Five Top Ways to Invest in a Potential $187 Billion AI Healthcare Market Today

January 23, 2024 -

As the population continues to trend toward a more advanced age, more and more healthcare visits are required. Unfortunately, the system being used just to match patients in need of care with the resources to access that care is stuck in the 1970s. It doesn’t even take into consideration a patient’s unique medical history or time needs on a case-by-case basis. Fortunately, that’s all changing with the help of artificial intelligence. MedBright AI’s (CSE: MBAI) (OTCQB: MBAIF) MedMatrix, for example, is allowing clinics to better predict patient needs and prioritize resource with AI, which can lead to higher patient satisfaction and improved clinic revenue. In addition, companies such as WELL Health Technologies (OTCQX: WHTCF) (TSX: WELL) and HeallWell AI (TSX: AIDX) (OTC: HWAIF) just launched WELL AI, for example, to assist healthcare providers in improving early disease and preventative health.

Even better, according to Statista, “The artificial intelligence (AI) healthcare market, valued at $11 billion in 2021, is projected to be worth $187 billion in 2030. That massive increase means we will likely continue to see considerable changes in how medical providers, hospitals, pharmaceutical and biotechnology companies, and others in the healthcare industry operate.” That’s expected to also have a substantial impact on AI companies, such as VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF) and C3.AI Inc. (NYSE: AI).

MedBright (CSE: MBAI) (OTCQB: MBAIF) to Expand its AI Offerings

MedBright AI Investments Inc. announced that Rejuvenation, a prominent dermatology group and a leader in advanced dermatological care, is expanding its use of MedMatrix to include marketing for cosmetic treatments and clinical trial recruitment and data analysis.

Rejuvenation’s extensive network includes 8 clinics spread across 3 provinces in Canada. The group boasts a highly skilled team comprising 21 dermatologists, 5 Mohs surgeons, 2 plastic surgeons, and 13 general practitioners specializing in dermatology. This expansion of MedMatrix to cosmetic marketing and clinical trial data analytics is set to further improve their leadership in these spaces. The cosmetic marketing product will help Rejuvenation identify the best candidates for cosmetic treatments and offer personalized recommendations to cosmetic patients, improving both patient experience and treatment outcome. The clinical trial recruitment tools will enable Rejuvenation to rapidly assess patient eligibility for clinical trials, improving patient access to new treatments and speeding up the process of clinical trial recruitment for Rejuvenation’s partners.

“We are excited to expand our work with Rejuvenation to further improve their already impressive operations in cosmetic treatment marketing and clinical trials,” said Trevor Vieweg, CEO of Medbright AI. “Combining the power of MedMatrix with the large patient base of Rejuvenation is set to provide new revenue opportunities for Rejuvenation and improve the patient experience for their customers.”

Other related developments from around the markets include:

WELL Health Technologies, a digital health company focused on tech-enabling healthcare providers, and its investee company, HEALWELL AI, announced the launch of "WELL AI Decision Support", a groundbreaking new service for healthcare providers. This partnership is the first major collaborative initiative between the two companies since the announcement of the Strategic Alliance Agreement on October 3, 2023. Both companies view this as the beginning of a long-term, mutually beneficial partnership, with a shared vision and commitment to ongoing innovation. Hamed Shahbazi, Founder and CEO of WELL commented, "We firmly believe the physician experience of the not-too-distant future will involve a number of safe, secure and helpful digital diagnostic tools that will better support healthcare providers in detecting acute and chronic diseases earlier. The launch of 'WELL AI Decision Support' perfectly aligns with our core strategy to empower healthcare providers with transformative technology, enhancing their capacity to improve patient outcomes and promote preventative health."

HeallWell AI, a data science and AI company focused on preventative care, announced it completed the previously announced acquisition of a majority ownership position in Pentavere Research Group Inc., an innovative AI health-tech company based in Toronto, Ontario, that focuses on identifying eligible patients for approved medications and interventions. Pentavere has a proven track record in commercialization of real-world evidence studies and has developed strong partnerships with major hospital networks. Pentavere’s expertise in data abstraction and structuring, combined with their extensive network and experience in hospital specialist care, perfectly aligns with HEALWELL’s commitment to improving preventative care.

VERSES AI Inc., a cognitive computing company developing next-generation intelligent software systems, announced a partnership with Analog, a company led by Alex Kipman and backed by G42, to transform Abu Dhabi's urban landscape through smart city projects. This collaboration marks another step taken to advance smart city evolution. Driven by urbanization, efficient resource management, public safety, and energy optimization, governments are increasingly adopting smart city initiatives to address the challenges of a growing population. These efforts aim to enhance infrastructure in critical areas like mobility, utilities, safety, and healthcare. Reflecting this trend, the smart city market is estimated to reach $3.482 trillion by 2026 (according to the latest report published by Persistence Market Research - Smart Cities Market: Global Industry Analysis and Forecast 2016-2026).

C3.AI Inc., the Enterprise AI application software company, announced financial results for its fiscal second quarter ended October 31, 2023. “It was a solid quarter, with total revenue growing 17% year-over-year to $73.2 million, and customer engagement growing by 81% year-over-year. We saw unprecedented interest and traction in our generative AI offerings. Importantly, we are seeing a return to accelerating revenue growth as we continue our transition to a consumption-based pricing model,” said C3 AI CEO and Chairman Thomas M. Siebel. “In the trailing four quarters, we have seen top line year-over-year revenue growth increase from -4% in Q3 FY23, to 0% in Q4 FY23, to 11% in Q1 FY24, to 17% in Q2 FY24.”

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Ty Hoffer
Winning Media