AI In Medical Devices Global Market Report 2023

“AI In Medical Devices Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ai in medical devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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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 ” from The Business Research Company 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 historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Deployment: Cloud; On-Premise
• 2) By Technology: Context Awareness; Deep learning; Machine learning; Natural Language Processing; Predictive Analytics; Other Technologies
• 3) By Offerings: Hardware; Software; Services
• 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
• Companies Mentioned: General Electric Company; Medtronic Plc.; Siemens Healthineers AG; Micron Technology Inc.; Nvidia Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
• 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,
• Data segmentations: 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.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the AI in medical devices market are: General Electric Company, Medtronic Plc., Siemens Healthineers AG, Micron Technology Inc., Nvidia Corporation, Intel Corporation, International Business Machines Corporation (IBM), Amazon Web Services, Inc., Koninklijke Philips N.V., Enlitic Inc., Cloudmedx Inc., Oncora Medical Inc., Microsoft Corporation, Path AI Inc., and Aidoc Medical Ltd.

The global AI in medical devices market is expected to grow from $10.64 billion in 2022 to $15.42 billion in 2023 at a compound annual growth rate (CAGR) of 44.92%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $66.35 billion in 2027 at a CAGR of 44.04%.

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.

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.

North America was the largest region in the AI in medical devices market in 2022. The regions covered in the AI in medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of deployments in AI in medical devices are cloud and on-premise. Cloud refers to a remote server network that allows data storage, processing, and management over the Internet instead of a local server or personal computer. It offers hardware, software, and services, and it includes various technologies such as context awareness, deep learning, machine learning, natural language processing, predictive analytics, and others. These are used for several applications, including patient care, treatment, diagnosis and monitoring, and others, and the main end-users are hospitals and healthcare providers, patients, pharmaceutical and biotechnology companies, and healthcare payers.

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 percent of US people were using wearable technology for healthcare, and approximately 50 percent 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.

Technological advancements are a key trend gaining popularity in AI in medical devices market. Major companies operating in the AI in medical devices market are adopting new technologies to sustain their position in the market. For instance, in March 2022, Nvidia Corporation., a US-based computer hardware manufacturing company, launched the Clara Holoscan MGX, a platform for the medical device industry to develop and deploy real-time AI applications at the edge. This innovative technology platform offers a range of features designed to help companies build and bring to market medical devices that incorporate advanced AI capabilities, such as image and signal processing, natural language processing, and predictive analytics. Additionally, this platform also includes advanced security features and compliance with healthcare industry regulations to ensure the safety and privacy of patient data. This can process medical data in real time and provide insights for clinical decision-making.

In February 2023, GE HealthCare Technologies Inc., a US-based healthcare technology and diagnostics company, acquired Caption Health Inc., for $3 billion. With the acquisition, GE HealthCare Technologies Inc. aimed to bring Caption AI to more clinicians and expand its use cases beyond cardiology to other medical specialties, such as primary care, emergency medicine, and obstetrics. Caption Health Inc. is a US-based medical technology company that produces artificial intelligence (AI) medical products.

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.

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.

The AI in medical devices market research report is one of a series of new reports from The Business Research Company that provides AI in medical devices market statistics, including AI in medical devices industry global market size, regional shares, competitors with a 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.