Global A.I. Healthcare Market Expected to Expand at CAGR of 36.4% From 2024 to 2030

FN Media Group News Commentary 

PALM BEACH, Fla., April 9, 2024 /PRNewswire/ -- Experts universally see that the AI in the healthcare market will continue to reach new highs throughout this decade. A report from Grand View Research said that the global AI in healthcare market size was estimated at USD 22.45 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 36.4% from 2024 to 2030.  The report said: "Growing datasets of patient health-related digital information, increasing demand for personalized medicine, and rising need to reduce care expenses are some major drivers of market growth. The rising global geriatric population, changing lifestyles, and increasing prevalence of chronic diseases have contributed to a growth in demand for diagnosing and improved understanding of diseases in their initial stages. Artificial Intelligence (AI) and machine learning (ML) algorithms are being widely adopted and integrated into healthcare systems to accurately predict diseases in their early stage based on historical health datasets.  Furthermore, deep learning technologies, predictive analytics, content analytics, and natural language processing (NLP) tools are enabling care professionals to diagnose patient's underlying health conditions at an earlier stage. The COVID-19 pandemic positively influenced the demand for AI technologies and unearthed the potential of these advanced technologies. Healthcare systems widely adopted these technologies in the rapid diagnosis and detection of different virus strains and utilized personalized information in improving the management of the outbreak. AI/ML algorithms were utilized in the diagnosis sector wherein these technologically driven modules were trained with datasets of chest CT images, symptoms, pathological findings, and exposure history to diagnose COVID-19-positive patients rapidly and accurately."  Active tech companies in the markets this week include: Avant Technologies, Inc. (OTCQB: AVAI), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), CXApp Inc. (NASDAQ: CXAI), Marvell Technology, Inc. (NASDAQ: MRVL).

Grand View Research continued: "The growing shortage of healthcare workforce drove the adoption of AI/ML technologies. Therefore, AI algorithms can be trained to analyze patient health information, which further supports care providers in quickly diagnosing the condition and devising an accurate treatment regime. Supportive government initiatives, rising number of mergers and acquisitions and technological collaborations, and COVID-19 pandemic had a significant role in boosting the growth of the market and accelerating the adoption rate of AI in healthcare. AI/ML algorithms are being widely implemented in rapid and accurate diagnosis of medical conditions after the initial implementation in the detection of COVID-19 positive patients using personalized patient information and data consolidation.  North America dominated the market in 2023 and held the largest revenue share of 57.7%, owing to advancements in healthcare IT infrastructure, growing care expenditures, widespread adoption of AI/ML technologies, favorable government initiatives, lucrative funding options, and presence of several key market players."

Avant Technologies, Inc. (OTCQB: AVAI) Acquires Wired-4-Health, Advancing AI Interoperability in Healthcare Data - Avant Technologies, Inc. ("Avant" or the "Company"), an artificial intelligence technology (AI) company specializing in developing innovative and advanced AI and AI infrastructure solutions, today announces the completion of its acquisition of privately held healthcare technology and data integration services firm, Wired-4-Health.

Unified by a shared objective to propel the healthcare data interoperability landscape forward, this strategic merger leverages cutting-edge AI and amplified computational capabilities. This potent combination empowers healthcare and life sciences organizations to navigate the complexities of data and system interoperability with unprecedented efficiency. By streamlining transaction processing, health outcomes analytics, and compliance adherence, this union fosters enhanced performance, improved data integrity, and a more cost-effective, scalable infrastructure for customers.

"Our strategy behind this acquisition was to enable Avant to deliver best-in-class data and system interoperability support services to the healthcare and life sciences sectors powered by AvantAI® and our high-density compute capabilities," said Tim Lantz, Chief Executive Officer of Avant Technologies. "At the same time, this exciting combination significantly strengthens our financial profile, offers massive commercial growth opportunities in one of Avant's largest target markets, and bolsters our internal customer support and R&D capabilities."

The healthcare sector currently grapples with a confluence of intensifying pressures. Providers face an unrelenting demand to elevate patient outcomes while simultaneously reducing costs. This exigency coincides with an unprecedented prevalence of chronic illness and clinician burnout. Despite the transformative potential of digitalization within healthcare, a crucial impediment persists. The lack of standardized data protocols renders the vast troves of information generated by this digital revolution immensely intricate and expensive to utilize. Consequently, the potential for data-driven solutions to the industry's most pressing challenges remains unrealized.

