This report describes and explains the AI in medical devices market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global AI in medical devices market reached a value of nearly $8.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 21.99% since 2018. The market is expected to grow from $8.4 billion in 2023 to $27.7 billion in 2028 at a rate of 26.96%. The market is then expected to grow at a CAGR of 22.49% from 2028 and reach $76.39 billion in 2033.
Growth in the historic period resulted from the rising prevalence of chronic diseases, rising adoption of cloud-based applications and services and increasing aging population. Factors that negatively affected growth in the historic period were low healthcare access in developing countriesand incompatible legacy health IT infrastructure.
Going forward, government initiatives in developed and developing economies and continuous monitoring of patients' health parameters will drive the growth. Factor that could hinder the growth of the AI in medical devices market in the future include stringent regulatory processes and compliance requirements and high development costs for smaller healthcare facilities.
The AI in medical devices market is segmented by deployment into cloud and on-premises. The cloud market was the largest segment of the AI in medical devices market segmented by deployment, accounting for 64.8% or $18.8 billion of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the AI in medical devices market segmented by deployment, at a CAGR of 28.15% during 2023-2028.
The AI in medical devices market is segmented by technology into context awareness, deep learning, machine learning, natural language processing, predictive analytics and other technologies. The deep learning market was the largest segment of the AI in medical devices market segmented by technology, accounting for 35% or $ 2.94 billion of the total in 2023. Going forward, the deep learning segment is expected to be the fastest growing segment in the AI in medical devices market segmented by technology, at a CAGR of 28.50% during 2023-2028.
The AI in medical devices market is segmented by offerings into hardware, software and services. The software market was the largest segment of the AI in medical devices market segmented by offerings, accounting for 50.2% or $4.22 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the AI in medical devices market segmented by offerings, at a CAGR of 28.27% during 2023-2028.
The AI in medical devices market is segmented by end-user into hospitals and healthcare providers, home care settings, pharmaceuticals and biotechnology companies and other end users. The hospitals and healthcare providers market was the largest segment of the AI in medical devices market segmented by end-user, accounting for 66.6% or $5.59 billion of the total in 2023. Going forward, the hospitals and healthcare providers segment is expected to be the fastest growing segment in the AI in medical devices market segmented by end-user, at a CAGR of 28.07% during 2023-2028.
The AI in medical devices market is segmented by application into patient care, treatment, diagnosis and monitoring and other applications. The diagnosis and monitoring market was the largest segment of the AI in medical devices market segmented by application, accounting for 59.5% or $ 5.0 billion of the total in 2023. Going forward, the diagnosis and monitoring segment is expected to be the fastest growing segment in the AI in medical devices market segmented by application, at a CAGR of 28.12% during 2023-2028.
North America was the largest region in the AI in medical devices market, accounting for 38.2% or $3.2 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the AI in medical devices market will be Asia-Pacific and North America where growth will be at CAGRs of 28.62% and 27.58% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 26.25% and 23.97% respectively.
The global AI in medical devices market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up 77.2% of the total market in 2022. Koninklijke Philips N.V. was the largest competitor with a 14.1% share of the market, followed by GE HealthCare Technologies Inc with 12.9%, Siemens Healthineers AG. with 11.6%, NVIDIA Corporation with 9.6%, Intuitive Surgical, Inc. with 8.8%, Zimmer Biomet Holdings, Inc. with 7.8%, Medtronic Plc with 5.8%, Stryker Corporation with 4.4%, Canon Inc. with 1.6% and CMR Surgical Ltd with 0.7%.
The top opportunities in the AI in medical devices market segmented by deployment will arise in the cloud segment, which will gain $13.36 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by technology will arise in the deep learning segment, which will gain $7.36 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by offerings will arise in the software segment, which will gain $10.43 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by application will arise in the diagnosis and monitoring segment, which will gain $12.26 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by end-user will arise in the hospitals and healthcare providers segment, which will gain $13.67 billion of global annual sales by 2028. The AI in medical devices market size will gain the most in USA at $6.0 billion.
Market-trend-based strategies for the AI in medical devices market include integration of AI technology in imaging medical devices, increasing research and development in biomedical research, focus on developing innovative and advanced products and strategic partnerships and collaborations to drive innovation and expansion.
