Artificial Intelligence/Machine Learning Medical Device Market Projected to Reach Over $26.87 Billion by 2031 – Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. has announced the release of a market valuation report on “Global Artificial Intelligence/Machine Learning Medical Devices Market Size, Share, Trends Analysis Report – By Product Type (Systems/Hardware, Software as a Medical Device), By Application (Radiology, Cardiology, Haematology) – Market Outlook and Industry Analysis 2031.”
The artificial intelligence/machine learning medical devices market is projected to reach over USD 26.87 billion by 2024-2031, exhibiting a CAGR of 22.72% during the forecast period.
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AI/ML-Enabled Medical Device Market: Poised for Growth
The AI/ML-enabled medical devices market is currently fragmented but is expected to experience significant growth due to continued technological advancements and increasing investments in healthcare AI. This market is particularly driven by the development of AI-powered medical devices that can improve diagnostic accuracy and streamline workflow for healthcare professionals.
The COVID-19 pandemic has further accelerated the need for AI-based solutions in healthcare. As research into AI-enabled medical devices intensifies and machine learning and deep learning algorithms advance, we can expect to see a surge in new product launches, regional market expansion, and wider adoption of AI across a range of healthcare applications.
• Added titles that reflect market growth potential.
• To improve readability, we have separated information on market size and growth potential.
• To improve clarity, we replaced “the growing need for AI-based treatments due to the epidemic” with the more general “the need for AI-based solutions in healthcare.”
• We used stronger verbs to emphasize growth and future trends.
List of Key Players in the Artificial Intelligence/Machine Learning Medical Devices Market:
• MedMind Technology Co., Ltd.
• AIRS Medical Co., Ltd.
• CU-BX Automotive Technologies, Inc.
• Analyze-AI
• AZmed SAS
• Smart Soft Healthcare AD
• CellaVision AB;
• Canon Inc
• Clarius Mobile Health
• General Electric Company
• Idoc Medical Co., Ltd.
• Philips NV
• Hyperfine Co., Ltd.
• Nanox.AI Inc.
• Medtronic
• Paige.AI, Koninklijke
• Philips NV
• Siemens Healthineers AG
• Temps
• Shanghai United Imaging Healthcare Co., Ltd.
• Viz.ai Inc.
• AI4MedImaging Medical Solutions SA
• Everfortune AI Inc.
Market Trends:
driver-
Disease identification and diagnosis is one of the most important applications of this technology in medicine – detecting and diagnosing illnesses and diseases that can be difficult to recognize. This can include everything from genetic disorders to early-stage tumors that are hard to detect. IBM Watson Genomics is a well-known example of how the fusion of cognitive computing and genome-based tumor sequencing can aid in cancer detection.
Berg, a leading biopharmaceutical company, is using AI to develop medicines for problems like cancer. Medical imaging diagnostics: Computer vision is a cutting edge methodology that combines ML and deep learning. It has been endorsed by the Microsoft Inner Eye initiative, which focuses on imaging diagnostic tools for image analysis.
assignment:
The following challenges are expected to further constrain the market: Lack of transparency and privacy concerns regarding data sharing raise cybersecurity concerns, hindering the use of AI in healthcare. Furthermore, the use of AI-enabled solutions needs to be improved due to issues regarding identifying and minimizing bias in AI algorithms, raising questions regarding the accuracy of diagnoses.
Regional trends:
North America is expected to lead the market during the forecast period owing to the increasing adoption of healthcare IT solutions, availability of funds for development of AI capabilities, and well-established healthcare infrastructure in the region. The market in Asia Pacific is expected to develop in the near future owing to factors such as expanding healthcare infrastructure, increasing number of AI startups, and significant increase in adoption of cutting-edge technologies.
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Recent developments:
• In November 2021, NANO-X IMAGING LTD announced the completion of its merger with Zebra Medical Vision, Ltd. This strategic merger complements Nanox's deep learning technology and Nanox's product line. ARC System will help realize the company's vision of democratizing healthcare around the world. The acquisition is another step toward the company's goal of democratizing healthcare delivery. Nanox combines AI-driven image analytics with global remote radiology solutions. ARC technology brings the company one step closer to a global, connected medical imaging solution with 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
• Diagnostic support
• Imaging
• Image reconstruction
• Cardiology
• Electrocardiogram for arrhythmia detection
• Hemodynamic and vital signs monitoring
• Hematology
• others
By region –
North America-
• America
• Canada
• Mexico
Europe-
• Germany
• England
• France
• Italy
• Spain
• Other Europe
Asia Pacific –
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
latin america-
• Brazil
• Argentina
• Other Latin American countries
Middle East and Africa
• GCC countries
• South Africa
• Rest of the Middle East and Africa
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