Software Segment of Global A.I. Healthcare Billion Dollar Market Expected to Have Fastest Growth

FN Media Group News Commentary

PALM BEACH, Fla., April 10, 2024 /PRNewswire/ -- With the increase in life expectancy, people need more medical help and care. AI-enabled technologies can help people to live healthier and longer lives. Artificial Intelligence (A.I.) has a great demand in the healthcare industry. Healthcare providers turn to tech companies for expertise in adopting AI, and naturally, demand for such expertise makes competition among the latter highly intensive.  A report from binariks.com projected that the global artificial intelligence in the healthcare market was valued at USD 16.3 billion in 2022 and is expected to grow at a CAGR of 40.2% to reach USD 173.55 billion by 2029.   The report said: "The healthcare AI market is experiencing a remarkable and significant surge in its growth and acceptance. Here are some insights about AI and the healthcare market: North America controls the market and has a strong presence of key players; Using AI-powered medical imaging technologies is a huge trend among healthtech companies; Medical businesses continue to grow and expand, so mergers and acquisitions are becoming very common. Larger players are acquiring smaller companies to enhance their AI capabilities or extend their market coverage; The integration of AI with complementary technologies like robotics or blockchain promotes precision medicine and transforms healthcare delivery; and Generative AI-powered virtual assistants and chatbots are experiencing rising requests due to their 24/7 support opportunities."  Active tech companies in the markets this week include Treatment AI, Inc. (OTCQB: TREIF) (CSE: TRUE), Medtronic (NYSE:MDT), NVIDIA (NASDAQ: NVDA), HEALWELL AI Inc. (OTCQX: HWAIF) (TSX: AIDX), Lantern Pharma Inc. (NASDAQ: LTRN).

It continued: "To understand which therapeutic areas have most AI support, let's take a look at the FDA-approved list of AI-enabled applications. FDA approved 521 devices using AI, according to the last update from FDA.gov. Radiology has 75%, or 391 FDA cleared devices. This report shows us that radiological imaging has become very promising and usable in practice.  Based on components, the global AI in the healthcare market can be divided into software, hardware, and services. The software segment has the largest share and is expected to have the fastest growth."

Treatment AI (OTCQB: TREIF) (CSE: TRUE) partners with aiXplain Inc. to extend access to its Global Library of Medicine (GLM) - Treatment.com AI Inc. (Frankfurt: 939) (the "Company" or "Treatment") is pleased to announce it has signed a Collaborative Agreement with aiXplain, Inc. ("aiXplain") to enable greater access to Treatment's proprietary Global Library of Medicine ("GLM") by contributing to aiXplain's ever-growing dynamic Artificial Intelligence (AI) marketplace.

Treatment has partnered with aiXplain, the industry's first no-code/low-code integrated AI development platform. Over the past 7 years and in collaboration with hundreds of healthcare professionals globally, utilizing proprietary algorithms, Treatment has built the world's most intelligent, personalized healthcare AI engine, the Global Library of Medicine (GLM). aiXplain's marketplace makes it possible for healthcare organizations to access Treatment's AI engine through its development framework and enhance the quality of clinical diagnosis within their organizations across multiple platforms.

Treatment and aiXplain also intend to explore mutually beneficial international opportunities through the partnership. Both parties have a shared interest in the future to provide the GLM in multiple languages.

The collaboration also allows aiXplain and Treatment to work closely on testing and development of further new mutual joint commercial applications and/or solutions. The intent of this collaboration is to promote the development, installation, testing, validation, and commercialization of one or more novel solutions that further the goals of both companies and proactively impact the healthcare market globally.

Dr. Essam Hamza, CEO of Treatment.com AI, comments: "The opportunity to partner with aiXplain, an organization at the heart of the AI evolution, and to be part of their evolving marketplace is fantastic. It helps fulfill our shared philosophies in the democratization of AI. Our goal is to have Treatment's Global Library of Medicine (GLM) AI accessible to healthcare organizations and healthcare professionals alike, and aiXplain's marketplace creates new opportunities for all parties."  

