Global A.I. Healthcare Market Size Estimated To Reach $148.4 Billion By 2029

PALM BEACH, Fla., March 20, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The growth of Artificial Intelligence (AI) in the healthcare market is driven by the generation of large and complex healthcare datasets, the pressing need to reduce healthcare costs, improving computing power and declining hardware costs, and the rising number of partnerships and collaborations among different domains in the healthcare sector, and growing need for improvised healthcare services due to imbalance between healthcare workforce and patients. Generating extensive and intricate healthcare datasets is a pivotal driver for AI in the healthcare Market. Advanced technologies enable the accumulation of diverse patient information, from medical records to genomic data. This abundance of data catalyzes AI applications, facilitating the identification of patterns and insights crucial for diagnostics, personalized medicine, and treatment planning. Integrating big data analytics and AI promises to revolutionize healthcare processes, enhancing accuracy and efficiency. In the coming years, the impact of this data-driven approach is expected to be high, ushering in a transformative era in healthcare delivery with improved patient outcomes and streamlined operations. A report from MarketsAndMarkets projected that the global AI in Healthcare market size was valued at USD 20.9 billion in 2024 and is estimated to reach USD 148.4 billion by 2029, registering a CAGR of 48.1% during the forecast period. Active tech companies in the markets this week include: Avant Technologies, Inc. (OTCQB: AVAI), Snowflake (NYSE: SNOW), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), C3 AI (NYSE: AI).

The MarketsAndMarkets report said: “Factors such as increased life expectancy, shifting demographics, and challenges in traditional caregiving contribute to the growing potential of AI in elderly care. AI holds the transformative potential to enhance elderly care, ensuring effective and affordable solutions. Through continuous health monitoring, AI facilitates early detection of health issues, while fall detection algorithms improve safety. AI-driven medication management ensures adherence to treatment plans, and personalized care plans optimize interventions based on individual health data. Cognitive assistance and social interaction facilitated by AI contribute to mental well-being, particularly for seniors with conditions like dementia. The integration of companion robots and virtual assistants addresses loneliness. Moreover, AI streamlines routine tasks, improving resource allocation in healthcare settings and enhancing cost efficiency. AI in elderly care represents a paradigm shift, offering proactive, personalized, and cost-effective solutions to ensure the well-being of the aging population. AI opens opportunities for more effective applications in healthcare, such as predictive analytics for disease outbreaks, personalized treatment plans based on genetic profiles, and advanced diagnostic tools that improve accuracy and speed in identifying medical conditions.”

Avant Technologies, Inc. (OTCQB: AVAI) Enters into Negotiations to Acquire Key Player in Healthcare Data Interoperability Services - 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 announced that it has entered into negotiations to acquire a privately held healthcare technology and data integration services firm in a cash-and-stock transaction valued at approximately $2 million.

Financial and Strategic Benefits of this Acquisition for Avant:

• This potential acquisition would significantly improve Avant’s financial health due to the immediate gains in revenue and operating cash flow generated from the existing long-term customer contracts Avant would inherit.

• Strengthens Avant's expertise and reputation in handling healthcare, clinical, and financial data. This will boost the Company’s sales and execution capabilities within the healthcare sector, which has become a booming market for AI research, development, and adoption.

• Creates a well-established and experienced professional services team within Avant, which allows the company to effectively address the increasing needs of both existing and potential customers.

• Unlocks profitable new opportunities to sell additional services (upselling) and related products (cross-selling) to our existing customer base. This includes expanded professional services, automated data integration, powered by AvantAI^®, and enhanced infrastructure through our new high-density compute offerings.

• This potential acquisition bolsters Avant's internal software development team, which accelerates the delivery of Avant’s new high-density computing solutions, and supports the Company’s ongoing research and development efforts.

“We are excited about this opportunity to accelerate Avant’s growth within the healthcare sector and create new value for our customers and shareholders,” said Timothy Lantz, Avant’s Chief Executive Officer. “This acquisition will serve to further strengthen our financial position, unlock new growth opportunities in one of the top segments of AI adoption, and bolster our internal product development and client services capabilities.” 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:

C3 AI (NYSE: AI), the Enterprise AI application software company, recently announced it was named to the Constellation ShortList™ for Cloud-Based Data Science & Machine Learning Platforms in Q1 2024, marking the fifth year in a row Constellation Research has recognized the C3 AI Platform as a "solution to know."

"Year over year, recognition on Constellation’s ShortLists continue to reinforce C3 AI’s leadership and first mover position in a rapidly expanding and increasingly competitive enterprise software market," said C3 AI CEO and Chairman Thomas M. Siebel. "Our focus remains constant: delivering safe, secure, and effective enterprise AI solutions that drive transformative digital transformation and help our customers realize immense economic benefit."

SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced an innovative in-vehicle voice assistant that uses a large language model (LLM) completely on the edge while running on the NVIDIA DRIVE platform.

This marks a new chapter for generative AI, proving that the powerful technology can still deliver optimal results in the absence of cloud connectivity. SoundHound’s work with NVIDIA will allow it to significantly expand the number of places and situations that generative AI can be deployed.

NVIDIA DRIVE will enable SoundHound Chat AI – a breakthrough in-vehicle voice platform that combines both real-time and generative AI capabilities – to provide responses even when there is no connectivity.

Snowflake (NYSE: SNOW), the Data Cloud Company, recently announced at NVIDIA GTC an expanded collaboration with NVIDIA Corporation (NASDAQ: NVDA) that further empowers enterprise customers with an AI platform, bringing together the full-stack NVIDIA accelerated platform with the trusted data foundation and secure AI of Snowflake’s Data Cloud. Together, Snowflake and NVIDIA deliver a secure and formidable combination of infrastructure and compute capabilities designed to unlock and accelerate AI productivity and fuel business transformations across every industry.

"Data is the fuel for AI, making it essential to establishing an effective AI strategy," said Sridhar Ramaswamy, Snowflake CEO. "Our partnership with NVIDIA is delivering a secure, scalable and easy-to-use platform for trusted enterprise data. And we take the complexity out of AI, empowering users of all types, regardless of their technical expertise, to quickly and easily realize the benefits of AI."

"Enterprise data is the foundation for custom AI applications that can generate intelligence and reveal new insights," said Jensen Huang, founder and CEO of NVIDIA. "Bringing NVIDIA accelerated computing and software to Snowflake’s data platform can turbocharge enterprise AI adoption by helping customers build, deploy and manage secure generative AI applications."

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