Healthcare AI Adoption Accelerates as Industry Eyes $125 Billion Growth by 2028
USA News Group News Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, Jan. 17, 2025 /CNW/ -- According to experts, soon the integration of artificial intelligence (AI) into healthcare will drastically shift from a novelty, to a critical resource. With over 800 FDA-cleared health AI applications, the new expectation is that AI will be a game changer. In a new article from Fast Company, the author predicts health AI in 2025 will include home testing, AI agents, passive monitoring, ambient documentation, and autonomous coding. The World Economic Forum is also highlighting the ways generative AI could transform clinical trials. According to a new survey from eClinicalWorks, 90% of healthcare professionals report a favorable view of AI. Working to provide these powerful AI tools to the health industry are several innovators, including new developments from Avant Technologies, Inc. (OTCQB: AVAI), Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), Teladoc Health, Inc. (NYSE: TDOC), Butterfly Network, Inc. (NYSE: BFLY), and Absci Corporation (NASDAQ: ABSI).
The article continued: Analysts at market.us are predicting the Generative AI in Healthcare Market to reach US$17.2 billion by 2032, growing at a CAGR of 37% along the way. Researchers at Technavio see an even bigger future, projecting the Smart Healthcare Market (including telemedicine, mHealth, smart pills, and AI) to grow by US$125.7 billion through to 2028.
Avant Technologies and Ainnova Secure Advanced AI Algorithms for Early Detection of Four Additional Diseases in the U.S.
Avant Technologies, Inc. (OTCQB: AVAI), an emerging technology company developing solutions in artificial intelligence in healthcare, today announced its partner, Ainnova Tech, Inc., (Ainnova) a leading healthcare technology company focused on revolutionizing early disease detection using AI, has acquired 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 Ainova 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 improve 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 (FDA) in 2025 to then introduce these solutions in the U.S. market.
"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," said Vinicio Vargas, CEO of Ainnova. "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."
CONTINUED… Read this and more news for Avant Technologies Inc. https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Other recent industry developments and happenings in the market include:
Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), a clinical-stage biotechnology company that recently combined with Exscientia, recently reported initial monotherapy dose-escalation data from the Phase 1/2 study (ELUCIDATE) of REC-617, a selective CDK7 inhibitor, in advanced solid tumors. REC-617 was well-tolerated across all dose levels (2-20 mg QD and 1 mg BID), with most adverse events being mild (Grade 1-2) and reversible. Notably, one patient with metastatic, platinum-resistant ovarian cancer achieved a confirmed durable partial response lasting over 6 months, while four others experienced stable disease for up to 6 months.
"These initial findings for REC-617 represent an exciting step forward in the development of CDK7 inhibitors, with a favorable PK/PD profile and a durable confirmed partial response observed in dose escalation in a highly pre-treated patient population," said Najat Khan, Ph.D., Chief R&D Officer and Chief Commercial Officer, Recursion. "Designed using our AI-powered OS platform, REC-617 reflects our focus on enhancing the therapeutic index to deliver more effective and safer treatment options for patients. We are eager to continue this momentum in dose escalation and to initiate the next phase of the program next year."
Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, recently announced the launch of new AI-enabled capabilities to enhance its Virtual Sitter solution to improve patient safety, address workforce challenges, and enhance care delivery for hospitals and health systems. Teladoc Health's Virtual Sitter uses AI to allow a single remote staff member to monitor more patients, boosting inpatient team capacity by 25%. This innovation complements Teladoc's connected care solutions, including virtual nursing, physician consults, and interpretive services, reducing administrative burdens and improving satisfaction for both clinicians and patients.
"For more than a decade, we've pioneered new ways for technology to support human interaction in patient care, helping hospitals and health systems transform care delivery and meet their most pressing challenges," said Andy Puterbaugh, Teladoc Health President of Hospitals and Health Systems. "New applications of AI are now accelerating our impact, supporting continuous improvement of our fully integrated suite of connected care solutions, including Virtual Sitter."
Butterfly Network, Inc. (NYSE: BFLY), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, in partnership with HeartFocus, a revolutionary, AI-enabled heart echo software by data-driven medtech company, recently announced the launch of the HeartFocus Education app. The HeartFocus Education app uses AI-powered, self-paced learning to help healthcare practitioners master 10 essential cardiac views with clinical accuracy in hours. Officially launched at ANCC MagPath 2024, the app integrates seamlessly with Butterfly iQ3 and iQ+ probes on iOS iPads, offering an intuitive, engaging, and high-impact training experience enhanced by gamification.
"HeartFocus is set to make a big impact in cardiac care, and we're thrilled to partner with DESKi on this pioneering education platform," said Darius Shahida, Chief Strategy Officer at Butterfly Network. "By combining our cutting-edge ultrasound technology with HeartFocus' AI-powered training, we're breaking down barriers to cardiac care, empowering more practitioners to learn how to deliver critical diagnostics on the spot."
Absci Corporation (NASDAQ: ABSI), a data-first generative AI drug creation company, recently announced updates and progress across its internal pipeline of proprietary Drug Creation programs, as well as new breakthroughs demonstrated by Absci's AI Integrated Drug Creation™ platform. Absci leadership and a series of distinguished guest speakers will be presenting on these updates today at Absci's 2024 R&D Day.
"We are excited to showcase the target and significant opportunities we see for ABS-201, present new data for ABS-101 and ABS-301, and introduce ABS-501 to our pipeline. ABS-201, a potential treatment for male and female pattern hair loss, represents an opportunity to unlock an entirely new category of therapy for a substantial consumer-driven market with significant clinical unmet need," said Sean McClain, Founder and CEO of Absci. "And as we near the end of 2024, we see next year as an opportunity to reach multiple milestones across our internal portfolio, and maintain a robust pipeline of potential partners across the Pharma and broader healthcare industry landscape."
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