Global A.I. Medical Diagnostics Market Poised To Reach $3.7 Billion By 2028

PALM BEACH, Fla., March 20, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The use of Artificial Intelligence (AI) in medical diagnosis is taking broad strides in recent years and is projected to continue at a high rate in coming years. A report from MarketsAndMarkets opined that the global AI in medical diagnostics market in terms of revenue was estimated to be worth $1.3 billion in 2023 and is poised to reach $3.7 billion by 2028, growing at a CAGR of 23.2% from 2023 to 2028. The report said: “Over the years, the demand for AI-based solutions has increased considerably in the diagnostics industry as these solutions have immense potential in medical image diagnosis. Some advantages include faster analysis of diagnostic images, efficient interpretation of the smallest possible data often missed by radiologists, and improved imaged triage and clinical decision support. Extensive growth in digital health has allowed healthcare providers to support patients through novel treatment approaches. AI technologies provide doctors tools that facilitate them diagnose and essentially treat patients better… healthcare providers are gradually accepting the likely benefits of AI-based solutions. Hence, there is a probability that in the coming years, doctors and radiologists will be more inclined toward AI-based technologies in healthcare.” Active tech companies in the markets this week include Treatment AI, Inc. (OTCQB: TREIF) (CSE: TRUE), HEALWELL AI Inc. (OTCQX: HWAIF) (TSX: AIDX), VERSES AI Inc. (OTCQB: VRSSF) (NEO: VERS), UiPath (NYSE: PATH), Lantern Pharma Inc. (NASDAQ: LTRN).

MarketsAndMarkets continued: “Based on component, the AI in medical diagnostics market is bifurcated into software, services, and hardware. The software segment accounted for the largest share of the global AI in medical diagnostics Market in 2022. The large share of this segment is attributed to as the software solutions help healthcare providers a competitive edge over others, despite the challenges of being short-staffed and challenging increasing imaging scan volumes. Based on end users, the AI in medical diagnostics market is bifurcated into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment accounted for the largest share of the global AI in medical diagnostics Market in 2022. Factors such as growing inclination of hospitals toward the automation and digitization of radiology patient workflow, and growing adoption of minimally invasive procedures in hospitals and healthcare facilities to advance the quality of patient care and focus on patient centric care. In 2022, North America accounted for the largest market share of AI in medical diagnostics market. Factors such as the shortfall of radiologists, the increasing prevalence of chronic diseases, improved research on the ethical implementation of AI in diagnostic tools, and increased funding for research are the key factors driving the growth of his regional market.”

Treatment AI (OTCQB: TREIF) (CSE: TRUE) Passes Medical School Clinical Exam with 92% Success Rate - Treatment.com AI Inc. (Frankfurt: 939) (the “Company” or “Treatment”) is pleased to announce that its AI medical information support platform was used in the “Objective Structured Clinical Examination” (“OSCE”), a standard clinical exam of diagnostic aptitude at medical and nursing schools, passing the exam with a 92% success rate.

Treatment gave a third-year non-medical college student the Treatment mobile app and had them join a class of third-year medical school students taking their annual clinical exam. The OSCE exam is a standard exam given at medical, nursing and other professional healthcare schools. They are integral in medical education, as they allow a student to practice and demonstrate clinical diagnostic skills in an artificial medical scenario. During the exam, students enter an exam room to assess an actor who has been instructed on imitating a patient with a specific disease. Passing the OSCE is a national requirement for graduation in 57 countries worldwide (including US, Canada and United Kingdom) for medical and nursing students.

In this case, Treatment gave the student its Treatment AI mobile app and sent them in to examine 12 'simulated' patients. The student used the app to ask the patient questions, then left the room and wrote a clinical note summarizing the findings and suggesting the most likely possible diagnoses. The college student, with no previous medical training, entered the simulated patient's age, sex, and initial symptom, and followed the prompts to complete an individualized assessment. The student then used the information summarized by the application to write a medical note describing the history, exam, recommended labs, and diagnoses. The student passed the exam, getting 11 of 12 “1st most likely” diagnoses correct. This included the student successfully making a variety of complex diagnoses including colon cancer, appendicitis, acute myocardial infarction, diabetes, and patellar tendonitis.

Dr. Kevin Peterson, MD, MPH, Chief Medical Officer stated “The ability of the AI software to identify the pertinent positives and negatives, together with physical exam findings, and turn them into a precise description and reasoned differential diagnoses was remarkable. This is an AI tool that any medical professional can use in their pocket.”

