Jersey City, NJ, May 11, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Artificial Intelligence/Machine Learning Medical Device Market Size, Share & Trends Analysis Report By Product Type (System/Hardware, Software-as-a-Medical Device), Application (Radiology, Cardiology, Hematology)- Market Outlook And Industry Analysis 2031"
The Artificial Intelligence/Machine Learning Medical Device Market is estimated to reach over USD 26.87 billion by 2031, exhibiting a CAGR of 22.72% during the forecast period.
The market for medical devices with AI/ML capabilities is very fragmented, and every year, more goods with FDA and CE marks are authorized. This sector still has a significant amount of growth potential due to ongoing technological developments and investments in healthcare AI. The global market for artificial intelligence/machine learning medical devices may benefit from the development of diagnostic accuracy and productivity-enabling AI-based medical equipment.
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After the COVID-19 pandemic, the market is expected to grow significantly, mostly due to the epidemic's increased need for AI-based remedies. The market will expand because of increased research into products that employ artificial intelligence, advancements in deep learning and machine learning algorithms, the introduction of new goods to the marketplace, the creation of local firms, and the rising usage of AI-based products for therapeutic reasons.
Recent Developments:
- In Nov 2021, NANO-X IMAGING LTD announced merger with Zebra Medical Vision, Ltd. had been completed. This strategic merger complements Nanox's deep learning technology and Nanox's product line.ARC System helps the company realize its vision of democratizing healthcare worldwide. This acquisition is another step towards the company's goal of democratising healthcare delivery. Nanox integrates AI-driven image analysis and a global teleradiology solution. The ARC technology brings company one step closer to a global, connected medical imaging solution with the potential to expand healthcare delivery significantly.
List of Prominent Players in the Artificial Intelligence/Machine Learning Medical Device Market:
- CellaVision AB;
- Canon Inc.;
- Clarius Mobile Health Corp.;
- General Electric Company;
- Aidoc Medical, Ltd.
- Koninklijke Philips N.V.,
- Hyperfine Inc.,
- Nanox.AI Ltd.,
- Medtronic Plc.,
- Paige.AI, and Koninklijke
- Philips N.V.
- Siemens Healthineers AG
- Tempus
- Shanghai United Imaging Healthcare Co., Ltd.
- Viz.ai, Inc.
- AI4MedImaging Medical Solutions S.A.
- Ever Fortune.AI Co., Ltd.
- MedMind Technology Co., Ltd.
- AIRS Medical Inc.
- CU-BX Automotive Technologies Ltd.
- Annalise-AI
- AZmed SAS
- Smart Soft Healthcare AD
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Artificial Intelligence/Machine Learning Medical Device Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 4.31 Bn |
| Revenue forecast in 2031 | USD 26.87 Bn |
| Growth rate CAGR | CAGR of 22.72 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product Type, Clinical Area |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Identifying Diseases and Diagnosis as one of the most important uses of this technology in healthcare is detecting and diagnosing ailments and illnesses that can occasionally be challenging to recognize. This might include everything from genetic illnesses to early-stage tumors that are difficult to detect. IBM Watson Genomics is a well-known example of how merging cognitive computing with genome-based tumor sequencing may help with cancer detection. A leading biopharmaceutical company called Berg uses AI to create medicinal solutions for problems like cancer. Medical Imaging Diagnosis: Computer vision is a cutting-edge method that blends ML and deep learning. The Microsoft Inner Eye initiative, which focuses on image diagnostic tools for image analysis, has approved this.
Challenges:
The following difficulties are predicted to provide additional restrictions for the market. Lack of transparency and privacy worries about data sharing cause cybersecurity worries and impede the use of AI in healthcare. Furthermore, the use of AI-enabled solutions needs to be improved by issues with the identification and minimization of bias in AI algorithms, which raises questions about the accuracy of diagnosis.
Regional Trends:
Due to the increased adoption of healthcare IT solutions, the availability of funding for the development of AI capabilities, and the region's well-established healthcare infrastructure, North America is expected to lead the market over the course of the projected period. The market in Asia Pacific is anticipated to develop in the near future due to factors including expanding healthcare infrastructure, an increase in the number of AI start-ups, and a significant rise in the adoption of cutting-edge technologies.
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Segmentation of Artificial Intelligence/Machine Learning Medical Device Market-
Artificial Intelligence/Machine Learning Medical Device Market By Product Type-
• System/Hardware
• Software-as-a-Medical Device
Artificial Intelligence/Machine Learning Medical Device Market By Clinical Area-
• Radiology
• Diagnostic Assistance
• Imaging
• Image Reconstruction
• Cardiology
• Electrocardiography-Based Arrhythmia Detection
• Hemodynamics and Vital Signs Monitoring
• Hematology
• Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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