AI in healthcare set to revolutionise the industry by 2032

The healthcare industry is set to experience significant changes with the increasing adoption of artificial intelligence (AI), as experts anticipate substantial growth by 2028.

Over 800 health AI applications have been cleared by the FDA, indicating a shift towards AI becoming an essential tool rather than a novelty in healthcare. This trend is supported by predictions reported by Fast Company, which envisage that 2025 will see advancements in health AI, including home testing, AI agents, passive monitoring, ambient documentation, and autonomous coding. The World Economic Forum is also examining the impact of generative AI on clinical trials.

According to a survey conducted by eClinicalWorks, a vast majority, 90%, of healthcare professionals express positive views about AI. Industry players such as Avant Technologies, Recursion Pharmaceuticals, Teladoc Health, Butterfly Network, and Absci Corporation are contributing to this trend by developing AI-based healthcare solutions.

Market analysts from market.us predict that the Generative AI in Healthcare Market could reach USD $17.2 billion by 2032, with a compound annual growth rate (CAGR) of 37%. Meanwhile, researchers from Technavio are forecasting the Smart Healthcare Market, which comprises telemedicine, mHealth, smart pills, and AI, to grow by USD $125.7 billion by 2028.

Avant Technologies announced a collaboration with Ainnova Tech, which has secured an exclusive license for four AI-driven algorithms from a prominent Asian healthcare institution. These algorithms, assessed over a diverse dataset of more than two million patients, cover early detection of cardiovascular risk, prediabetes and type 2 diabetes, fatty liver disease, and chronic kidney disease. These will complement Ainnova's current diabetic retinopathy and retinal disease detection solutions within its VisionAI platform.

Ainnova plans to introduce these solutions in Latin America and expects FDA clearance for deployment in the United States. "This license represents a pivotal moment for Ainnova and for its partnership with Avant as it allows us to bring world-class, validated solutions to the Americas," said Vinicio Vargas, CEO of Ainnova. "This effort... aligns with our ongoing R&D initiatives to continue incorporating new diseases that can be detected quickly and affordably, pushing the boundaries of preventive care, and making healthcare more inclusive and accessible to all."

Recursion Pharmaceuticals recently revealed preliminary findings from the Phase 1/2 study of REC-617, noting a favourable therapeutic profile with minimal side effects. "These initial findings for REC-617 represent an exciting step forward in the development of CDK7 inhibitors," noted Najat Khan, Chief R&D Officer and Chief Commercial Officer, Recursion. "We are eager to continue this momentum in dose escalation and to initiate the next phase of the program next year."

Teladoc Health announced enhancements to its Virtual Sitter solution, allowing remote staff to monitor more patients and optimising healthcare delivery. "For more than a decade, we've pioneered new ways for technology to support human interaction in patient care," stated Andy Puterbaugh, President of Hospitals and Health Systems at Teladoc. "New applications of AI are now accelerating our impact."

Butterfly Network introduced the HeartFocus Education app in partnership with HeartFocus, aiding healthcare practitioners in learning essential cardiac views through an AI-powered platform. "HeartFocus is set to make a big impact in cardiac care," said Darius Shahida, Chief Strategy Officer at Butterfly Network, highlighting the app's contribution to increasing accessibility to cardiac care training.

Absci Corporation reported updates on its AI Integrated Drug Creation platform at its R&D Day, emphasising progress in their internal pipeline. "We are excited to showcase the target and significant opportunities we see for ABS-201, present new data for ABS-101 and ABS-301, and introduce ABS-501 to our pipeline," stated Sean McClain, Founder and CEO of Absci.