees of many companies, and pharmaceutical companies that sell the treatments or therapies.
Vinicio Vargas added, "Our vision is that the retina will be a new standard in primary care, as basic as taking a patient's blood pressure, and together with other datapoints, such as demographic data or laboratory results, to generate a complete report of preventive medicine." CONTINUED… Read this and more news for Avant Technologies at:https://www.financialnewsmedia.com/news-avai/
In other Artificial Intelligence industry developments and happenings in the market recently include:
Teladoc Health, Inc. (NYSE:TDOC), the global leader in whole-person virtual care, this year released new data today from two studies, presented at the American Diabetes Association's 84th Scientific Sessions, that illustrate the company's unmatched predictive modeling capabilities to help members with type 2 diabetes control their blood sugar through participation in Teladoc Health's diabetes management program.
The new data shows a 3X increase in engagement leading to an additional 0.4 reduction in A1c (8.2 to 7.8) for members targeted with personalized health nudges (notifications that are sent to mobile or cellular connected devices) after being identified as at-risk for uncontrolled diabetes through artificial intelligence (AI). Additionally, diabetes members who received personalized next-best actions, powered by predictive modeling, in their weekly email were 50% more likely to engage with a health coach.
Tempus AI, Inc. (NASDAQ:TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, recently announced the collaboration with Flatiron Health, a leading healthtech company dedicated to expanding the possibilities of point of care solutions in oncology, to integrate its comprehensive genomic testing directly into Flatiron's cloud-based Electronic Medical Record (EMR) platform, OncoEMR® through the Molecular Profiling Integration (MPI). This integration will provide oncologists with seamless access to Tempus' suite of testing options, enhancing their ability to deliver personalized cancer care.
Flatiron's MPI—a two-way integration between laboratories and OncoEMR—will allow the 4,200 providers at more than 800 community-based cancer care locations across the U.S. in Flatiron's network to order and receive results from Tempus directly in the OncoEMR workflow. The integration will enable electronic ordering, order tracking, and the receipt of Tempus test results directly within the OncoEMR platform, significantly reducing administrative burden and improving the experience for care providers.
Medtronic plc (NYSE:MDT), a global leader in healthcare technology, announced recently at the North American Spine Society (NASS) 39th Annual Meeting in Chicago the commercial launch of several software, hardware, and imaging innovations. These enhancements are designed to advance AiBLE™, the Medtronic smart ecosystem of innovative navigation, robotics, data and AI imaging software, and implants that enable more predictable outcomes in spine and cranial procedures. In line with its commitment to increasing the quality of care for patients with spinal conditions, Medtronic also announced a partnership with Siemens Healthineers to explore opportunities to further expand access to advanced pre- and post-operative imaging technologies for spine care.
New advancements in the AiBLE™ ecosystem build upon the company's commitment to procedural innovation and execution, and include the following: O-arm™ 4.3 software, which introduces advanced navigation volumes, dose reduction, and enhanced image confirmation. With this release, Medtronic now offers the industry's longest 3D scan length for cone-beam CT images, which allows surgeons to capture additional spine levels in one scan and streamline their workflow. O-arm™ is the first and only intraoperative imager that uses AI, with 70% less radiation dose compared to the standard protocol, while maintaining image quality. Medtronic Implant Resolution (MIR) further enhances decision-making by reducing metal artifacts around select screws, enabling confident final screw placement.
Clover Health Investments, Corp. (NASDAQ:CLOV) A.I. News - Counterpart Health, Inc. ("Counterpart"), a leading AI-powered physician enablement platform, recently announced a multi-year agreement with The Iowa Clinic, P.C., one of the most highly regarded multispecialty healthcare groups in the United States. This deal positions The Iowa Clinic as one of Counterpart's anchor customers in the Midwest, as Counterpart drives a broader strategic expansion across the country. Counterpart is a subsidiary of Clover Health Investments, Corp. ("Clover Health").
Founded in 1994, The Iowa Clinic is a benchmark for excellence in American healthcare, recognized as one of America's Top 100 Healthcare Providers by Becker's Hospital Review and a recipient of multiple Press Ganey Guardian of Excellence Awards for patient satisfaction. As the largest physician-owned multispecialty group in its community, with over 250 providers across more than 40 specialties, The Iowa Clinic is celebrated for its pioneering physician-governed, patient-centered model. It also has been recognized for its leadership in patient safety by the Leapfrog Group and quality care by the NCQA. The clinic is a frequent collaborator in national research and an early adopter of advanced diagnostic technologies, with its physicians regularly featured in Castle Connolly's list of America's Top Doctors. Renowned for its clinical expertise and commitment to innovation, The Iowa Clinic consistently delivers world-class, patient-centered care.
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