Artificial Intelligence Influence in Ophthalmology Industry Projected to Create a Billion Dollar Revenue Opportunity

MarketNewsUpdates News Commentary , /PRNewswire/ -- According to a report from Research And Markets, the AI in Ophthalmology Market was valued at USD 209.23 million in 2024, and is projected to reach USD 1.36 billion by 2030, rising at a CAGR of 36.79%. The rising prevalence of eye diseases, advancements in imaging technology, and expansion of teleophthalmology services are factors contributing to market growth. The report said: "In addition, growing preference for personalized treatment plans and increasing government initiatives fuel market growth further. The increasing prevalence of eye-related conditions, such as diabetic retinopathy, age-related macular degeneration (AMD), and glaucoma, is a significant factor driving the adoption of AI in ophthalmology. As the population ages, the incidence of these diseases increases, creating a need for efficient and accurate diagnostic tools. For instance, according to the CDC, the estimated number of Americans living with glaucoma in 2022 was 4.22 million. AI algorithms can rapidly analyze complex retinal images, facilitating early detection and treatment. For instance, AI systems have shown high sensitivity and specificity in identifying diabetic retinopathy, which allows for timely interventions and reduces the risk of vision loss. Moreover, integrating advanced imaging techniques such as Optical Coherence Tomography (OCT) with AI has revolutionized ophthalmic diagnostics. High-resolution imaging provides detailed views of ocular structures, which enhances diagnostic precision when analyzed by artificial intelligence (AI). The availability of large datasets from these imaging technologies allows for the training of robust AI models, improving their accuracy and reliability in clinical settings." Active healthcare/tech companies active in the diabetes treatment industry include: Avant Technologies Inc. (OTCQB: AVAI), Alcon Inc. (NYSE: ALC), Bausch + Lomb Corporation (NYSE: BLCO), Johnson & Johnson (NYSE: JNJ), Tempus AI, Inc. (NASDAQ: TEM). Research And Markets continued: "Furthermore, teleophthalmology, the remote delivery of eye care services, has gained traction, especially in underserved regions. AI is crucial in this expansion by enabling automated analysis of retinal images, facilitating remote diagnosis, and reducing the need for in-person consultations. This approach increases access to eye care and optimizes resource utilization in healthcare systems. For instance, in June 2024, C3 Med-Tech, an ophthalmic health tech startup, raised USD 0.23 million to launch AI-enabled, portable eye screening devices. The funding is expected to support telemedicine integration, real-time disease detection, and expansion across India, aiming to reduce avoidable blindness, especially in underserved communities facing a shortage of ophthalmologists. Moreover, AI's ability to analyze and interpret data from Electronic Health Records (EHRs) facilitates personalized treatment plans in ophthalmology. AI predicts disease progression by assessing patient history, genetic information, and imaging data and recommends tailored interventions, further contributing to market growth." Avant Technologies, Inc. (OTCQB: AVAI) Joint Venture Partner Presents AI Technology at Roche Ophthalmology Conference - Avant Technologies, Inc. ("Avant" or the "Company"), an emerging technology company developing healthcare solutions using both artificial intelligence (AI) and developments in biotechnology, today announced that Vinicio Vargas, Chief Executive Officer (CEO) of Avant's partner, Ainnova Tech, Inc., (Ainnova), was a featured speaker Friday and Saturday at Roche's Latin America "Macular Spectacular" Ophthalmology conference in Cartagena, Colombia. The conference highlighted the latest in scientific advances in treatments for the most common eye diseases, including age-related macular degeneration, diabetic macular edema, and diabetic retinopathy, while also focusing on strengthening collaboration between industry specialists in Latin America. Ainnova's CEO, Vinicio Vargas, who is also a member of the Board of Directors of Ai-nova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova to advance and commercialize Ainnova's technology portfolio, discussed the status of AI and its uses in the industry to improve patient outcomes. Vargas and a host of renowned speakers that included Dr. Laura Velásquez, Dr. Roberto Gallego, Hugo Ocampo, and other ophthalmologists and experts presented the latest tools to transform visual health in the