"Our partnership with Treatment represents another quality addition to our world-leading marketplace of AI models and assets," said Hassan Sawaf, CEO & Founder of aiXplain. "The news also marks a milestone for aiXplain. This is the first specialized AI model for the healthcare industry to join our marketplace, expanding the versatility of our AI platform across sectors."  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:

NVIDIA (NASDAQ: NVDA) and SAP SE (SAP) recently announced a partnership expansion focused on accelerating enterprise customers' ability to harness the transformative power of data and generative AI across SAP's portfolio of cloud solutions and applications.

The companies are collaborating to build and deliver SAP Business AI, including scalable, business-specific generative AI capabilities inside the Joule® copilot from SAP and across SAP's portfolio of cloud solutions and applications – all of which are underpinned by the SAP generative AI hub. The generative AI hub facilitates relevant, reliable and responsible business AI and provides instant access to a broad range of large language models (LLMs).

As part of SAP's ongoing initiative to build generative AI directly into the applications that power the world's businesses, the partnership aims to help customers adopt generative AI capabilities at scale across their organizations. SAP will use NVIDIA's generative AI foundry service to fine-tune LLMs for domain-specific scenarios and deploy applications with new NVIDIA NIM™ microservices. SAP and NVIDIA plan to make the new integrated capabilities available by the end of 2024.

HEALWELL AI Inc. (OTCQX: HWAIF) (TSX: AIDX), an AI and data science company focused on preventative care, recently announced its subsidiary Pentavere Research Group ("Pentavere") has achieved a significant milestone with the publication of a paper validating the use of generative AI to identify rare lung cancer patients. The paper, titled "Real-world Outcomes of Patients with Advanced Epidermal Growth Factor Receptor-Mutated Non-Small Cell Lung Cancer in Canada Using Data Extracted by Large Language Model-Based Artificial Intelligence" marks an important moment in the application of AI in precision oncology. This landmark publication is industry's first peer-reviewed paper utilizing AI and large language models to identify rare lung cancer patients using real world electronic health record data, supporting precision oncology efforts, and it showcases HEALWELL's leadership position in developing AI technology applications in healthcare.

Aaron Leibtag, CEO of Pentavere, commented, "Pentavere is pushing the boundaries of innovation in healthcare and leveraging AI to address the most pressing challenges facing patients and healthcare providers. We have harnessed this capability into very productive work with world leading pharma and cancer centers to help optimize patient care in lung cancer. We've developed best in class AI that is core to our mission of preventative care. This paper highlights our ability to use generative AI in the real world to unlock key clinical and commercial value."

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, recently 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."

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, recently announced positive clinical trial safety and efficacy results for Sphere-360™, an investigational single-shot mapping and ablation catheter using pulsed field (PF) energy, for treatment of patients with paroxysmal atrial fibrillation (AFib). Interim findings from the first-in-human Sphere-360 study were presented as a late-breaking clinical trial at the European Heart Rhythm Association (EHRA) 2024 Annual Meeting.

The Sphere-360 catheter was developed with the goal to simplify the atrial fibrillation procedure while enhancing efficiency and providing high durability of lesions. Its unique design includes a large, tissue-conformable lattice tip for efficient energy delivery, with no need to rotate the catheter multiple times in one location as the entire lattice tip delivers PF energy. Furthermore, the catheter is fully integrated with the Affera™ Mapping and Ablation System for complete visualization inside the heart and electroanatomical mapping, making it a true all-in-one single-shot catheter for mapping, ablation, and validation.

The Sphere-360 study, a prospective, single arm, multi-center trial performed in three European centers with a total of 85 patients, demonstrated 81.8% freedom from atrial arrhythmias after one year of follow up, and 100% freedom in the sub-group treated with the optimized and most recent pulse configuration. The treatment time, or first to last PF application, was 10 minutes on average.

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