Artificial intelligence (AI) in medical devices refers to the incorporation of artificial intelligence technologies into medical equipment and systems. This integration involves the use of advanced algorithms and machine learning (ML) to enable medical devices to perform tasks that traditionally require human intelligence.
AI is concerned with the simulation of human intelligence in machines that are programmed to think like humans and simulate their actions. AI in medical devices refers to the system of interconnected and automated technologies in medical devices that can function autonomously with little or no human intervention.
The global AI in medical devices market was valued at $3,109.85 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 21.0%.
Rising Adoption Of Cloud-Based Applications And Services
The rising adoption of cloud-based applications and services by companies contributed to the growth of AI in medical devices market. Medical device suppliers are probably going to be big players with a high-value share of the worldwide market for cloud-based medical device platforms among the many end-users of these platforms. Leading software providers have already embraced cloud-based medical device platforms to enable smooth research and development procedures. The revolution in cloud-based medical device platforms will develop significantly, which will improve the growth and expansion prospects for software suppliers. For instance, in March 2021, PathAI, a US-based biotechnology company and provider of artificial intelligence-powered (AI-powered) technologies for use in pathology research, announced the expansion of their strategic cooperation with Laboratory Corporation of America Holdings (Labcorp), a US-based healthcare company in the field of AI-powered pathology. The partnership expands upon Labcorp's prior investment in PathAI and the two businesses' joint work on many initiatives, such as the application of PathAI algorithms in clinical trials overseen by Labcorp Drug Development. Thus, the increasing adoption of cloud-based applications and services drove the AI in medical devices market growth.
Increasing Research And Development In Biomedical Research
Research and development in the AI in medical devices market is gaining popularity in the market. Companies operating in the market are focused on research and development in collaboration with research institutions for artificial intelligence and machine learning integration in their products. For instance, in August 2022, a group of researchers from the University of Arkansas, a US-based public land-grant research university, collaborated with the National Institutes of Health (NIH), a US-based agency responsible for biomedical and public health research and Google LLC, a US-based technology company focusing on artificial intelligence, to build cloud-based learning modules for biomedical research. These courses will aid in educating biomedical researchers about the ways that data analysis for many kinds of scientific and medical imaging may be improved and streamlined by artificial intelligence and machine learning, two technologies that are quickly emerging as crucial instruments in biomedical research.
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.
AI In Medical Devices Global Market Opportunities And Strategies To 2033 from The Business Research Company 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.
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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 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-Premises
- 2) 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
- 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 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.