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AI In Healthcare Is Expected To Reach $148 Billion By 2029 - Here's How Brand Engagement Network (NASDAQ: BNAI) Seeks To Revolutionize The Industry

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By Faith Ashmore, Benzinga

Artificial Intelligence (AI) is gaining popularity in the healthcare market, and for good reason. AI is revolutionizing the healthcare industry by streamlining administrative tasks, optimizing treatment plans and enabling more precise diagnostics. AI is also facilitating the development of personalized medicine and predictive analytics, paving the way for more efficient and effective healthcare delivery. Due to the multifaceted benefits AI offers to the healthcare sector, it comes as little surprise that the global AI in healthcare market size was valued at $20.9 billion in 2024 and is expected to reach $148.4 billion by 2029 at a CAGR of 48.1%.

Brand Engagement Network (NASDAQ: BNAI) (BEN), an AI company that is cementing its place against big tech giants, is working to secure its foothold in the AI space. The company has spent the past several years acquiring patents to enhance sound and image processing, sensor data and AI perception and understanding. Technology used by BEN debuted its AI/3D avatar prototype in 2020, showcasing BEN's ability to blend cutting-edge technology with immersive user experiences. BEN’s AI has distinguished itself from competitors through 16+ perception, understanding and response AI modules that facilitate a truly human-like interaction in the ways it can listen, see, speak, and react.

BEN’s products have been created with consumers in mind. According to a recent study, 79% of healthcare professionals preferred the responses of an AI chat compared to live doctors and a majority of users preferred hearing the AI Avatar speak. As such, the company’s AI model caters to the demands of healthcare professionals and patients. BEN believes that its AI could be useful to over 145,000 organizations within the healthcare space, and the company is looking to offer solutions to human error and burnout across a variety of healthcare industry operators including hospitals, pharmacy networks and payors.

Partnerships Forged On Path To Success

The company has recently announced some collaborations that highlight its growing position within the industry. OSF HealthCare, recognized as one of America’s Most Innovative Companies by Fortune in 2023, is partnering with BEN to bring AI assistants to healthcare facilities and improve simulated training operations for medical professionals. This collaboration aims to overcome the limitations of traditional chatbots by developing AI assistants with advanced conversational skills and extensive knowledge of healthcare protocols.

“We’re excited to work with OSF HealthCare piloting our AI technology in medical professional and continuing education settings,” shared BEN CEO Michael Zacharski. “BEN’s goal is to create rich and engaging customer experiences and empower organizations with new tools that can accelerate business productivity and efficiency with our AI technology. This collaboration with OSF HealthCare brings voice powered AI Assistants to the forefront, benefitting medical professionals in a way that directly translates to improved patient experiences in everyday healthcare environments.”

BEN also recently announced another collaboration with MedAdvisor Solutions (ASX: MDR) to introduce its AI assistants to select pharmacies. This partnership aims to overcome the limitations of traditional chatbots by leveraging BEN’s advanced conversational skills and deep pharmaceutical knowledge, combined with MedAdvisor Solution’s expertise in pharmacy-driven patient engagement.

"By partnering with MedAdvisor Solutions, we are opening the door to a wealth of opportunity across the healthcare space," explained Michael Zacharski. "Customers trust BEN to deploy a highly advanced, mature AI assistant as a next-generation conversational tool that can replace chatbots for organizations of all sizes. The AI assistant exists to provide an educational environment and an unrushed personal conversation about medication regimens to improve the experience of the customer, retail pharmacy chain, and the pharmaceutical manufacturer. We’re beyond thrilled to be applying our technology to assist patients and elevate their healthcare experience."

As more and more healthcare companies embrace the potential of AI, having a strong infrastructure with the services they need will be critical for effective adaptation. BEN's technology could be the solution for healthcare companies that want a tailored customer experience and are looking to integrate modern technology into existing foundations.

Featured photo by Igor Omilaev on Unsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

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