NEW YORK, April 11, 2023 (GLOBE NEWSWIRE) — Reportlinker.com publishes the report “Artificial Intelligence/Machine Learning Medical Device Market – Global and Regional Analysis: Focus on Product Type, Clinical Area and Country Analysis -” Announcing the release. Analysis and Forecasts, 2022-2032” – https://www.reportlinker.com/p06446562/?utm_source=GNW
The global artificial intelligence/machine learning medical devices market is valued at $4,011.7 million in 2022 and is expected to reach $35,458.2 million by 2032, growing at will see a CAGR of 24.35%. The market is driven by factors such as the presence of a large ecosystem of companies offering AI solutions, increasing demand in the fields of radiology and cardiology, growing demand for wearable sensors, and numerous government initiatives. I’m here.
Market life cycle stages
The global artificial intelligence/machine learning medical device market is highly fragmented, with the number of FDA and CE marked approvals for AI-enabled medical devices increasing each year. The market still has significant growth potential due to ongoing global technological developments and investments in AI in healthcare.
Growth opportunities for the global artificial intelligence/machine learning medical device market lie in technological innovation and further development of AI-based medical devices that enable diagnostic accuracy and productivity.
Impact of COVID-19
Shortly after the outbreak of COVID-19, the health system’s focus switched to managing the pandemic and related crises. This has resulted in shrinking hospital budgets and tough growth in AI.
However, AI is being deployed in radiology departments around the world to help combat COVID-19, and AI-based tools have played a key role in fighting the COVID-19 pandemic. Due to the many benefits of AI in tackling COVID-19, the adoption of AI in clinical settings has increased during the pandemic.
Following the COVID-19 pandemic, the market is projected to exhibit rapid growth, mainly due to increased adoption of AI-based solutions due to the pandemic. Market growth is also driven by surge in research activity surrounding AI-enabled solutions, advances in deep learning and machine learning algorithms, introduction of new products in the market, emergence of local businesses, and growing adoption of AI-based solutions. increase. Various therapeutic uses.
Market segmentation:
Segmentation 1: By Product Type
• System/Hardware
• Software as a medical device
The global artificial intelligence/machine learning medical devices market (by product type) is expected to be dominated by the software segment as medical devices.
Segmentation 2: By clinical area
• Radiology
• Cardiology
• Hematology
• others
The global artificial intelligence/machine learning medical devices market (by clinical area) is expected to be dominated by the radiology sector.
Segmentation 3: Radiation (by type)
• Diagnosis support
• Imaging
• Image reconstruction
• others
The global radiology artificial intelligence/machine learning medical devices market (by type) is expected to be dominated by the diagnostic assistance segment.
Segmentation 4: Cardiology (by type)
• ECG-based arrhythmia detection
Hemodynamic and vital sign monitoring
• others
The global cardiology artificial intelligence/machine learning medical devices market (by type) is expected to be dominated by the ECG-based arrhythmia detection segment.
Segmentation 5: By Region
• North America – USA, Canada
• Europe – Germany, UK, France, Italy, Spain, Rest of Europe
• Asia Pacific – China, Japan, India, Australia, South Korea, Rest of Asia Pacific
• Rest of World – Brazil, Mexico, Israel, and rest of the world
The global artificial intelligence/machine learning medical devices market (by region) is dominated by the North America region.
Recent Trends in Global Artificial Intelligence/Machine Learning Medical Device Market
• In October 2022, Koninklijke Philips NV received US FDA 510(k) clearance for its AI-enabled MRCAT head and neck radiation therapy application.
• In June 2022, Aidoc Medical, Ltd. raised $110 million in Series D funding to use AI to address challenges facing the healthcare system.
• In June 2022, Hyperfine Inc. received FDA 510(k) clearance for the Swoop MRI machine. The Swoop system software uses deep learning to provide sharp images for clinical diagnosis.
• In April 2022, Clarius HD, a line of ultraportable scanners from Clarius Mobile Health Corp., was approved by Health Canada.
• In March 2022, Clarius Mobile Health Corp. raised $20 million in funding to expand its commercial-scale activities.
• In December 2021, Hyperfine Inc. partnered with the Brain Tumor Foundation to deliver neuroimaging worldwide utilizing Hyperfine’s Swoop device.
• In December 2021, Hyperfine Inc. announced the Health Canada licensing of Swoop and the launch of the imaging system in Canada.
• In September 2021, Aidoc Medical, Ltd. and Subtle Medical partnered to bring end-to-end AI solutions to medical imaging.
Demand – Factors and Limits
Following are the driving force behind the global artificial intelligence/machine learning medical devices market:
• Existence of a large ecosystem of companies providing AI solutions for diverse applications of AI in healthcare
• Growing demand in the fields of radiology and cardiology is driving increased adoption of AI-enabled solutions that can reduce wait times and reduce strain on the healthcare system.
• Increased adoption of AI-enabled medical devices for home care due to growing demand for wearable sensors
• Numerous government initiatives promoting research and development of AI-enabled medical devices
The market is also expected to face some limitations due to the following challenges.
• Concerns about lack of transparency and data sharing, leading to cybersecurity concerns, hinder the adoption of AI in healthcare.
• Challenges related to identifying and minimizing biases in AI algorithms that lead to diagnostic reliability concerns and hinder the use of AI-enabled solutions
How can this report bring value to your organization?
Type: The clinical area segment helps readers understand the different applications in which AI-enabled medical devices are approved in the market. In addition, the study provides readers with an in-depth understanding of the different types of systems and software as medical devices that are globally approved as AI-enabled medical devices.
Growth/Marketing Strategies: The global artificial intelligence/machine learning medical devices market is undergoing significant developments with major players operating in the market such as business expansions, partnerships, collaborations, and joint ventures. Partnerships, alliances, business expansions, and regulatory activities account for the largest number of major developments. It accounts for almost 65.00% of the total development in the global artificial intelligence/machine learning medical device market.
Competitive Strategy: The global artificial intelligence/machine learning medical devices market is highly fragmented, with over 250 players including established companies and start-ups. Emerging player offering a range of AI-enabled medical devices.
In addition, comprehensive competitive strategies such as partnerships, agreements, and collaborations help readers understand the untapped revenue pockets in the market.
Overview of Key Market Players and Competition
The global artificial intelligence/machine learning medical devices market is highly fragmented with over 250 players including established companies and start-ups.
Key Companies Profiled
• IDoc Medical Co., Ltd.
• Canon Inc
• Ceravision AB
• Clarius Mobile Health Corp.
• General Electric Company
• Hyper Fine Co., Ltd.
• Koninklijke Philips NV
• Medtronic plc
• Nanox.AI Ltd.
• Paige.AI
• Radnet
• Shanghai United Imaging Healthcare Co., Ltd.
• Siemens Healthineers AG
• Tempos
• Viz.ai, Inc.
Target country
• North America
• we
• Canada
• Europe
• Germany
• Italy
• France
• England
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• Korea
• Rest of Asia Pacific
• rest of the world
• Brazil
• Mexico
• Israel
• rest of the world
Read the full report: https://www.reportlinker.com/p06446562/?utm_source=GNW
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