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Medical Transcription Software Market Worth Over USD 190.2 Billion by 2032, At CAGR 9.60%

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New York, March 07, 2023 (GLOBE NEWSWIRE) — The medical transcription software market size accounted for USD 77.8 billion in 2022 and is projected to achieve a market size of USD 190.2 billion by 2032 rising at a CAGR of 9.60% from 2032 to 2032. Medical transcription is the act of transcribing the patient’s voice during consultations. The physicians refer these transcribes to them for treatment decisions and future reference. This software significantly reduces clinical documentation time, allowing physicians to concentrate on patient treatment plans. In addition, remote access to dictation platforms enables physicians to dictate anywhere, anytime. This allows for greater adoption of medical transcription software. These product offerings are being adopted because of a variety of factors. These technologies are being adopted in many areas of healthcare to streamline the clinical workflow.

Global Medical Transcription Software Market

To get additional highlights on major revenue-generating segments, Request a medical transcription software market sample report at https://market.us/report/medical-transcription-software-market/request-sample/

Key Takeaway:

  • By Type, the voice recognition segment dominates the medical transcription software market throughout the forecast period (2023-2032).
  • By Deployment, the cloud web-based segment dominated the market and anticipated the highest CAGR of 9.61% during the forecast period (2023-2032).
  • By End-user, the hospital segment held the majority of the market share in the medical transcription software market.
  • In 2022, North America dominated the market with the highest revenue share of 35.0%.
  • Europe is predicted to expand substantially during the forecast period due to increased approval of healthcare cloud and voice recognition technologies.
  • Asia-Pacific region is anticipated to register the highest CAGR due to increased awareness of clinical documentation.

The slowdown in healthcare services and non-emergency procedures has significantly impacted some healthcare segments. While there have been declines in the healthcare sector in some markets, medical transcription software has seen a positive effect from the coronavirus epidemic.

Factors affecting the growth of the medical transcription software Market industry?

Several factors can affect the growth of the medical transcription software market. Some of these factors include:

  • Increasing demand for medical transcription services: The increasing demand for medical transcription services from hospitals and healthcare organizations is a major driver for the medical transcription software market. As healthcare organizations are increasingly adopting medical transcription software to streamline the documentation process of medical records, the demand for these services is expected to grow over the forecast period.
  • Growing demand for remote medical transcriptionists: The growing demand for remote medical transcriptionists is another major driver for the medical transcription software market. This is because remote medical transcriptionists are more cost-effective and provide greater flexibility for organizations.
  • Technological advancements: Technological advancements in the medical transcription software market, such as voice recognition and natural language processing, are also driving market growth. These technologies are helping to reduce the need for manual data entry by medical transcriptionists, which results in cost savings and improved accuracy.
  • The growing use of Electronic Health Records (EHRs): The growing use of Electronic Health Records (EHRs) is also a major driver for the medical transcription software market. The use of EHRs is allowing healthcare organizations to efficiently store patient data, which is leading to a higher demand for medical transcription software.

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Top Trends in the Medical Transcription Software Market

Top trends in the medical transcription software market include the adoption of cloud-based solutions, increasing demand for speech recognition technology, and the increasing demand for integrated healthcare systems. Additionally, the increasing demand for cost-effective solutions and the introduction of advanced analytics tools are expected to drive the growth of the medical transcription software market.

Market Growth

Due to strong demand, new products in this software market have been launched faster than usual due to the COVID-19 pandemic. For example, ZyDoc introduced its COVID-19 EHR documentation service in March 2020 to all hospitals and healthcare providers affected by the COVID-19 pandemic.

Due to COVID-19, the global medical transcription market will see a positive impact on its growth and experience an increase in demand in 2020. The pandemic has seen an increase in the use of digital health technology, such as telemedicine, EHR, and teleconsulting. This will lead to an increase in demand for transcription software and services in 2023. The pandemic has raised awareness about digital health technologies. This will result in greater adoption of transcription software over the forecast period. The pandemic is expected to bring about favorable regulatory changes, which will allow for faster adoption of digital healthcare.

Regional Analysis

The global medical transcription software market is segmented on the basis of region into North America, Eastern Europe, Western Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the largest market share in terms of revenue and is expected to remain the leading region throughout the forecast period. The rapid adoption of advanced medical transcription software and growing demand for remote medical transcription services are the major factors driving the growth of the medical transcription software market in North America.

Europe is expected to be the second-largest medical transcription software market and witness significant growth during the forecast period. The increasing adoption of medical transcription software by hospitals and medical centers in the region is expected to drive the market growth. Furthermore, the presence of major players in the region is also expected to fuel the growth of the medical transcription software market in Europe.

Asia-Pacific is expected to be the fastest-growing region in the global medical transcription software market between 2023 and 2032. This growth can be attributed to the increasing adoption of medical transcription software in countries such as India, China, and Japan. Additionally, the presence of major players in the region is also expected to drive the growth of the market. The growing demand for advanced healthcare IT solutions and the increasing number of healthcare facilities in the region are expected to contribute to the growth of the market.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 77.8 billion
Market Size (2032) USD 190.2 billion
CAGR (from 2023 to 2032) 9.6%
North America Revenue Share 35.0%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The global medical transcription software market is expected to grow significantly over the forecast period, primarily driven by the increasing adoption of electronic health records (EHRs) and the increasing demand for efficient and accurate transcription services. The increasing demand for healthcare information technology, growing need for healthcare data management, and the rising prevalence of chronic diseases are some of the other factors expected to drive the growth of the market. Furthermore, the increasing need for reducing healthcare costs and enhancing the quality of healthcare services is anticipated to provide lucrative opportunities for market growth.

