Overview and Scope
Artificial intelligence (AI) in medical devices refers to the use of advanced algorithms, machine learning techniques, and other AI-related technologies to enhance the performance and capabilities of medical devices. AI in medical devices improves diagnostic accuracy, assists with surgical procedures, predicts patient outcomes, and personalizes treatment plans.
Sizing and Forecast
The ai in medical devices market size has grown exponentially in recent years. It will grow from $15.42 billion in 2023 to $22.3 billion in 2024 at a compound annual growth rate (CAGR) of 44.6%. The growth in the historic period can be attributed to patient-centric care, clinical decision support systems, precision medicine initiatives, cost reduction and efficiency, regulatory framework development.
The ai in medical devices market size is expected to see exponential growth in the next few years. It will grow to $97.07 billion in 2028 at a compound annual growth rate (CAGR) of 44.4%. The growth in the forecast period can be attributed to value-based healthcare models, personalized medicine demand, remote healthcare services, emergence of wearable devices, data privacy and security. Major trends in the forecast period include compliance with regulations, drug development and research, ai-guided surgical systems, patient engagement solutions, enhanced treatment planning.
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Segmentation & Regional Insights
The ai in medical devices market covered in this report is segmented –
1) By Offerings: Hardware, Software, Services
2) By Technology: Context Awareness, Deep learning, Machine learning, Natural Language Processing, Predictive Analytics, Other Technologies
3) By Deployment: Cloud, On-Premise
4) By Application: Patient care, Treatment, Diagnosis And Monitoring, Other Applications
5) By End-User: Hospitals And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Healthcare Payers, Other End Users
North America was the largest region in the AI in medical devices market in 2023. The regions covered in the ai in medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for wearables is expected to propel the growth of AI in medical devices market going forward. Wearables are small electronic devices worn on or inside the body that can capture and measure things such as physical activity, monitor health metrics, or display information. AI can be integrated into wearable medical devices to enhance their functionality and provide more personalized and accurate health monitoring. Additionally, AI-powered wearables can detect and alert users to abnormal or potentially dangerous health events, such as irregular heart rhythms or falls. Therefore, these factors boost AI in the medical device market. For instance, in November 2022, according to the reports shared by Vicert d.o.o., a US-based IT services and IT consulting company, in 2020, 30% of US people were using wearable technology for healthcare, and approximately 50% of users was relying on this technology daily. Nine out of ten (92 percent) users of AI smartwatches use them for fitness and health-related purposes. Additionally, 533.6 million AI medical devices were shipped in 2021. Therefore, the growing demand for wearables is driving the growth of AI in medical device market going forward.
Key Industry Players
Major companies operating in the ai in medical devices market report are General Electric Company, Medtronic plc., Siemens Healthineers AG, Micron Technology Inc., Nvidia Corporation, Intel Corporation, International Business Machines Corporation, Amazon Web Services, Inc., Koninklijke Philips N.V., Enlitic Inc., Cloudmedx Inc., Oncora Medical Inc., Microsoft Corporation, Path AI Inc., Aidoc Medical Ltd., Ablation Frontiers, Accuray Incorporated, Advanced Medical Technology Association (AdvaMed), AliveCor, Alphabet Inc., Apple Inc., Arterys Inc., Augmedics Inc., Azra AI, Babylon Health Limited, Brainomix Ltd., Butterfly Network Inc., Canon Medical Systems Corporation, Cerner Corporation, Clarapass Inc., Comarch SA, CureMetrix Inc., DeepMind Health, Diabetic Retinopathy Detection Ltd., Diacron Group, Diagnostic Robotics, EchoPixel Inc., Eigen Innovations Inc.
The ai in medical devices market report table of contents includes:
1. Executive Summary
2. AI In Medical Devices Market Characteristics
3. AI In Medical Devices Market Trends And Strategies
4. AI In Medical Devices Market – Macro Economic Scenario
5. Global AI In Medical Devices Market Size and Growth
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31. Global AI In Medical Devices Market Competitive Benchmarking
32. Global AI In Medical Devices Market Competitive Dashboard
33. Key Mergers And Acquisitions In The AI In Medical Devices Market
34. AI In Medical Devices Market Future Outlook and Potential Analysis
35. Appendix
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