region, reflected on unmet needs, and explained how innovation can help build stronger, accessible, and patient-centered health systems. In Q4 2024, Ainnova entered a strategic alliance with global biotech, Roche, and leading pre-paid health plan provider, Salud 360, to start a pilot program to combat diabetic retinopathy using Ainnova's AI-powered, cutting-edge technology, Vision AI. The alliance aims at improving access to vision screening in patients with uncontrolled diabetes with the hope of decreasing the risks of diabetic retinopathy. If the program is successful, Avant and Ainnova hope to implement a similar program in the United States, Canada, and Europe through AAC. AAC has the worldwide licensing rights for Ainnova's technology portfolio, which includes Ainnova's Vision AI platform. CONTINUED… Read this and more news for Avant Technologies at: https://finance.yahoo.com/quote/AVAI/news/ In other diabetes developments and happenings in the biotech market include: Alcon Inc. (NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, recently announced that UNITY® Vitreoretinal Cataract System (VCS) has received Health Canada approval. This innovation is the first to be introduced from Alcon's highly anticipated Unity portfolio. "Today marks an important day for Canadian ophthalmologists as we introduce the next generation of equipment solutions in cataract and vitreoretinal surgery, and we are grateful to those who helped us reach this milestone," said Franck Leveiller, Head of Global R&D and Chief Scientific Officer, Alcon. "We have a long legacy of engaging our customers throughout the research and development process to design bold innovations in ophthalmology. This approval is a significant milestone in delivering meaningful impact for Canadian Eye Care Professionals and patients." Bausch + Lomb Corporation (NYSE: BLCO), a leading global eye health company dedicated to helping people see better to live better, recently launched "Eyes Tell the Story: The Impact of Dry Eye." The campaign aims to educate about dry eye through personal stories, compelling imagery and new survey data, and encourages people with symptoms to speak with their eye doctor to find relief. Eyes Tell the Story builds upon Know Your Dry Eye, an educational campaign launched in 2024 that featured data and insights from the company's first State of Dry Eye survey, which showed the majority of Americans may not know that their eye symptoms are associated with eye dryness, despite the growing prevalence of dry eye. This year's survey, conducted among dry eye sufferers who are using either a prescription treatment or over-the-counter (OTC) product, further supports the need for more patient education and to dispel ongoing misconceptions surrounding dry eye. Johnson & Johnson (NYSE: JNJ) recently launched TECNIS Odyssey IOL in Europe, the Middle East, and Canada. The TECNIS Odyssey IOL was first launched in the US in October 2024. The TECNIS Odyssey IOL is a full vision range intraocular lens (IOL), built on the TECNIS platform from Johnson & Johnson, which, according to the company, provides 2 times better contrast in low lighting than PanOptix. The TECNIS Odyssey combines advanced optics and proprietary materials, offering consistently clear, high-contrast vision, according to the company. Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, recently announced it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Tempus ECG-Low EF (ejection fraction) software, which uses AI to identify certain patients who may have a low left ventricular ejection fraction (LVEF). Tempus ECG-Low EF joins Tempus ECG-AF as the second FDA-cleared ECG-AI device in Tempus' growing suite of next generation devices designed to identify patients at risk for a variety of cardiovascular conditions. "With Tempus ECG-Low EF, we're adding another powerful tool to the hands of clinicians to help them identify patients at risk for serious cardiovascular conditions much earlier in their care journey," said Brandon Fornwalt, MD, PhD, Senior Vice President of Cardiology at Tempus. "Detection of LVEF is essential for undiagnosed patients, and this technology enables us to deliver that capability at scale to transform patient care. The addition of a second FDA-cleared Tempus ECG-AI solution reflects our continued commitment to advancing AI-driven cardiology." DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. 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Artificial Intelligence Influence in Ophthalmology Industry Projected to Create a Billion Dollar Revenue Opportunity

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