"In the near term, if the healthcare industry expects to succeed in lowering costs while improving quality, the deployment of advanced AI, combined with more powerful, cost-effective compute capabilities will be critical to that success," said Angela Harris, Avant's Chief Operating Officer. "The addition of Wired-4-Health will position Avant as a key contributor in helping healthcare organizations solve complex problems at the intersection of cost, quality, compliance and technology."    Continued… Read these full press releases and more news for Avant Technologies at:  https://www.financialnewsmedia.com/news-avai/        

Other recent developments in the markets of note include:

NVIDIA Corporation (NASDAQ: NVDA) recently announced that leading AI application developers across a wide range of industries are using NVIDIA digital human technologies to create lifelike avatars for commercial applications and dynamic game characters. The results are on display at GTC, the global AI conference held this week in San Jose, Calif., and can be seen in technology demonstrations from Hippocratic AI, Inworld AI, UneeQ and more.

NVIDIA Avatar Cloud Engine (ACE) for speech and animation, NVIDIA NeMo™ for language, and NVIDIA RTX™ for ray-traced rendering are the building blocks that enable developers to create digital humans capable of AI-powered natural language interactions, making conversations more realistic and engaging.

"NVIDIA offers developers a world-class set of AI-powered technologies for digital human creation," said John Spitzer, vice president of developer and performance technologies at NVIDIA. "These technologies may power the complex animations and conversational speech required to make digital interactions feel real."

SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced that its voice assistant with integrated ChatGPT will be the first to go into vehicles in Japan. SoundHound Chat AI Automotive became the world's first in-vehicle voice assistant with integrated generative AI when it hit the market in April 2023. It will be available in Stellantis DS Automobiles in Japan starting this month.

At the beginning of March 2024, DS Automobiles became the first automaker in the world to go into full production with SoundHound Chat AI, with an initial rollout in 13 languages across 18 countries. The most sophisticated voice AI assistant available today, it can respond to a vast range of questions from hundreds of real-time domains, as well as large language models, like ChatGPT.

This assistant – which DS Automobiles has named Iris – will allow drivers and passengers to use hands-free voice control to unlock a vast range of information and updates. Whether that's for planning a trip, opening the sunroof, asking for the sports scores, making a call, or accessing parking information from their destination.

CXApp Inc. (NASDAQ: CXAI) recently announced the signing of strategic partnership and development agreements with Google Cloud as part of the launch of the CXAI Platform.  Khurram Sheikh, Chairman and Chief Executive Officer of CXApp said, "The CXAI SaaS platform is anchored on the intersection of customer experience (CX) and artificial intelligence (AI) providing digital transformation for the workplace for enhanced experiences across people, places and things.

"Our strategic partnership and development agreements with Google Cloud signify a pivotal moment in our journey. By leveraging our AI-native platform, powered by cutting-edge technology and data insights, we're poised to be the technology leader enabling transformative workplace experiences", stated Naresh Soni, CTO of CXApp Inc.

Marvell Technology, Inc. (NASDAQ: MRVL) recently outlined its broad-ranging strategy to optimize optical technology to meet the rising performance and power requirements of AI and cloud data centers at OFC 2024, taking place in San Diego, California.

Marvell CEO and Chairman, Matt Murphy, and EVP and GM of Cloud Optics, Dr. Loi Nguyen, among others, discussed the driving forces behind the growth of optical as well as Marvell's ideas for enhancing optical PAM4 DSPs, coherent DSPs, silicon photonics, and other optical technologies for data centers to serve an expanding range of architectures, applications, use cases, performance characteristics, and customer profiles.

"Over the last two decades, optical data rates have increased 1000x while energy per bit has declined 100x³, and in the process transformed data infrastructure and enabled the rise of services like streaming media, cloud computing, smartphones and AI," said Dr. Radha Nagarajan, senior vice president and chief technology officer, Optical Platforms at Marvell and the 2024 recipient of the David Richardson Medal for significant contributions to optical engineering. "The industry is now entering a new chapter and Marvell is looking forward to collaborating with its partners in extending the horizons of this far-reaching technology."

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