Exploring the $188 Billion Opportunity: Why AI is Set to Transform Global Healthcare by 2030
Issued on behalf of Avant Technologies Inc.
USA News Group News Commentary
VANCOUVER, BC, Nov. 12, 2024 /PRNewswire/ -- Recently the World Economic Forum released a report that highlights AI's potential to relieve pressure on healthcare systems worldwide, with Mayo Clinic's early adoption showing how AI can drive progress. Elon Musk has also hinted that his company's Grok AI could have applications in medical image analysis. At this year's HLTH conference in Las Vegas, tech giants like Nvidia, Google, and Microsoft presented their latest AI healthcare tools. Meanwhile, a range of emerging tech companies are making strides in AI-powered healthcare, including: Avant Technologies, Inc. (OTCQB:AVAI), HEALWELL AI, Inc. (TSX:AIDX) (OTCQX:HWAIF), WELL Health Technologies Corp. (TSX:WELL) (OTCQX:WHTCF), ResMed Inc. (NYSE:RMD), and Clover Health Investments, Corp. (NASDAQ:CLOV).
The article continued: The Cleveland Clinic predicts that the healthcare AI sector could reach $188 billion globally by 2030, driven by advancements in diagnostics, triage, data analysis, and workflow management. Forbes anticipates breakthroughs in Predictive Healthcare, Natural Language Processing (NLP), AI-Driven Telehealth, Remote Monitoring, Robotic Surgery, Precision Medicine, Gene Editing, and Clinical Research powered by AI technology.
Avant Technologies and Ainnova Tech Form Joint Venture to Advance Early Disease Detection Using Artificial Intelligence
Avant Technologies, Inc. (OTCQB:AVAI), an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, today announced it has entered into a Joint Venture and License Agreement with Ainnova Tech Inc. (AINN), a leading healthcare technology (healthtech) company, to form a new Nevada Corporation called "Ai-nova Acquisition Corp" (AAC). The partnership was formed to advance and commercialize Ainnova's technology portfolio, including its "VisionAI" platform and its "Versatile Retinal Cameras."
VisionAI is a cutting-edge, AI-driven platform that can detect diabetic retinopathy and other retinal diseases, as well as diseases unrelated to the retina like cardiovascular disease and potentially even Alzheimer's with high accuracy and speed using retinal scans. Meanwhile, Ainnova's next-generation versatile retinal cameras are seamlessly integrated with VisionAI for precise retinal scans. Along with the VisionAI software, Ainnova's retinal cameras, offer AAC SaaS + retinal camera commercialization opportunities with opticians and eye care centers in two extremely profitable markets, North America and Europe.
"This joint venture aligns perfectly with our long-term goals, and as we work together to push the boundaries of what's possible in the healthtech sector, we look forward to setting new standards and bringing transformative solutions to patients around the world in an accessible way," said Vinicio Vargas, CEO of Ainnova.
Ainnova will contribute to AAC its proprietary technology portfolio, including VisionAI and its retinal camera technology, and the licensing rights for AAC to develop, maintain, and commercialize the technology portfolio in both North America (United States and Canada) and Europe, while Avant will be responsible for the capital requirements to operate AAC.
Ainnova and Avant's partnership seeks to make retinal scanning a new standard in primary care and basic health services by diagnosing a host of diseases early through a simple visual test that AAC can offer as a scalable and accessible solution.
With over 500 million people living with diabetes globally, VisionAI is designed to detect the early markers of diseases like diabetic retinopathy, which is the leading cause of blindness among working age adults. Over 30% of those living with diabetes will develop diabetic retinopathy, a disease that can be prevented with an accurate diagnosis.
Unfortunately, there aren't enough ophthalmologists globally. And 95% of cases of blindness due to diabetic retinopathy can easily be prevented with an early and accurate diagnosis. Using advanced algorithms to analyze retinal images with precision, reliability, and speed, VisionAI can bridge the gap between too few ophthalmologists and tens of thousands of people who need to get tested.
