Increased Adoption of Artificial Intelligence Across the Healthcare Industry Driving Strong Market Growth

PALM BEACH, Fla., March 27, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Artificial intelligence (AI) in the healthcare market is highly competitive due to a significant number of players operating in the domestic and international markets. Due to the increase in the applications of AI across various healthcare, significant players in the market are adopting strategies, such as product innovation and mergers & acquisitions, so much so that a report from Mordor Intelligence projects that the artificial intelligence in the healthcare market is expected to register a CAGR of 42.2% through 2024 - 2029. The report said: “Additionally, the rising application of big data in healthcare, as well as strategies to bring the big data system into healthcare are expected to support market expansion… Furthermore, the introduction of an advanced technological products by the market players is expected to propel the growth of the market… Thus, all the above-mentioned factors, such as the growing need to reduce healthcare costs and product launches by the market players, are expected to boost the market over the forecast period. In diagnostics, AI enables healthcare providers to make the most appropriate treatment decisions for their patients. AI can be used to identify cancer, triage crucial discoveries in medical imaging, flag acute abnormalities, assist radiologists in prioritizing life-threatening patients, diagnose cardiac arrhythmias, forecast stroke outcomes, and assist with chronic disease management… The rise in the prevalence of chronic diseases, along with product launches by market players, drives the segment.” Active tech companies in the markets this week include Treatment AI, Inc. (OTCQB: TREIF) (CSE: TRUE), Palantir Technologies Inc. (NYSE: PLTR), Medtronic (NYSE:MDT), Advanced Micro Devices, Inc. (NASDAQ: AMD), Butterfly Network, Inc. (NYSE: BFLY).

Mordor Intelligence continued: “The increased prevalence of cancer and the high burden of other chronic diseases are, in turn, increasing the demand for accurate diagnosis and treatment. This is likely to increase the adoption of AI for early diagnosis purposes, ultimately boosting the market growth. North America is expected to hold a significant market share. The use of artificial intelligence in the North American healthcare market is being driven by the increasing use of advanced technology in healthcare systems, the growth in funding of AI-based startups, the rising burden of chronic diseases in the country, the growing need to reduce healthcare costs, and the implementation of big data in healthcare. The increased adoption of big data in healthcare in the region is expected to propel the market's growth.”

Treatment AI (OTCQB: TREIF) (CSE: TRUE) Funded by the National Institute of Health to Develop a Culturally Sensitive AI Approach to Health Equity - Treatment.com AI Inc. (Frankfurt: 939) (the “Company” or “Treatment”) is pleased to announce that the Company has received funding from The National Institute of Health (“NIH”) to develop a culturally sensitive AI approach for collecting family medical history.

Treatment AI has partnered with Rush River Research in Minneapolis to develop an Artificial Intelligence (AI) approach for collecting information about family medical history that is culturally sensitive and appropriate for African-American families. Current methods used by clinicians to collect family medical histories often do not satisfactorily capture important information from blended families or nontraditional relationships commonly found in racial or ethnic minority communities. The historical trauma and systemic bias common in African American communities can limit the amount of information known about the health of relatives. Without better methods for capturing information, existing health disparities addressing prevention and risk can persist. In collaboration with Rush River Research, Treatment AI is using its proprietary artificial intelligence capabilities to change how family health is collected and recorded to address existing disparities. The Company held multiple focus groups with African American doctors and community members to help develop and prototype culturally sensitive approaches to collecting information about family health.

As part of their work building the world’s most comprehensive and integrated online medical library powered by AI (the Global Library of Medicine), Treatment is aggressively acting to ensure that diagnostic and treatment information in the future will be provided by platforms that are free of the inequity commonly reflected in medical AI programs today. By convening focus groups of African Americans to evaluate Treatment’s platform and provide insights and suggestions, the company ensures a rich and diverse perspective will inform the platform’s continuous improvement.

The family history solution has been initially developed through a prototype that integrates into the Treatment AI platform. As continued improvements in the solution are made, they will be provided to Treatment for testing and implementation into future generations of the Global Library of Medicine platform.

