Artificial Intelligence (AI) Influence on Healthcare Market Expected to Generate Revenues of $610 Billion By 2034

PALM BEACH, Fla., Feb. 11, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – 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. The novel technologies like artificial intelligence and machine learning are now being integrated to the healthcare systems that will allow the health professionals in early identification of the diseases and offer enhanced care services to the patients. Moreover, the data analytics, deep learning technology, natural language processing (NPL), predictive analytics, and content analytics are supporting the healthcare professionals in early diagnosis and care services. A report from Precedence Research said that the global artificial intelligence (AI) in healthcare market size accounted for USD 26.69 billion in 2024 and is predicted to reach around USD 613.81 billion by 2034, growing at a CAGR of 36.83% from 2024 to 2034. North America AI in healthcare market size reached USD 8.67 billion in 2023. Active A.I. companies active in the markets include: Avant Technologies Inc. (OTCQB: AVAI), Tempus AI, Inc. (NASDAQ: TEM), BigBear.ai (NYSE: BBAI), Talkspace (NASDAQ: TALK), SoundHound AI, Inc. (NASDAQ: SOUN).

The Precedence Research report added: “North America region was the highest market share holder in (recent years). North America is characterized by the increased inclination towards the advanced and latest digital technologies. The strong and developed healthcare, IT, and telecommunications infrastructure in North America has supported the growth of the artificial intelligence in healthcare market. Furthermore, the favorable government policies that encourage the adoption of the digital and novel technologies like artificial intelligence in the healthcare sector. North America has the presence of huge pool of patients. It is estimated that over half of the US population is suffering from one or more chronic diseases. This is resulting in increased volume of patients in hospitals. The health data of these patients needs to be stored and managed in digital form as per the government regulations. This is a major factor that propels the demand for the artificial intelligence in healthcare sector.”

Avant Technologies, Inc. (OTCQB: AVAI) and Ainnova Advance Toward FDA Clinical Trial with Selection of Top CRO – 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 selection of Fortrea, a global provider of clinical development solutions to the life sciences industry, as the contract research organization (CRO) to conduct Ainnova’s upcoming clinical studies to seek approval from the U.S. Food and Drug Administration (FDA) for Ainnova’s Vision AI platform.

Fortrea will assist Ainnova in requesting a pre-submission meeting with the FDA for guidance on the clinical testing needed for its Vision AI platform in the early detection of diabetic retinopathy. After a pre-submission meeting, Fortrea will then work with Ainnova on its FDA submission and a subsequent clinical study before concluding with an FDA 510(k) submission to obtain clearance from the FDA to market its Vision AI platform.

The upcoming clinical studies are significant to Avant and its shareholders because of the partnership formed by Avant and Ainnova to advance and commercialize Ainnova’s technology portfolio, including its Vision AI platform and its versatile retinal cameras. The joint venture formed by the two companies, Ai-nova Acquisition Corp. (AAC), has the licensing rights for this portfolio in the U.S., Canada, and Europe, so the success of Ainnova’s clinical studies with the FDA will be vital to marketing the technology portfolio in the United States.

Ainnova’s Chief Executive Officer, Vinicio Vargas, said of the selection, “We worked diligently to identify and select the right CRO to help us both engage the FDA and then conduct our clinical studies. Fortrea is an established and highly regarded full-service CRO with expertise in more than 20 therapeutic areas, and a CRO with an extensive portfolio of successfully completed clinical trials, including those involving both emerging and large biopharmaceutical, medical device, and diagnostic companies.”

With Fortrea’s guidance, Ainnova expects to submit its pre-submission application in the coming weeks and expects to meet with the FDA for its pre-submission meeting in late March/early April 2025. Additionally, Ainnova will also interact with the FDA to devise a plan to obtain clearance for four algorithms it recently acquired the exclusive licensing rights to, which include early detection for cardiovascular risk, prediabetes and Type 2 diabetes, fatty liver disease, and chronic kidney disease. CONTINUED… Read this and more news for Avant Technologies at: https://www.financialnewsmedia.com/news-avai/

In other A.I. developments and happenings in the market recently include:

Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, recently announced it has completed its acquisition of Ambry Genetics, a recognized leader in genetic testing that aims to improve health by understanding the relationship between genetics and disease.

“This acquisition complements our strategy of leveraging diagnostics and data to drive innovation, further strengthening our ability to deliver cutting-edge solutions to clinicians, patients, and life sciences companies,” said Eric Lefkofsky, Founder and CEO of Tempus. “We are excited to welcome Ambry to the Tempus team as we work together to improve patient outcomes and transform treatment journeys through the power of technology.”

BigBear.ai (NYSE: BBAI) has recently been awarded a contract by the Department of Defense (DoD) Chief Digital and Artificial Intelligence Office (CDAO) to advance BigBear.ai’s Virtual Anticipation Network (VANE) prototype. This initiative will support the CDAO and Office of the Secretary of Defense (OSD) by leveraging custom AI models to better assess news media originating in countries that are potential foreign adversaries.

The prototype award is designed to improve CDAO’s ability to identify key trends and topics related to potential foreign adversarial areas of interest, enabling faster and more informed assessments of media data vital to national security. VANE was created to contrive clarity in multi-domain environments for military and government applications by aggregating and analyzing vast data points, enabling predictions of adversarial activity in complex situations.

“We are honored to continue our support in the modernization of our nation’s defense efforts. This award underscores the importance of leveraging cutting-edge AI technologies to address complicated geopolitical challenges,” said Ryan Legge, President of National Security at BigBear.ai. “By advancing VANE within CDAO, we are arming our warfighters with sophisticated intelligence capabilities to leverage foreign insights critical to the safety of our Nation and those protecting it.”

Talkspace (NASDAQ: TALK) recently announced the launch of Insights, a new feature that enhances therapeutic care by helping Talkspace providers efficiently prepare for sessions and guide client care between sessions. The feature was developed and refined in partnership with Talkspace clinicians.

Before each session, providers can use Insights to synthesize data from each client’s care journey, a process that is typically manual — including changes in that client’s symptom acuity from evidence-based psychological assessments and key details from the most recent session — to generate a concise pre-session primer tailored to the therapist’s upcoming appointment. After the session, an update can be generated to reflect the discussion’s key points, highlight therapeutic progress, and note follow-ups for future sessions.

SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced the launch of Brand Personalities, a groundbreaking feature for its SoundHound Chat AI Automotive voice assistant – making it the first in-vehicle assistant to offer distinct, customizable personas tailored to each automaker’s unique brand identity, designed to enhance both the user experience and brand loyalty for OEMs.

Brand Personalities enables car makers to control the entire personality of their voice assistant including response style, character and vivaciousness. Automotive partners can choose from pre-designed personas, create fully customized personalities tailored to their specific needs, or even introduce seasonal characters for campaigns. Due to SoundHound’s unique software architecture, multiple personas can be defined for specific sub-brands or model lines—allowing sports cars, family cars, and commercial vehicles to each have distinct personalities that reflect the unique needs of their customers.

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