According to Ainnova, the diagnostic error rate in diabetic retinopathy is about 49% and this is where VisionAI offers a positive impact for patients. VisionAI is a powerful tool to support the physician and give their patients accurate information that can improve their lives.
This partnership makes sense for Avant and its shareholders given the AI in healthcare market is projected to grow from $6.9 billion just 3 years ago to $67.4 billion by 2027, at a CAGR of 46.2% during the forecast period. Ainnova currently has commercial agreements with Pharma companies, clinics, insurance companies, and medical service companies. These relationships should offer AAC guidance into the North American and European markets.
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:
HEALWELL AI, Inc. (TSX:AIDX) (OTCQX:HWAIF), a healthcare technology company focused on AI and data science for preventative care, and WELL Health Technologies Corp. (TSX:WELL) (OTCQX:WHTCF), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, recently announced an expansion to their multi-year strategic alliance agreement to develop an AI-enhanced clinical trials program to accelerate innovation and improve patient outcomes. Leveraging the country's largest network of primary and specialty care clinics, with over 180 clinics and thousands of healthcare practitioners, HEALWELL and WELL will collaborate to expand clinical trial access to more patients than ever before.
"Launching and managing clinical trial sites at WELL's clinic locations across Canada is a powerful and transformational strategic initiative," said Dr. Michael Frankel, Chief Medical Officer of WELL. "This initiative will allow WELL and HEALWELL AI to capitalize on their combined strengths in healthcare infrastructure and AI technology, potentially transforming the landscape for clinical research."
For WELL, hosting trials within its clinics will transform them into hubs of innovation, directly benefitting patients by bringing experimental treatments to local sites and improving accessibility. Leveraging HEALWELL's Contract Research Organization (CRO) capabilities alongside WELL's clinic infrastructure positions the partnership as a formidable player in AI-driven clinical trials, fostering the potential for new revenue.
"Patient identification and recruitment for clinical trials has become an increasingly complex challenge in the global healthcare and life science sectors," said Dr. Alexander Dobranowski, CEO of HEALWELL. "Success hinges not only on identifying patients but also on effectively recruiting them and managing their participation – steps that lead to improved outcomes for patients, practitioners and the healthcare system as a whole. Through our established late stage CRO, Canadian Phase Onward, HEALWELL has already made significant strides in accelerating the recruitment process, but the growing network of WELL clinics is an opportunity for us to execute our plans at scale. Ultimately, this service will be a benefit to doctors, healthcare practitioners and patients alike while reducing the cost of clinical trials and shortening their timelines."
ResMed Inc. (NYSE:RMD), the world's leading health technology company focused on sleep, breathing, and care delivered in the home, recently announced new patient-centric designed to enhance the therapy journey for sleep apnea patients. The new innovations integrate with digital wearable devices and generative artificial intelligence designed to deliver a more personalized sleep health experience and improve overall health.
"We know that digital wearables and other innovative technologies like AI can help consumers better understand their sleep habits and create a personalized pathway to better rest," said Carlos M. Nunez, M.D., Chief Medical Officer at ResMed. "Regular sleep tracking can offer crucial insights that empower people to make informed decisions about improving their sleep quality both now and in the future."
Clover Health Investments, Corp. (NASDAQ:CLOV), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, recently reported strong Q3 2024 financial results which included 9% growth in Total Revenue year-to-date compared to the prior year period. As well, Clover Health increased its Full-Year 2024 guidance midpoint to target updated range of Adjusted EBITDA profitability of $55-$65 million.
"Underpinned by our ability to use technology to empower any physician on a wide network, our results position us to drive membership growth while maintaining strong underlying financial performance," said Andrew Toy, CEO of Clover Health. "I am proud that, powered by Clover Assistant, our health plans are anchored on identifying and managing diseases as early as possible to better control the total cost of care."
Clover Assistant is the company's software platform designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. The Clover Assistant AI tool was made available to payers and providers in late May of this year.
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