Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Europe Artificial Intelligence/Machine Learning Medical Device Market: Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
The Europe artificial intelligence/machine learning medical device market was valued at $1.01 billion in 2022 and is expected to reach $7.93 billion by 2032, witnessing a CAGR of 22.95% during the forecast period 2022-2032. The market is driven by various factors, including the extensive presence of companies providing AI solutions, increasing demand in radiology and cardiology sectors, a surge in the need for wearable sensors, and numerous government initiatives. 
Key Trends
- Update of Government Regulations to Accommodate the Development and Regulation of AI-enabled SaMD
- Most AI-Enabled Medical Devices Aid in Clinical Decision-Making but do not Provide the Final Diagnosis Themselves
- Very Few AI-Enabled Medical Devices Have to Undergo the Rigorous PMA Process: Rest Get 510(k) Clearance
Business Dynamics
- Business Drivers
- Presence of a Large Ecosystem of Companies Offering AI Solutions Targeting the Diverse Range of Applications of AI in the Healthcare
- Growing Demand in the Field of Radiology and Cardiology Increasing Adoption of AI-Enabled Solutions due to Their Ability to Shorten Waiting Times and Reduce Burden on Healthcare System
- Growing Demand for Wearable Sensors to Increase Adoption of AI-Enabled Medical Devices for Home-based Care
- Large Number of Government Initiatives Advancing the Research and Development of AI-Enabled Medical Devices
- Business Restraints
- Lack of Transparency and Concerns around Data Sharing Leading to Cybersecurity Concerns and Hindering Adoption of AI in Healthcare
- Challenges Related to Identification and Minimization of Bias in AI Algorithms Leading to Concerns Surrounding the Reliability of Diagnosis and Thus Hindering the Use of AI-Enabled Solutions
- Business Opportunities
- Applications across a Wide Range of Clinical Areas Present Opportunities for Further Research and Development
- Potential of AI to Shorten Wait Times and Reduce Disease Burden on the Healthcare System, Especially in Low- and Middle-Income Countries (LMICs)
Market Introduction
The Europe market for Artificial Intelligence/Machine Learning (AI/ML) Medical Devices is experiencing significant growth, fueled by the integration of advanced technologies in the healthcare sector. A flourishing ecosystem of companies offering AI/ML solutions is driving innovation in medical devices across the region. Notably, there is a rising demand for AI/ML applications in medical imaging, diagnostics, and personalized medicine. The fields of radiology and cardiology are witnessing a substantial uptick in the adoption of AI/ML, leading to improved diagnostic precision and treatment planning.
The increasing popularity of wearable sensors is also contributing to the market's expansion. Government initiatives across European countries aimed at promoting the incorporation of AI/ML technologies in healthcare are crucial factors fostering the growth of this market. With a commitment to technological advancements and healthcare innovation, the Europe AI/ML Medical Device Market is poised for continued evolution in reshaping medical diagnostics and patient care.
Market Segmentation by Country
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Key Companies Profiled
- CellaVision AB
- Koninklijke Philips NV
- Medtronic plc
- Siemens Healthineers AG
- AI4MedImaging Medical Solutions SA
- AZmed SAS
- Smart Soft Healthcare AD
Key Attributes
| Report Attribute | Details |
| No. of Pages | 106 |
| Forecast Period | 2022-2032 |
| Estimated Market Value (USD) in 2022 | $1.01 Billion |
| Forecasted Market Value (USD) by 2032 | $7.93 Billion |
| Compound Annual Growth Rate | 22.9% |
| Regions Covered | Europe |
For more information about this report visit https://www.researchandmarkets.com/r/c1m0ny
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