AI in Medical Devices Global Market Report 2024

The ai in medical devices market 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 expansion observed in the historical period can be attributed to several factors, including the emphasis on patient-centric care, the implementation of clinical decision support systems, initiatives in precision medicine, efforts to reduce costs and enhance efficiency, and the development of regulatory frameworks.

The ai in medical devices market 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 anticipated growth in the forecast period can be ascribed to various factors, including the adoption of value-based healthcare models, the increasing demand for personalized medicine, the rise of remote healthcare services, the emergence of wearable devices, and growing concerns related to data privacy and security. Noteworthy trends expected in the forecast period encompass adherence to regulations, advancements in drug development and research, the integration of AI-guided surgical systems, the implementation of patient engagement solutions, and the enhancement of treatment planning processes.

The rising demand for wearables is poised to drive the growth of the AI in the medical devices market in the foreseeable future. Wearables, which are compact electronic devices worn on or within the body, are capable of capturing and measuring various parameters such as physical activity, health metrics, or providing information displays. The integration of AI into wearable medical devices enhances their functionality, enabling more personalized and accurate health monitoring. AI-powered wearables can also identify and alert users to abnormal or potentially hazardous health events, such as irregular heart rhythms or falls. This integration of AI significantly contributes to the expansion of the AI in the medical device market. For example, in November 2022, as reported by Vicert d.o.o., a US-based IT services and consulting company, 30% of the US population used wearable technology for healthcare in 2020, with approximately 50% relying on it daily. An overwhelming majority (92%) of AI smartwatch users utilized them for fitness and health-related purposes. In 2021, 533.6 million AI medical devices were shipped, underscoring the escalating demand for wearables and their role in propelling the growth of the AI in the medical device market.

The growth of AI in the medical device market is further fueled by the increasing healthcare expenditure. Healthcare expenditure encompasses the total resources, both financial and non-financial, expended in providing health services and related activities. This expenditure significantly influences the adoption and utilization of AI medical devices by empowering healthcare providers to invest in advanced technologies that enhance patient care and outcomes. For instance, a report from the Office for National Statistics in May 2023 revealed that healthcare spending in the UK experienced a 9.4% increase in nominal terms and a 9.7% increase in real terms between 2020 and 2021. Additionally, spending on preventive care surged to $45.72 billion in 2021, more than doubling from the previous year. This substantial increase in healthcare expenditure underscores its role in driving the growth of AI in the medical device market.

The AI in medical devices market is experiencing a significant trend driven by technological advancements, with major companies actively adopting new technologies to maintain their market positions. In March 2022, Nvidia Corporation, a US-based computer hardware manufacturing company, introduced the Clara Holoscan MGX, a platform specifically designed for the medical device industry to develop and deploy real-time AI applications at the edge. This innovative platform facilitates the creation of medical devices with advanced AI capabilities, including image and signal processing, natural language processing, and predictive analytics. Furthermore, it incorporates advanced security features and compliance with healthcare industry regulations to ensure the safety and privacy of patient data, allowing real-time processing of medical data and providing valuable insights for clinical decision-making.

Strategic collaborations are a key focus for major companies in the AI in medical devices market, aiming to accelerate the development of AI in the healthcare system and gain a competitive advantage. These collaborations are geared towards leveraging AI to enhance drug discovery, design, and development, as well as improving medical device manufacturing efficiency and risk reduction through machine learning. In March 2023, Medtronic, an Ireland-based medical device company, partnered with NVIDIA Corporation, a US-based software company, to build an AI platform for medical devices. This collaboration involves integrating NVIDIA healthcare and edge AI technology into the Medtronic GI Genius intelligent endoscopy module, the first FDA-approved AI-assisted colonoscopy tool. The strategic partnership aims to expedite the incorporation of AI into the healthcare system and introduce new AI-based solutions for patient care.

In February 2023, GE HealthCare Technologies Inc., a US-based healthcare technology and diagnostics company, completed the acquisition of Caption Health Inc. for $3 billion. This acquisition was driven by the goal of expanding the use cases of Caption AI, developed by Caption Health Inc., beyond cardiology to various medical specialties such as primary care, emergency medicine, and obstetrics. Caption Health Inc. is recognized for its expertise in producing AI medical products, and this acquisition positions GE HealthCare Technologies Inc. to bring AI innovations to a broader range of clinicians and medical specialties.

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.

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. The countries covered in the ai in medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

AI in medical devices can be deployed through two main methods, cloud and on-premise. Cloud deployment involves utilizing a remote server network for data storage, processing, and management over the Internet, as opposed to relying on a local server or personal computer. This approach encompasses various technologies such as context awareness, deep learning, machine learning, natural language processing, predictive analytics, among others. These technologies find applications in diverse areas such as patient care, treatment, diagnosis, monitoring, and more. The primary end-users of AI in medical devices include hospitals and healthcare providers, patients, pharmaceutical and biotechnology companies, as well as healthcare payers.

The AI in medical devices market research report provides AI in medical devices market statistics, including AI in medical devices industry global market size, regional shares, competitors with AI in medical devices market share, detailed AI in medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the AI in medical devices industry. This AI in medical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The AI in medical devices market consists of revenues earned by entities by providing AI in medical devices such as diagnosis and treatment planning, remote monitoring, and robotic surgery. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in medical devices market also includes sales of diagnostic imaging systems, wearable devices, electronic health records (EHRs), robotic surgical systems, and AI monitoring devices, which are used in providing AI in medical devices services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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