Player-adopted strategies in the AI in medical devices market include focus on strengthening its business capabilities through the launch of new products, strengthening its business operations through the launch of new solutions and expanding its business capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the AI in medical devices companies to focus on AI integration for enhanced medical imaging systems, focus on innovative AI product development for enhanced medical care, focus on deep learning and machine learning technology segments, focus on cloud solutions for optimal growth, expand in emerging markets, continue to focus on developed markets, focus on collaborative research for AI integration in medical devices, provide competitively priced offerings, focus on value-based pricing for strategic advantage, participate in trade shows and events, continue to use B2B promotions, focus on educational marketing for enhanced market visibility, focus on diagnosis and patient care segments and focus on hospitals & healthcare providers and home care settings for strategic growth.
The global AI in medical devices market reached a value of nearly $8.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 21.99% since 2018. The market is expected to grow from $8.4 billion in 2023 to $27.7 billion in 2028 at a rate of 26.96%. The market is then expected to grow at a CAGR of 22.49% from 2028 and reach $76.39 billion in 2033.
Growth in the historic period resulted from the rising prevalence of chronic diseases, rising adoption of cloud-based applications and services and increasing aging population. Factors that negatively affected growth in the historic period were low healthcare access in developing countriesand incompatible legacy health IT infrastructure.
Going forward, government initiatives in developed and developing economies and continuous monitoring of patients' health parameters will drive the growth. Factor that could hinder the growth of the AI in medical devices market in the future include stringent regulatory processes and compliance requirements and high development costs for smaller healthcare facilities.
The AI in medical devices market is segmented by deployment into cloud and on-premises. The cloud market was the largest segment of the AI in medical devices market segmented by deployment, accounting for 64.8% or $18.8 billion of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the AI in medical devices market segmented by deployment, at a CAGR of 28.15% during 2023-2028.
The AI in medical devices market is segmented by technology into context awareness, deep learning, machine learning, natural language processing, predictive analytics and other technologies. The deep learning market was the largest segment of the AI in medical devices market segmented by technology, accounting for 35% or $ 2.94 billion of the total in 2023. Going forward, the deep learning segment is expected to be the fastest growing segment in the AI in medical devices market segmented by technology, at a CAGR of 28.50% during 2023-2028.
The AI in medical devices market is segmented by offerings into hardware, software and services. The software market was the largest segment of the AI in medical devices market segmented by offerings, accounting for 50.2% or $4.22 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the AI in medical devices market segmented by offerings, at a CAGR of 28.27% during 2023-2028.
The AI in medical devices market is segmented by end-user into hospitals and healthcare providers, home care settings, pharmaceuticals and biotechnology companies and other end users. The hospitals and healthcare providers market was the largest segment of the AI in medical devices market segmented by end-user, accounting for 66.6% or $5.59 billion of the total in 2023. Going forward, the hospitals and healthcare providers segment is expected to be the fastest growing segment in the AI in medical devices market segmented by end-user, at a CAGR of 28.07% during 2023-2028.
The AI in medical devices market is segmented by application into patient care, treatment, diagnosis and monitoring and other applications. The diagnosis and monitoring market was the largest segment of the AI in medical devices market segmented by application, accounting for 59.5% or $ 5.0 billion of the total in 2023. Going forward, the diagnosis and monitoring segment is expected to be the fastest growing segment in the AI in medical devices market segmented by application, at a CAGR of 28.12% during 2023-2028.
North America was the largest region in the AI in medical devices market, accounting for 38.2% or $3.2 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the AI in medical devices market will be Asia-Pacific and North America where growth will be at CAGRs of 28.62% and 27.58% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 26.25% and 23.97% respectively.
The global AI in medical devices market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up 77.2% of the total market in 2022. Koninklijke Philips N.V. was the largest competitor with a 14.1% share of the market, followed by GE HealthCare Technologies Inc with 12.9%, Siemens Healthineers AG. with 11.6%, NVIDIA Corporation with 9.6%, Intuitive Surgical, Inc. with 8.8%, Zimmer Biomet Holdings, Inc. with 7.8%, Medtronic Plc with 5.8%, Stryker Corporation with 4.4%, Canon Inc. with 1.6% and CMR Surgical Ltd with 0.7%.
