Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market
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Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of medical devices that utilize artificial intelligence or machine learning (AI/ML) has experienced rapid expansion recently. The forecast predicts it will climb from $6.63 billion in 2024 to $8.17 billion in 2025, which signifies a compound annual growth rate (CAGR) of 23.2%. The historic growth is a result of factors like regulatory backing, an increase in chronic health conditions, availability of data, enhancements in computing power, and cost effectiveness.
Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Size Forecast: What’s the Projected Valuation by 2029?
In the coming years, it is predicted that the market size for AI/ML medical devices will witness considerable expansion. The expected augmentation is projected to reach $21.07 billion in 2029 with a CAGR of 26.7%. This surge in the predicted timespan can be credited to the enhanced personalization, the rise in remote monitoring and telemedicine, the integration of ai/ml into diagnostics, a focus on patient-centric care, and the utilization of ai/ml in proactive care. Notable trends for the forecast period encompass ai/ml-augmented imaging devices, wearable ai/ml technology, ai/ml-operated prosthetics and robotics, ai/ml diagnostics at the point of care, and ethical usage of ai/ml.
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What Are the Drivers Transforming the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
The surge in investments in healthcare artificial intelligence (AI) is anticipated to stimulate the growth of the AI or machine learning medical device sector. Healthcare AI involves utilizing AI capabilities in the healthcare field to enhance the delivery of healthcare, diagnosis, treatment, and overall patient care. These investments are motivated by the capacity of AI and machine learning technologies to revolutionize healthcare, improve patient results, and boost operational efficiency. For instance, in March 2023, over 300,000 patients reaped the benefits of $147.2 million (£123 million) invested in 86 AI technologies, as revealed by the UK’s Department of Health and Social Care through three rounds of awards. Moreover, Mendelian, a digital health startup based in the UK, was granted $1.7 million (£1.4 million) to fund an AI system designed to identify patients with undiagnosed rare conditions. Also, Medtronic, a medical device company from the US, received an award of $3.18 million (£2.5 million) to further enhance the development of an AI-backed medical device known as GI Genius. Therefore, such investments in healthcare AI significantly contribute to the growth of the AI and machine learning medical device market.
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What Long-Term Trends Will Define the Future of the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
Advancements in technology constitute a rising trend in the market for medical devices powered by artificial intelligence (AI) or machine learning. Major players in the AI and machine learning-powered medical device market are focused on pioneering innovative technologies to maintain their dominance in the market. To exemplify, in April 2024, Medtronic plc, a medical device manufacturer based in Ireland, declared the introduction of 14 new AI-led Performance Insights algorithms and Touch Surgery Live Stream technology. These were developed to optimize laparoscopic and robotically-assisted surgical procedures. These groundbreaking approaches pave the way for AI-enabled post-operative analysis, delivering in-depth understanding of various surgical techniques, as well as facilitating real-time remote monitoring for enhanced surgical training and education – reshaping norms in surgical performance and connectivity. This deployment extends the functions of AI in surgical procedures, making workflows more straightforward and enabling surgeons to consistently enhance their skills through actionable data.
Which Segments in the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Offer the Most Profit Potential?
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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Which Firms Dominate the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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