Dr. Essam Hamza, MD, CEO of Treatment.com AI added “We are extremely excited with the power and accuracy of our AI Medical diagnostic engine and the faith medical schools have in utilizing it, for testing and training the medical professionals of tomorrow. This underlying software is also the foundation of new products we are planning to launch in the healthcare marketplace later this year, in our mission to dramatically disrupt how healthcare is delivered worldwide”.   CONTINUED… Read this full press release and more news for Treatment.com AI at:   https://treatment.com/press/

Other recent developments in the tech industry of note include:

HEALWELL AI Inc. (OTCQX: HWAIF) (TSX: AIDX), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce the signing of services agreements with each of WELL Health USA (“WELL USA”) and its affiliate Circle Medical Technologies Inc. (“Circle Medical”), a subsidiary of WELL Health Technologies Corp. (“WELL”), bringing artificial intelligence (“AI”) powered preventative care solutions to U.S. patients. Under the terms of the services agreements, HEALWELL will provide U.S. patients with access to its subsidiaries Pentavere Research Group Inc. (“Pentavere”) and Khure Health Corporation (“Khure”) for the purposes of earlier diagnosis and identification of patients with potential risk of certain conditions, identification of patient eligibility for approved medications or interventions, optimizing patient care pathways and improving patient health outcomes.

Dr. Alexander Dobranowski, CEO of HEALWELL commented, “Since executing the Strategic Alliance Agreement with WELL, one of our primary strategic initiatives has been to expand our AI technology offerings and capabilities throughout the WELL ecosystem. Enabling WELL USA and Circle Medical providers is a demonstration of this commitment and a major step forward for HEAWELL into the US market. Our partnerships with WELL USA and Circle Medical allow for our AI technology and clinical decision support capabilities to now also replicate the success of using AI in the Canadian market into the US.”

VERSES AI Inc. (OTCQB:VRSSF) (NEO:VERS), a cognitive computing company developing next-generation intelligent software systems, announces that Alex Kipman, CEO and Founder of Analog AI has joined as a Strategic Advisor.

Mr. Kipman spent over two decades at Microsoft, most recently in the role of Corporate Vice President/Technical Fellow, Mixed Reality and Artificial intelligence. While in this role he created and built several versions of HoloLens, Windows Virtual Reality, Azure Mixed Reality Services, and Microsoft Mesh. In doing so, Mr. Kipman helped shape the go-to-market strategy and curated an ecosystem of partners to manage the system from development, to manufacturing, to distribution. Mr. Kipman specializes in AI, AR/VR and edge computing and is a TED Talk speaker.

UiPath (NYSE: PATH), a leading enterprise automation and AI software company, announced several new generative AI (GenAI) features in its platform designed to help enterprises realize the full potential of AI with automation by accessing powerful, specialized AI models tailored to their challenges and most valuable use cases.

The UiPath Business Automation Platform offers end-to-end automation for business processes. There are four key factors that business leaders seeking to embed AI in their automation program must keep top of mind: business context, AI model flexibility, actionability, and trust. The new AI features of the UiPath Platform address these key areas to ensure customers are equipped with the tools necessary to enhance the performance and accuracy of GenAI models and tools and more easily tackle diverse business challenges with AI and automation.

Lantern Pharma Inc. (NASDAQ: LTRN), an artificial intelligence (AI) company developing targeted and transformative cancer therapies using its proprietary AI and machine learning (ML) platform, RADR®, with multiple clinical stage drug programs, announced the dosing of the first two patients in the Phase 1 clinical trial evaluating Lantern’s investigational new drug LP-284 in patients with relapsed or refractory non-Hodgkin’s lymphoma (NHL), including mantle cell lymphoma (MCL) and double hit lymphoma (DHL) and other high-grade B-cell lymphomas (HGBL) as well as other select solid tumors and sarcomas. Recently, Lantern Pharma’s AI platform, RADR® is expected to exceed 100 billion data points during 2024, and has been crucial in uncovering and accelerating indications for LP-284 as well as other drug-candidates that are in development.

"Enrolling and treating initial patients in our Phase 1 trial for LP-284 is a major milestone and underscores the commitment of our team to advancing our pipeline of AI-driven therapies to patients," stated Panna Sharma, Lantern's President and CEO. "We believe LP-284 has unique and breakthrough potential for patients with relapsed or refractory lymphomas and certain solid tumors with certain genomic signatures, many of which have no or limited effective therapeutic options."

"Businesses need an assortment of AI models, the best in class for every task, to achieve their full potential. Our new family of UiPath LLMs, along with Context Grounding to optimize GenAI models with business specific data, provide accuracy, consistency, predictability, time to value, and empower customers to transform their business environments with the latest GenAI capabilities on the market," said Graham Sheldon, Chief Product Officer at UiPath. "These new features ensure that AI has the integrations, data, context, and ability to take action in the enterprise with automation to meet our customers’ unique needs."

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