The top opportunities in the AI in medical devices market segmented by deployment will arise in the cloud segment, which will gain $13.36 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by technology will arise in the deep learning segment, which will gain $7.36 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by offerings will arise in the software segment, which will gain $10.43 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by application will arise in the diagnosis and monitoring segment, which will gain $12.26 billion of global annual sales by 2028. The top opportunities in the AI in medical devices market segmented by end-user will arise in the hospitals and healthcare providers segment, which will gain $13.67 billion of global annual sales by 2028. The AI in medical devices market size will gain the most in USA at $6.0 billion.
Market-trend-based strategies for the AI in medical devices market include integration of AI technology in imaging medical devices, increasing research and development in biomedical research, focus on developing innovative and advanced products and strategic partnerships and collaborations to drive innovation and expansion.
Player-adopted strategies in the AI in medical devices market include focus on strengthening its business capabilities through the launch of new products, strengthening its business operations through the launch of new solutions and expanding its business capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the AI in medical devices companies to focus on AI integration for enhanced medical imaging systems, focus on innovative AI product development for enhanced medical care, focus on deep learning and machine learning technology segments, focus on cloud solutions for optimal growth, expand in emerging markets, continue to focus on developed markets, focus on collaborative research for AI integration in medical devices, provide competitively priced offerings, focus on value-based pricing for strategic advantage, participate in trade shows and events, continue to use B2B promotions, focus on educational marketing for enhanced market visibility, focus on diagnosis and patient care segments and focus on hospitals & healthcare providers and home care settings for strategic growth.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 AI in Medical Devices Market - Macro Economic Scenario
8 Major Market Trends
9 Global Market Size and Growth
10 Global AI in Medical Devices Market Segmentation
11 AI in Medical Devices Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Key Mergers and Acquisitions
21 Opportunities and Strategies
22 AI in Medical Devices Market, Conclusions and Recommendations
23 Appendix
Executive Summary
AI In Medical Devices Global Market Opportunities And Strategies To 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global AI in medical devices market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for AI in medical devices? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The AI in medical devices market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider AI in medical devices market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics: Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by deployment, by technology, by offerings by application and by end-user market.
- Key Trends: Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario: The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the AI in medical devices market.
- Global Market Size and Growth: Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis: Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation: Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by deployment, by technology, by offerings by application and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth: Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions: Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies To 2033: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations: This section includes recommendations for AI in medical devices providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix: This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Deployment: Cloud; On-Premises2) By Technology: Context Awareness; Deep Learning; Machine Learning; Natural Language Processing; Predictive Analytics; Other Technologies.
3) By Offerings: Hardware; Software; Services
4) By End-User: Hospitals And Healthcare Providers; Home Care Settings; Pharmaceuticals And Biotechnology Companies; Other End Users.
5) By Application: Patient Care; Treatment; Diagnosis And Monitoring; Other Applications
Key Companies Mentioned: Koninklijke Philips N.V.; GE HealthCare Technologies Inc; Siemens Healthineers AG; NVIDIA Corporation; Intuitive Surgical, Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; AI in medical devices indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Koninklijke Philips N.V.
- GE HealthCare Technologies Inc
- Siemens Healthineers AG
- NVIDIA Corporation
- Intuitive Surgical, Inc.
- Zimmer Biomet Holdings, Inc.
- Medtronic Plc
- Stryker Corporation
- Canon Inc.
- CMR Surgical Ltd
- Trivitron Healthcare
- S10 Health Solutions
- Predible Health
- Artelus
- Cochlear Limited
- Canon Medical Systems Corporation
- Mindray Medical International Limited
- United Imaging Healthcare Co., Ltd.
- Wandong Medical Co., Ltd.
- Yizumi Group
- Shinva Medical Instrument Co., Ltd
- CheckEye
- Medical-Łomża Sp. z o.o
- Pathcore
- Synaptive Medical
- Cloud DX
- BenchSci
- Thornhill Medical
- IBM Watson Health
- Google Health
- Philips Healthcare
- Embramed Industria e Comercio de Produtos Hospitalares Ltd
- Aidoc
- Zebra Medical Vision
- MedyMatch Technology
- TechKnowledge
- FutureMed
- Zulekha Healthcare Group
- Imagia
- Ibex Medical Analytics
- Potara
- IQPay
- Melio AI
- Xhuma
- hearX Group
- DilenyTech
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 265 |
| Published | April 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 8.4 Billion |
| Forecasted Market Value ( USD | $ 76.4 Billion |
| Compound Annual Growth Rate | 24.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 46 |
