PALM BEACH, Fla., Dec. 17, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - With the advent of Artificial Intelligence (AI), the methods and techniques to diagnose have helped doctors and patients to understand these diseases in a much faster way, leading to the steady employment of AI in multiple diagnoses around the healthcare industry. The field of medical diagnostics is getting revolutionized due to AI. Medical imaging data, including X-rays, MRIs, and ultrasounds are getting analyzed by AI algorithms to help doctors discover and diagnose diseases more accurately and at a much faster rate. This can assist healthcare professionals in making better judgments regarding patient care, leading to increasing AI in diagnostics market size. A report from Fact.MR projected that revenue from the global Artificial Intelligence in diagnostics market is projected to reach US$ 1.85 billion in 2024 and thereafter increase swiftly at a CAGR of 23.1% to end up at US$ 14.76 billion by 2034. The report said: “Health issues are rising among people as the world goes through climate change and other environmental factors, people are getting concerned about their health thus leading to more people going to doctors for diagnosis and proper health checkups. Medical diagnostics is a process through which doctors understand the condition of a patient's body and analyze whether the patient is suffering from any particular harmful disease. The analysis and results of these tests help doctors use the most suitable course of treatment for their patients to fight the diseases, contributing to the overall expansion of the AI in diagnostics market growth.” Active companies active in the markets include: Avant Technologies Inc. (OTCQB: AVAI), Tempus AI, Inc. (NASDAQ: TEM), Medtronic plc (NYSE: MDT), Stryker (NYSE: SYK), Pegasystems Inc. (NASDAQ: PEGA).
Fact.MR continued: “The market share of South Asia & Pacific is estimated to jump from 9.1% in 2024 to 14.9% by 2034, compared to the Middle East & Africa region, where the market share is forecasted to increase from 3.8% in 2024 to 5.5% by 2034. This is pushing more healthcare professionals and research centers to establish their study centers in South Asia & Pacific instead of the Middle East & Africa. The market in Eastern Europe is forecasted to expand faster compared to Western Europe. The market in Western Europe is estimated to expand at a CAGR of 16.6% through 2034, while Eastern Europe is analyzed to expand at a CAGR of 19.6% from 2024 to 2034. The United States has always led the race for technological improvements and innovations, and this holds true for AI as well. Every year, engineers introduce advancements in areas such as machine learning and natural language processing, which increase the accuracy and precision of analysis and research. As a result, healthcare providers are increasingly trusting AI for diagnosis, significantly contributing to market revenue. Researchers in the United States are also focusing on expanding their systems internationally to gain a first-mover advantage.”
Avant Technologies, Inc. (OTCQB: AVAI) and Ainnova Secure Advanced AI Algorithms for Early Detection of Four Additional Diseases in the U.S. - 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 Ainnova’s acquisition of an exclusive license for 4 groundbreaking, AI-driven algorithms from one of Asia’s most respected and largest healthcare institutions. These solutions, validated across diverse geographies, ethnicities, and socio-economic populations with data from over 2-million patients, will join Ainnova’s existing diabetic retinopathy and retinal disease detection solutions.
The 4 algorithms include early detection for cardiovascular risk, prediabetes and type 2 diabetes, fatty liver disease, and chronic kidney disease. Combined with Ainnova’s existing retinal disease detection tools, these new algorithms will be used with Ainnova’s powerful cutting-edge AI platform, VisionAI, to detect the early markers of these diseases quickly and accurately by applying AI.
The acquisition of an exclusive license to use 4 advanced algorithms in the Americas offers Ai-nova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova, a robust platform for primary care providers to streamline early risk screening and improving patient care in the United States.
Ainnova will introduce these cutting-edge solutions in Latin America with strategic partners in primary healthcare services across key markets like Mexico and Brazil. AAC expects to build on Ainnova’s regional expansion by securing clearance from the U.S. Food and Drug Administration in 2025 to then introduce these solutions in the U.S. market.
