Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "AI In Medical Devices Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The report provides a comprehensive analysis of the global AI in medical devices market and offers insights into its growth potential up to 2027.
The global AI in medical devices market is expected to grow from $10.64 billion in 2022 to $15.42 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 44.92%. Despite disruptions caused by the Russia-Ukraine war, which impacted global economic recovery from the COVID-19 pandemic, the market is projected to reach $66.35 billion in 2027 at a CAGR of 44.04%.
Market Overview: Artificial Intelligence (AI) in medical devices refers to the integration of advanced algorithms, machine learning techniques, and other AI-related technologies to enhance the capabilities and performance of medical devices. AI in medical devices plays a crucial role in improving diagnostic accuracy, aiding surgical procedures, predicting patient outcomes, and personalizing treatment plans.
Deployment Types: AI in medical devices can be deployed using cloud and on-premise technologies. Cloud deployment involves remote server networks that enable data storage, processing, and management over the Internet. This approach offers various technologies such as deep learning, machine learning, natural language processing, and predictive analytics, which are used for applications like patient care, treatment, diagnosis, and monitoring.
Technological Advancements: A key trend in the AI in medical devices market is the adoption of technological advancements by major companies. For example, Nvidia Corporation launched the Clara Holoscan MGX platform, allowing real-time AI applications in medical devices. This platform offers image and signal processing, natural language processing, predictive analytics, advanced security features, and compliance with healthcare industry regulations.
Acquisitions and Expansion: Major players in the industry are engaging in strategic acquisitions and expansions to enhance their AI capabilities. GE HealthCare Technologies Inc. acquired Caption Health Inc., a medical technology company specializing in AI products. The acquisition aims to expand the use of AI across various medical specialties.
Regional Dominance and Growth: North America led the AI in medical devices market in 2022. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Drivers: The growing demand for wearables is expected to drive the growth of the AI in medical devices market. Wearables, integrated with AI, offer personalized and accurate health monitoring, detecting abnormal health events and potential dangers. This trend is expected to propel the market forward.
Competitive Portfolio
- General Electric Company
- Medtronic Plc.
- Siemens Healthineers AG
- Micron Technology Inc.
- Nvidia Corporation
- Intel Corporation
- International Business Machines Corporation (IBM)
- Amazon Web Services, Inc.
- Koninklijke Philips N.V.
- Enlitic Inc.
- Cloudmedx Inc.
- Oncora Medical Inc.
- Microsoft Corporation
- Path AI Inc.
- Aidoc Medical Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $15.42 billion |
| Forecasted Market Value (USD) by 2027 | $66.35 billion |
| Compound Annual Growth Rate | 44.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qxg0xb
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