Market Restraints

The major restraints of the medical transcription software market are the high cost of software installation and the lack of skilled manpower. Additionally, the market is highly competitive and the risk of low profit margins is also a major factor. Furthermore, the adoption of electronic health records (EHRs) and the implementation of stringent government regulations related to the storage and protection of patient data are also expected to hamper the growth of the medical transcription software market.

Market Opportunities

In addition, increasing awareness of product innovations and development due to global technological advancements will create lucrative opportunities for market players from 2023 to 2032. In the future, the market’s growth rate will be further accelerated by expanding remote services in developing countries to fulfill the unmet demand for medical transcription services.

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Report Segmentation of the Medical Transcription Software Market

Type Insight

By type analysis, the market can be divided into two types (i.e., Voice Capture and Voice Recognition). Among these types, the Voice Recognition segment is predicted to generate the maximum revenue share in this market throughout the forecast period. Voice Capture medical transcription software helps medical transcriptionists capture patient recordings and convert them into a digital format for further transcription.

It makes use of speech recognition technology to convert audio files into text, which can then be edited and formatted as per the requirements. This Type of software is beneficial to medical transcriptionists as it helps to reduce the amount of time spent on transcribing audio files and improves accuracy levels. Voice recognition medical transcription software makes use of artificial intelligence (AI) technologies to understand the speech of the patient and then transcribe it into text. This Type of software can be used to make the transcription process faster and more accurate. It also helps reduce the need for manual editing and formatting of text.

Deployment Insight

Based on deployment, the market is segmented into cloud/web-based and installed/on-premises. Because of the widespread deployment of cloud-based software, the cloud/web segment is expected to dominate the medical transcription market. The future launches of advanced cloud-based software as well as the increasing use of electronic health records will boost the growth of this segment.

On the other hand, the installed/on-premises segment is anticipated to lose its market share during the forecast period due to the higher maintenance costs associated with it. The cloud/ web-based model has also seen rapid growth because of its cost-effectiveness and ease of use for large workloads as well as smoother transactions. Global medical transcription software market growth is also expected to be aided by the expansion of the healthcare IT infrastructure.

End User Insight

The global medical transcription software market is segmented by end user into hospitals, clinics, diagnostic centers, and other end users. The market for hospitals and clinics is expected to dominate the market over the forecast period owing to the increasing use of medical transcription software in hospitals and clinics to streamline their workflow processes. The diagnostic centers segment is expected to witness a significant growth rate over the forecast period owing to the increasing use of medical transcription software for accurate and fast record keeping. Other end users such as medical transcription service providers, insurance companies, and research organizations are also expected to contribute to the growth of the global medical transcription software market.

For more insights on the historical and Forecast medical transcription software market data from 2016 to 2032 – download a sample report at https://market.us/report/medical-transcription-software-market/request-sample/

Market Segmentation

Based on Type

  • Voice Capture
  • Voice Recognition

Based on Deployment

  • Cloud / Web Based
  • Installed on Premises

Based on End-User

By Geography

North America

  • The US
  • Canada
  • Mexico

Eastern Europe

  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe

Western Europe

  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

APAC

  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

Latin America

  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

Middle East & Africa

  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA 

Competitive Landscape:

The competitive landscape of the market has also been examined in this report. Some of the major players include,

  • 3M
  • Nuance Communication Inc.
  • Allscripts
  • Microsoft Corporation
  • Dolbey Systems
  • Acusis LLC
  • MModal IP LLC
  • Voice brook Inc.
  • Xelex Digital LLC
  • N Thrive Inc.
  • Scribe Technology Solutions
  • ZyDoc Medical Transcription
  • Speech Processing Solutions GmbH
  • Global Medical Transcription LLC
  • DeepScribe
  • Percyse Solutions LLC
  • Other Key Players

Recent Development of the medical transcription software Market

April 2019 – VIQ Solutions Inc. is a leading player in the transcription industry. The cloud-based and AI-enabled NetScribe voice recognition platform (software as a services) allows speech to text conversion in real time. It can be used in legal and insurance, among other areas.

February 2019 – 3M acquired MModal IP LLC to increase its healthcare technology portfolio. This acquisition was made with the goal of expanding its revenue cycle management, population management and clinical documentation using speech recognition technology.

January 2019 – Allscripts and Microsoft Corporation joined workforces to create a new cloud-based clinical research tool.

Browse More Related Reports:

  • Voice Coil Motor market: size was valued at USD 121.2 million in 2023 and is expected to hit USD 193.3 million by 2033, at a CAGR of 5.1% from 2023 to 2033.
  • Cockpit Voice Recorder Market: is expected to grow at a CAGR of 2.6% over the next ten years and will reach USD 202.6 Billion in 2030, from USD 165.6 Billion in 2022.
  • Interactive Voice Response Market: size was valued at USD 4.2 Billion in 2021 and is projected to reach USD 6.7 Billion by 2030, growing at a CAGR of 6.19% from 2021 to 2030.
  • Legal Transcription Market: stood at around USD 1,988.10 Mn in 2021 and is slated to increase at a CAGR of 6.6% to reach a valuation of USD 3,267.7 Mn by 2029.

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Artificial Intelligence

More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024

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Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.

The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
 “Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit:  https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases. 
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit:  https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg 
Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg 

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Artificial Intelligence

J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit

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In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.

In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation. 
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.” 
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.

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Artificial Intelligence

Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024

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SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.

Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html

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