What Transformation Has the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Undergone?
The artificial intelligence or machine learning (ai/ml) medical device market has seen considerable growth due to a variety of factors.
•The market size of artificial intelligence and machine learning (AI/ML) medical devices has seen an exceptional rise in the past few years. The market is set to expand from $6.63 billion in 2024 to reach a staggering value of $8.17 billion in 2025, with a compound annual growth rate (CAGR) standing at 23.2%.
Factors like legal endorsements, surge in chronic illnesses, availability of data, enhancement in computational capacity, and economic efficiency have fueled growth during the historic period.
How Will The Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Size Evolve In The Foreseeable Future?
The artificial intelligence or machine learning (ai/ml) medical device market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the market size of artificial intelligence or machine learning (AI/ML) medical devices is set to experience substantial growth over the coming years. The market is projected to expand to $21.07 billion by 2029, with an estimated compound annual growth rate (CAGR) of 26.7%.
The significant growth expected during the forecast period can be accredited to factors such as enhanced personalization, the rise in remote monitoring and telemedicine, the integration of ai/ml in diagnostics, and the transition towards patient-centric and proactive care. Key trends predicted for the forecast period entail the incorporation of ai/ml in imaging devices, the advent of wearable ai/ml devices, the use of ai/ml in prosthetics and robotics, the implementation of ai/ml in point-of-care diagnostics, and the ethical usage of ai/ml.
What Are The Essential Drivers Behind The Growth Of The Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
The artificial intelligence or machine learning medical device market is anticipated to experience significant growth due to investments in healthcare AI. Healthcare AI involves the utilization of AI technologies to enhance overall patient care, treatment, diagnosis, and healthcare delivery within the healthcare industry. The appeal behind such investments is based on the capability of AI and ML technologies to transform healthcare delivery, enhance operational efficiency, and improve patient results. For example, the Department of Health and Social Care, a government department located in the UK, reported in March 2023 that over 300,000 patients had reaped the benefits of $147.2 million (£123 million) which was invested in 86 AI technologies through three award rounds. Additionally, Mendelian, a digital health startup based in the UK has received an award of $1.7 million (£1.4 million) to aid an AI system that detects patients suffering from undiagnosed rare conditions. Moreover, Medtronic, a medical device company located in the US, received a grant of $3.18 million (£2.5 million) to advance the development of an AI-based medical device termed as GI Genius. Therefore, it is evident that investments in healthcare AI spearhead the advancement of the artificial intelligence and machine learning medical device market.
How Is The Global Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Divided Into Key Segments?
The artificial intelligence or machine learning (AI/ML) medical device market covered in this report is segmented –
1) By Product: System Or Hardware, Software-As-A Medical Devices
2) By Clinical Area: Radiology, Cardiology, Hematology, Other Clinical Areas
3) By End-User: Hospitals And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Healthcare payers, Other End-Users
Subsegments:
1) By System Or Hardware: Diagnostic Imaging Systems, Surgical Robots, Monitoring Devices
2) By Software-As-A-Medical Device: AI Diagnostic Software, Clinical Decision Support Systems, Predictive Analytics Platforms
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What Trends Are Reshaping The Future Of The Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
Technological advancements are emerging as a prominent trend in the medical device market focused on artificial intelligence and machine learning. Many leading companies in this market are directing their efforts towards developing cutting-edge technologies to solidify their market stance. For instance, Medtronic plc, a medical devices firm based out of Ireland, made an announcement in April 2024 about rolling out 14 fresh AI-directed Performance Insights algorithms along with Touch Surgery Live Stream technology. These introductions aim to bolster laparoscopic and robot-aided surgical operations. They facilitate post-operative analysis powered by AI, giving in-depth understanding of surgical methods and enabling real-time distant monitoring to enhance surgical training and education, thereby setting a new benchmark in surgical performance and connectivity. This product launch expands the potential of AI in surgical processes, streamlines workflows, and equips surgeons to constantly enhance their skills through actionable insights.
Who Are the Key Players in the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
Major companies operating in the artificial intelligence or machine learning (AI/ML) medical device market include:
• General Electric
• Medtronic PLC
• Canon Inc.
• Nvidia Corporation
• Siemens Healthineers AG
• Koninklijke Philips N.V.
• Stryker Corporation
• RadNet Inc.
• Shanghai United Imaging Healthcare Co. Ltd.
• Tempus
• DataRobot Inc.
• DeepMind Technologies Limited
• Paige AI Inc.
• Aidoc Medical Ltd.
• Butterfly Network Inc.
• Aidoc Medical
• CellaVision AB
• H2O.ai
• Clarius Mobile Health Corp.
• Subtle Medical Inc.
• Owkin Inc.
• Cleerly Inc.
• Behold.ai
• Viz.ai Inc.
• Arterys Inc.
• Caption Health
• Komodo Health Inc.
• Enlitic Inc.
• CloudMedx Inc.
• Hyperfine Inc.
• Nanox AI Ltd.
What are the Regional Insights into the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
North America was the largest region in the artificial intelligence machine learning (AI/ML) medical device market in 2024. The regions covered in the artificial intelligence or machine learning (AI/ML) medical device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