Treatment and Rush River Research have recently submitted an expanded Phase 2 grant proposal to the NIH to extend the work. The goal of the proposal is to move the prototype into a commercial solution which will promote adoption and integration into electronic health records and online apps. 

Kevin Peterson MD, MPH, FRCS(Ed), FAAFP Chief Medical Officer stated “Old data approaches inevitably reflect old biases. Treatment AI confronts issues of historical bias by reinventing how data about families is collected and stored to reflect the realities of modern life.” 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:

Palantir Technologies Inc. (NYSE: PLTR) announced that more than 60 customers will showcase their work in Palantir’s Artificial Intelligence Platform (AIP) at its upcoming AIPCon, including the unveiling of 20+ new customers & partners. The conference will be live streamed on Thursday, March 7, 2024 on Palantir’s YouTube channel.

Palantir introduced AIP in mid-2023, and later that year introduced AIP Bootcamps, Palantir’s hands-on-keyboard acceleration program for customers to go from zero to use case in a matter of hours. Since launching, nearly 850 AIP Bootcamps have been completed in the United States and around the world — with concentrations of customers in Detroit, Chicago, New York City, Washington D.C., and more.

Medtronic (NYSE: MDT), the global leader in healthcare technology, recently announced that the Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office has affirmed the validity of claims in two of its patents in an ongoing patent infringement lawsuit filed by Medtronic against Axonics over sacral neuromodulation (SNM) technologies. Cumulatively, the PTAB has now upheld the validity of five of the Medtronic patents at issue in this lawsuit.

Medtronic will now ask the federal court in the Central District of California, where Medtronic's patent infringement lawsuit is pending, to lift its stay on the lawsuit and proceed to trial on the five valid and affirmed patents so Medtronic can present its case in front of a jury.

“It's now past time for Axonics to stand up in a court of law and take responsibility for its unauthorized use and infringement of Medtronic's intellectual property,” said Mira Sahney, president of the pelvic health business in the neuroscience portfolio at Medtronic. “We respect the intellectual property of innovators, and our patent system exists to benefit society by encouraging the kind of innovation that Medtronic invests in. We are pleased with the PTAB's decision, and we are confident that the evidence at trial will show that Axonics improperly used and profited from Medtronic's patented technology.”

Advanced Micro Devices, Inc. (NASDAQ: AMD) recently announced that its cutting-edge adaptive computing technology was selected by Sony Semiconductor Solutions (SSS) for its newest automotive LiDAR reference design. SSS, a global leader in image sensor technology, and AMD joined forces to deliver a powerful and efficient LiDAR solution for use in autonomous vehicles. Using adaptive computing technology from AMD significantly extends the SSS LiDAR system capabilities, offering extraordinary accuracy, fast data processing, and high reliability for next-generation autonomous driving solutions.

In the rapidly evolving landscape of autonomous driving, the demand for precise and reliable sensor technology has never been greater. LiDAR (Light Detection and Ranging) technology plays a pivotal role in enabling depth perception and environmental mapping for various industries. LiDAR delivers image classification, segmentation, and object detection data that is essential for 3D vision perception enhanced by AI, which cannot be provided by cameras alone, especially in low-light or inclement weather. The dedicated LiDAR reference design addresses the complexities of autonomous vehicle development with a standardized platform to enhance safety in navigating diverse driving scenarios.

Butterfly Network, Inc. (NYSE: BFLY), a digital health company transforming care through the power of portable, semiconductor-based ultrasound technology and intuitive software, recently announced the attainment of its European Union Medical Device Regulation (EU MDR) certificate for the Butterfly iQ+ ultrasound system. This additional certification allows Butterfly to release important new features to all existing and prospective European customers, including Pulse Wave Doppler (PWD) in a number of presets and its AI-enabled Auto B-Line Counter. The Company intends to release these additional functionalities within the second quarter 2024.

The Butterfly iQ Ultrasound Systems first obtained CE Marking in April 2019, and subsequently, iQ+ in early 2021 with an initial set of features. On May 26, 2021, EU MDR came into effect as the new governing framework for the production and distribution of medical devices in Europe. Since then, Butterfly has been actively working to obtain this additional certification necessary to release new, advanced capabilities to its European customers.

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