DUBLIN, April 27, 2023 (GLOBE NEWSWIRE) — “Artificial Intelligence/Machine Learning Medical Devices Market – Global and Regional Analysis: Focus on Product Types, Clinical Areas, and Country Analysis – Analysis and Forecasts, from 2022 Added to 2032 report of ResearchAndMarkets.com Recruitment.
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 its associated crises.
This has led to shrinking hospital budgets and tough growth in AI. However, AI is being deployed in radiology departments around the world to help him fight COVID-19, and AI-based tools have played a key role in his fight against the COVID-19 pandemic. rice field. 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.
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 deliver sharp images that aid in 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.
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 a diverse range of AI applications in healthcare
- Growing demand in the fields of radiology and cardiology Increased adoption of AI-enabled solutions that can reduce wait times and reduce strain on healthcare systems
- Growing Demand for Wearable Sensors to Increase Adoption of AI-Enabled Medical Devices for Home Healthcare
- 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 lead to cybersecurity concerns and hinder adoption of AI in healthcare
- Challenges related to identifying and minimizing biases in AI algorithms that lead to concerns surrounding diagnostic reliability and hinder the use of AI-enabled solutions
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 Corporation
- general electric company
- Hyper Fine Co., Ltd.
- Koninklijke Philips NV
- medtronic plc
- Nanox.AI Inc.
- Page.AI
- Radnet Co., Ltd.
- Shanghai United Imaging Healthcare Co., Ltd.
- Siemens Healthineers AG
- Tempos
- Bizui Co., Ltd.
Key attributes:
| report attribute | detail |
| number of pages | 208 |
| Forecast period | 2022-2032 |
| Estimated market value in 2022 (USD) | $4.0117 billion |
| Projected market value by 2032 (USD) | $35,458.2 million |
| compound annual growth rate | 24.4% |
| Target area | global |
Main topics:
1 market
1.1 Global Market Outlook
1.1.1 Product definition
1.1.2 Inclusion and exclusion criteria
1.1.3 Main Findings
1.1.4 Market Scenario
1.1.4.1 Realistic Growth Scenario
1.1.4.2 Optimistic Growth Scenario
1.1.4.3 Pessimistic/Conservative Growth Scenario
1.2 Industry Outlook
1.2.1 Market Overview
1.2.2 Main trends
1.2.2.1 Government Regulation Updates to Address AI-Enabled SaMD Development and Regulation
1.2.2.2 Most AI-enabled medical devices aid clinical decision-making, but do not by themselves provide a final diagnosis
1.2.2.3 Few AI-enabled medical devices must go through a rigorous PMA process: the rest get 510(k) clearance
1.2.3 Opportunity assessment
1.2.4 Business model
1.2.5 Recommendations for Major Players
1.2.6 Patent Analysis
1.2.7 Financing Scenario
1.2.8 Product Benchmark
1.2.9 End User Awareness
1.3 Impact of COVID-19 on Global Artificial Intelligence/Machine Learning Medical Devices
1.4 Business dynamics
1.4.1 Impact analysis
1.4.2 Business Drivers
1.4.2.1 Existence of a large ecosystem of companies providing AI solutions for diverse application areas of AI in healthcare
1.4.2.2 Rising Demand in the Fields of Radiology and Cardiology Increased Adoption of AI-Enabled Solutions Due to Their Ability to Reduce Wait Times and Reduce Burden on Healthcare Systems
1.4.2.3 Growing Demand for Wearable Sensors Increasing Adoption of AI-Enabled Medical Devices for Home Care
1.4.2.4 Numerous government initiatives to promote research and development of AI-enabled medical devices
1.4.3 Business Restrictions
1.4.3.1 Concerns about lack of transparency and data sharing lead to cybersecurity concerns, hindering adoption of AI in healthcare
1.4.3.2 Challenges related to identifying and minimizing biases in AI algorithms that raise diagnostic confidence concerns and hinder the use of AI-enabled solutions
1.4.4 Business Opportunities
1.4.4.1 Applications across a wide range of clinical areas offer opportunities for further research and development
1.4.4.2 The potential of AI to reduce waiting times and reduce the burden of disease on health systems, especially in low- and middle-income countries (LMICs)
1.4.4.3 Increasing numbers of medical imaging devices and relatively low adoption of AI-enabled medical devices indicate growth opportunities in regions such as Asia-Pacific
2 Global Artificial Intelligence/Machine Learning Medical Devices Market (By Product Type)
2.1 Opportunity assessment
2.2 Growth Stock Matrix
2.3 System/Hardware
2.4 Software as a medical device
3 Global Artificial Intelligence/Machine Learning Medical Devices Market (By Clinical Area)
3.1 Opportunity assessment
3.2 Growth Stock Matrix
3.3 Radiology
3.3.1 Market dynamics
3.3.2 Some Players in Radiology
3.3.3 Market size and forecast
3.3.3.1 By type
3.3.3.1.1 Diagnostic assistance
3.3.3.1.2 Imaging
3.3.3.1.3 Image reconstruction
3.3.3.1.4 Miscellaneous
3.4 Cardiology
3.4.1 Market Dynamics
3.4.2 Some Players in Cardiology
3.4.3 Market size and forecast
3.4.3.1 By type
3.4.3.1.1 ECG-based arrhythmia detection
3.4.3.1.2 Hemodynamic and vital sign monitoring
3.4.3.1.3 Miscellaneous
3.5 Hematology
3.5.1 Market Dynamics
3.5.2 Some Players in Hematology
3.5.3 Market size and forecast
3.6 Miscellaneous
3.6.1 Market Dynamics
3.6.2 Players in Other Application Areas
3.6.3 Market size and forecast
4 Global Artificial Intelligence/Machine Learning Medical Devices Market (By Region)
Five Markets – Competitive Benchmarks and Company Profiles
5.1 Competitive Benchmarks
5.1.1 Key Strategies and Developments
5.1.1.1.1 Regulatory and Legal Activities
5.1.1.1.2 Fundraising activities
5.1.1.1.3 New offerings
5.1.1.1.4 Mergers and Acquisitions
5.1.1.1.5 Partnerships, Collaborations and Business Expansion
5.2 Company profile
For more information on this report, please visit https://www.researchandmarkets.com/r/gfkd5m.
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Global Artificial Intelligence/Machine Learning Medical Device Market
