Johnson & Johnson (J&J) MedTech announced it is working to accelerate and scale AI for surgery with NVIDIA, with the aim of increasing global availability of AI algorithms for surgical decision-making and education.
The two companies have executed a memorandum of understanding to accelerate AI for J&J MedTech’s surgical technologies portfolio with Nvidia’s AI platform.
“J&J MedTech is advancing healthcare toward a future that’s more connected and personalised,” said Tim Schmid, executive vice president of MedTech.
“This future will be increasingly enabled by digital technologies that deliver efficiency, inform decision-making, and extend surgical training and education,” he added.
Schmid said Nvidia’s AI platforms hold “enormous potential to create a more connected surgical experience.”
J&J said Nvidia’s AI will improve the efficiency of data analytics from devices and patients.
“A collection of AI models could act like driver-assistance technology for surgeons, amplifying their ability to deliver care while reducing cognitive load,” said Shan Jegatheeswaran, vice president and global head of digital at J&J MedTech.
Research and analysis company GlobalData predicts that the medical industry will receive a killer app for GenAI in 2024.
The new GenAI application will support an uncomplicated user experience for providing aging populations and their caregivers with significantly improved access to medical professionals, services, and benefits, according to GlobalData’s report, 2024 Enterprise Predictions: Cloud Reset.
According to the report, venture capitalists and companies are now looking to invest heavily in the application layer of GenAI development.
The research company said the application will be enabled through the use of data integration and management.
“The concept of access to multiple data systems at this level, coupled with AI-injected automation, has never been realised,” the report stated.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.
