PALM BEACH, Fla., Dec. 04, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The use of Artificial Intelligence (AI) in the diagnostics market has transformed medical diagnosis and therapy. AI algorithms and machine learning approaches have shown impressive skills in analyzing massive volumes of medical data and producing significant insights for accurate and efficient diagnosis. Artificial intelligence-driven diagnosis is promoting significant development in the medical sector, from radiology and pathology to cardiology and cancer diagnosis. With the enhanced skills of practitioners using AI-enabled technologies, diagnostic accuracies increase, saving valuable time. In addition, these AI systems can learn from real-world data and improve over time, therefore proving to be very good companions for healthcare practitioners. The AI in diagnostics market growth has enormous promise for revolutionizing healthcare delivery by offering faster, more accurate diagnoses, improving patient outcomes, and saving lives. A report from ResearchAndMarkets said that the AI in diagnostics market is expected to grow at a CAGR of 33.47%, reaching a market size of US$7.268 billion in 2029 from US$1.716 billion in 2024. Active companies active in the markets include: Avant Technologies Inc. (OTCQB: AVAI), Roche (OTCQX: RHHBY), Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), Tempus AI, Inc. (NASDAQ: TEM), Intuitive (NASDAQ: ISRG).
The ResearchAndMarkets report said: “Machine learning and deep learning algorithms have significantly contributed to the expansion of AI in the diagnostics business. These algorithms have shown an extraordinary ability to handle and analyze massive volumes of medical data, allowing for precise and rapid diagnosis. According to a report published by WHO, a deep learning system detected skin cancer with an accuracy of 94.5%, outperforming human dermatologists. Furthermore, according to a study published in the Journal of the American Medical Association, an AI system properly recognized breast cancer in mammograms with a sensitivity of 94.5%. These developments demonstrate the power of machine learning and deep learning algorithms in improving diagnostic accuracy and patient outcomes. North America is the Market Leader in the AI Diagnostics Market. North America holds a significant share of the AI Diagnostics market. This can be linked to factors such as a strong healthcare infrastructure, new technologies, and a favorable regulatory environment. Several significant players in the AI business, including prominent healthcare facilities and research organizations, are located in the region. Furthermore, North America has seen major expenditures in AI research and development, which has fueled the expansion of AI in the diagnostics market. North America continues to employ AI for diagnostic purposes, thanks to an emphasis on innovation and technical developments.”
Avant Technologies, Inc. (OTCQB: AVAI) Partner, Ainnova, Signs Pilot Program with Roche to Combat Diabetic Retinopathy- Avant Technologies, Inc. (“Avant” or the “Company”), partner, Ainnova Tech, Inc., (Ainnova) a leading healthcare technology company focused on revolutionizing early disease detection using artificial intelligence (AI), today announced that the company has entered into a strategic alliance with global biotech, Roche, and leading pre-paid health plan provider, Salud 360, to begin a pilot program to combat diabetic retinopathy using Ainnova’s cutting-edge technology.
The pilot program will initially be implemented in Costa Rica where diabetes affects about 10.4% of the adult population. If successful, Avant and Ainnova hope to implement a similar program in the United States, Canada, and Europe through Ai-nova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova.
According to data from the Costa Rican Institute for Research and Teaching in Nutrition and Health (Inciensa), uncontrolled diabetes is the leading cause of preventable blindness in the country's adult population. To make matters worse, between 20% and 40% of diabetic patients develop diabetic retinopathy, a silent but devastating condition if not detected and treated in time.
According to the World Health Organization, 80% of cases of blindness due to diabetes are preventable with early and effective interventions. Therefore, early detection is crucial and technological innovation can help make a huge difference.
Roche, Ainnova, and Salud 360 signed a strategic alliance to improve access to vision screening in patients with uncontrolled diabetes with the hope of decreasing the risks of diabetic retinopathy using Ainnova’s advanced technology and a patient-centered approach.
The pilot program will use non-mydriatic fundus cameras and artificial intelligence—developed by Ainnova Tech—to automatically analyze retinal images and identify microscopic changes in the retina. Such changes would be an early indicator of diabetic retinopathy without the need for invasive tests.
