press release
Issued July 5, 2023
InsightAce Analytic Pvt. Ltd. announces the release of its market assessment report. “Global Artificial Intelligence/Machine Learning Medical Device Market Size, Share, Trend Analysis Report by Product Type (System/Hardware, Software as Medical Device), Application (Radiology, Cardiology, Hematology) – 2031 Market outlook and industry analysis of ”
of Artificial intelligence/machine learning medical device market It is estimated to reach over US$26.87 billion by 2031, exhibiting a CAGR of 22.72% during the forecast period.
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The market for medical devices with AI/ML capabilities is highly fragmented, with more FDA and CE marked products being approved each year. The field still has significant growth potential due to continued technological development and investment in healthcare AI. The global market for artificial intelligence/machine learning medical devices could benefit from the development of AI-based medical devices that enable diagnostic accuracy and productivity.
After the COVID-19 pandemic, the market is expected to grow significantly, mainly due to the growing need for AI-based treatments due to the COVID-19 outbreak. The market is expected to expand due to increased research into artificial intelligence-powered products, advances in deep learning and machine learning algorithms, introduction of new products to the market, establishment of local businesses, and increased use of AI-based products for therapeutic purposes. expected. reason.
List of prominent players in the artificial intelligence/machine learning medical devices market:
- Ceravision AB;
- Canon Inc,
- Clarius Mobile Health Corp.,
- General Electric Company;
- IDoc Medical Co., Ltd.
- Koninkleike Philips NV,
- Hyper Fine Co., Ltd.
- Nanox.AI Inc.,
- Medtronic
- Paige.AI, and Koninklijke
- Phillips Nevada
- Siemens Healthniers AG
- Tempus
- Shanghai United Imaging Healthcare Co., Ltd.
- Bizui Co., Ltd.
- AI4MedImaging Medical Solutions SA
- Ever Fortune.AI Co., Ltd.
- Medmind Technology Co., Ltd.
- Ayers Medical Co., Ltd.
- CU-BX Automotive Technologies Co., Ltd.
- Annalize AI
- AZmed SAS
- Smart Soft Healthcare AD
Market dynamics:
driver-
Illness Identification and Diagnosis One of the most important applications of this technology in healthcare is the detection and diagnosis of diseases and illnesses that can be difficult to recognize. This can include anything from genetic diseases to hard-to-detect early-stage tumors. IBM Watson Genomics is a well-known example of how the fusion of cognitive computing and genome-based tumor sequencing can help detect cancer. A leading biopharmaceutical company called Berg is using AI to develop pharmaceutical solutions for problems such as cancer. Medical Imaging: Computer Vision is the cutting edge of how ML and deep learning merge. The Microsoft Inner Eye initiative, which focuses on diagnostic imaging tools for image analysis, has endorsed it.
Theme:
The following difficulties are expected to further limit the market. Lack of transparency and privacy concerns about data sharing raise cybersecurity concerns and hinder the use of AI in medicine. Additionally, problems with identifying and minimizing biases in AI algorithms require improved use of AI-enabled solutions and raise questions about diagnostic accuracy.
Regional trends:
North America is expected to lead the market during the forecast period, owing to increasing adoption of healthcare IT solutions, availability of funds for development of AI capabilities, and well-established healthcare infrastructure in the region. The Asia-Pacific market is expected to develop in the near future owing to factors such as expanding medical infrastructure, increasing number of AI start-ups, and significant increase in the adoption of cutting-edge technologies.
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Recent developments:
- In November 2021, NANO-X IMAGING LTD announced that it has completed its merger with Zebra Medical Vision, Ltd. This strategic merger complements Nanox’s deep learning technology and Nanox’s product line. The ARC system will help realize the company’s vision of democratizing healthcare around the world. The acquisition marks another step towards the company’s goal of democratizing healthcare delivery. Nanox integrates AI-powered image analysis and global teleradiology solutions. ARC technology brings the company one step closer to a globally connected medical imaging solution that has the potential to significantly expand healthcare delivery.
Artificial Intelligence/Machine Learning Medical Devices Market Segmentation-
Artificial intelligence/machine learning medical device market By product type –
• System/Hardware
• Software as a medical device
Artificial intelligence/machine learning medical device market By clinical area –
• Radiology
• Diagnosis support
• Imaging
• Image reconstruction
• Cardiology
• ECG-based arrhythmia detection
• Hemodynamic and vital sign monitoring
• Hematology
• others
Region-
North America-
Europe-
- Germany
- England
- France
- Italy
- Spain
- rest of europe
Asia Pacific-
- China
- Japan
- India
- Korea
- Southeast Asia
- Rest of Asia Pacific
latin america-
- Brazil
- Argentina
- Rest of Latin America
Middle East and Africa –
- GCC countries
- South Africa
- Rest of the Middle East and Africa
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