While explaining that these efforts aim to transform the current approach to preventive care by providing accessible, efficient, and impactful health screening solutions, Ainnova’s Chief Executive Officer, Vinicio Vargas, said, “This license represents a pivotal moment for Ainnova and for its partnership with Avant as it allows us to bring world class, validated solutions to the Americas. This effort not only complements our current solutions, but it also aligns with our ongoing R&D initiatives to continue incorporating new diseases that can be detected quickly and affordably, pushing the boundaries of preventive care, and making healthcare more inclusive and accessible to all.”
The licensed algorithms enhance the company’s capabilities to empower healthcare providers with comprehensive, fast, and accessible tools for early disease detection. Using simple patient datapoints—such as demographics, lifestyle attributes, and routine measures, like blood pressure—these algorithms enable rapid risk screening, facilitating timely specialist referrals and improving health outcomes. CONTINUED… Read this and more news for Avant Technologies at: https://www.financialnewsmedia.com/news-avai/
In other healthcare/technology industry developments and happenings in the market recently include:
Medtronic plc (NYSE: MDT) - Health system leaders are under tremendous pressure to find cost-effective solutions aimed at improving patient outcomes and operational efficiency. While balancing these demands is challenging, advancements in artificial intelligence (AI) can help make healthcare work better for everyone.
Artificial intelligence is a powerful tool that can increase the speed, efficiency, and effectiveness of global health systems. By analyzing large amounts of data in real time, AI can help improve clinical and nonclinical decision making, reduce medical variability, and optimize staffing. Likewise, AI can reduce the volume of tedious administrative tasks that often lead to burnout among healthcare professionals.
At Medtronic, we’re driven to create healthcare technologies that are worthy of the human body. That’s why we’ve adopted a people-centered approach to the research, development, and responsible deployment of AI. When AI solutions are seamlessly integrated into health system workflows, clinicians have the power to focus on what matters most: patients.
Stryker (NYSE:SYK) recently announced a definitive agreement to acquire care.ai, a privately held company specializing in delivering AI-assisted virtual care workflows, smart room technology and ambient intelligence solutions. The acquisition will strengthen Stryker’s growing healthcare IT offering and wirelessly connected medical device portfolio.
This growing segment is of increasing importance as Stryker’s customers continue to face nursing shortages, employee retention challenges, overworked and cognitively burdened staff, and a rise in workplace safety concerns. care.ai adds complementary technology that will integrate seamlessly with the Vocera platform and Stryker’s devices, providing customers with an enterprise-wide ecosystem that can deliver dynamic clinical workflows and further the development of smart care facilities. Care.ai’s platform and sensors enable a variety of AI-assisted workflows that can help deliver a responsive and personalized healthcare environment, allowing caregivers to spend more time with patients.
Tempus AI, Inc. (NASDAQ: TEM) and Northwestern Medicine recently announced a collaboration that aims to explore the application of artificial intelligence in clinical care and research. The collaboration, which is expected to span across several disease conditions over time, will start with the Northwestern Medicine Bluhm Cardiovascular Institute, a nationally recognized destination for specialized cardiovascular care and advancing discovery.
“As we navigate the complex landscape of healthcare, this collaboration between Tempus and Northwestern Medicine underscores an alliance in revolutionizing patient care through AI-enabled methods,” said Eric Lefkofsky, CEO and Founder of Tempus. “By harnessing the power of data-driven insights, we’re not just treating diseases; we’re illuminating pathways to better outcomes, faster diagnoses, and more personalized treatment plans.”
Pegasystems Inc. (NASDAQ: PEGA) recently announced the availability of new AI-driven legacy discovery capabilities in Pega GenAI Blueprint™ to accelerate the daunting task of modernizing legacy systems that hold organizations back. Now IT teams can analyze their existing systems in seconds and reimagine their workflows while reducing technical debt.
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