“At Roche, we are committed to timely diagnosis of diseases to improve clinical outcomes and thus contribute to the sustainability of the healthcare system. By leveraging technology, we seek to improve lives, optimize diagnoses, and ensure that every patient has access to timely and effective treatment. With this model, we not only seek to address the problem of diabetic retinopathy, but also to establish a replicable path for other diseases that require innovative solutions,” said, Alvaro Soto, General Manager of Roche Central America, Caribbean, and Venezuela.
By implementing the pilot program in Costa Rica, this strategic alliance can take advantage of the country's robust healthcare system and its focus on technological innovation. Patients who are members of Salud 360 will be the first to benefit from screenings at affiliated clinics. Those at risk will be referred immediately to ophthalmology specialists, guaranteeing comprehensive and timely care.
The results of this pilot program will be the basis for developing the model beyond our borders to benefit communities facing similar challenges in accessing medical care.
Vinicio Vargas, Chief Executive Officer of Ainnova Tech and member of AAC’s Board of Directors, emphasized, “We are proud to be able to put our technology at the service of a project that has the potential to prove itself as a massive impact model in early detection, and which we believe is replicable globally. Today, we are starting with diabetic retinopathy, but the vision is that we can eventually multiply this same effort for other critical diseases that require innovative solutions.” CONTINUED… Read this and more news for Avant Technologies at: https://www.financialnewsmedia.com/news-avai/
In other healthcare/technology industry developments and happenings in the market recently include:
Roche (OTCQX: RHHBY) recently announced that it has entered into a definitive merger agreement to acquire Poseida Therapeutics, Inc. (PSTX), a public clinical-stage biopharmaceutical company pioneering donor-derived CAR-T cell therapies. Based in San Diego, California, Poseida’s R&D portfolio includes pre-clinical and clinical-stage off-the-shelf (also referred to as allogeneic) CAR-T therapies across several therapeutic areas including haematological malignancies, solid tumours, and autoimmune disease, as well as manufacturing capabilities and technology platforms.
The acquisition builds on the existing partnership between Roche and Poseida following the collaboration and licence agreement established in 2022, which focuses on developing off-the-shelf CAR-T cell therapies to address medical needs of patients with haematological malignancies.
The business combination of two AI-powered drug discovery and development companies, Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX) and Exscientia has recently been completed, with Exscientia becoming a wholly owned subsidiary of Recursion creating a vertically-integrated and technology-enabled drug discovery platform. Exscientia ADSs (EXAI) ceased trading and will be delisted from Nasdaq.
“I believe the combination of the incredible teams and platforms at Exscientia and Recursion position us as the leader of the AI-enabled drug discovery and development space,” said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion. “With more than 10 clinical and preclinical programs in the internal pipeline, more than 10 partnered programs and over $450M in upfront and realized milestone payments received from partners to date out of more than $20B possible, we are advancing a flywheel of discovery and creating value in our pipeline through technology.”
Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, recently announced the collaboration with Flatiron Health, a leading healthtech company dedicated to expanding the possibilities of point of care solutions in oncology, to integrate its comprehensive genomic testing directly into Flatiron’s cloud-based Electronic Medical Record (EMR) platform, OncoEMR® through the Molecular Profiling Integration (MPI). This integration will provide oncologists with seamless access to Tempus’ suite of testing options, enhancing their ability to deliver personalized cancer care.
Flatiron’s MPI—a two-way integration between laboratories and OncoEMR—will allow the 4,200 providers at more than 800 community-based cancer care locations across the U.S. in Flatiron’s network to order and receive results from Tempus directly in the OncoEMR workflow. The integration will enable electronic ordering, order tracking, and the receipt of Tempus test results directly within the OncoEMR platform, significantly reducing administrative burden and improving the experience for care providers.
Intuitive (NASDAQ:ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, announced this year that the U.S. Food and Drug Administration (FDA) cleared a labeling revision for da Vinci X and Xi specific to radical prostatectomy. This clearance was based on real-world evidence (RWE) collected from 2007 to 2014 that demonstrates overall five- to 10-year survival following robotic-assisted radical prostatectomy is similar to non-robotic radical prostatectomy.
In a public-private collaboration, Intuitive worked with the FDA, healthcare analytics company Aetion, and the National Evaluation System for health Technology (NEST), utilizing its NEST Mark process to support the validity of the real-world data used in the labeling revision submission. This project demonstrated the utility of this type of collaboration in generating high-quality RWE to support marketing applications to the FDA and could allow for similar comprehensive long-term survival assessments for other cancer procedures, which helps advance regulatory science.
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