2024 Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Report : Market Size, Growth Drivers, And Key Trends | General Electric, Medtronic PLC, Canon Inc., Nvidia Corporation, Siemens Healthineers AG, Koninklijke Philips N.V.

"The an artificial intelligence or machine learning (ai/ml) medical device market size has grown exponentially in recent years. It will grow from $5.42 billion in 2023 to $6.77 billion in 2024 at a compound annual growth rate (CAGR) of 24.9%. The growth in the historic period can be attributed to regulatory support, rise in chronic diseases, data accessibility, improvements in computational power, cost efficiency.

The an artificial intelligence or machine learning (ai/ml) medical device market size is expected to see exponential growth in the next few years. It will grow to $16.38 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%. The growth in the forecast period can be attributed to increased personalization, remote monitoring and telemedicine, ai/ml integrated diagnostics, patient-centric care, ai/ml in proactive care. Major trends in the forecast period include ai/ml-enhanced imaging devices, wearable ai/ml devices, ai/ml-powered prosthetics and robotics, point-of-care ai/ml diagnostics, ethical ai/ml use.

Market Overview -
An artificial intelligence or machine learning (AI/ML) medical device is a medical device that incorporates artificial intelligence and machine learning technologies to analyze medical data, make predictions, support diagnoses, or assist healthcare professionals in decision-making. Artificial intelligence, or machine learning, has several beneficial applications in the medical device sector, including handling data, remote surgical procedures, diagnostic and operational assistance, and clinical trials.

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Strategic Investments Driving Growth In The Future Of Artificial Intelligence Or Machine Learning Medical Devices
Investments in healthcare AI are expected to propel the growth of the artificial intelligence or machine learning medical device market going forward. Healthcare AI (Artificial Intelligence) refers to applying AI technologies in the healthcare industry to improve healthcare delivery, diagnosis, treatment, and overall patient care. Investments in AI healthcare are driven by the potential for AI and ML technologies to revolutionize healthcare delivery, improve patient outcomes, and enhance operational efficiency. For instance, in March 2023, according to the Department of Health and Social Care, a UK-based government department, over 300,000 patients benefited from $147.2 million (£123 million) invested in 86 AI technologies over three rounds of awards. Additionally, Mendelian, a UK-based digital health startup, has been awarded $1.7 million (£1.4 million) to support an AI system that identifies patients with undiagnosed rare diseases. Further, Medtronic, a US-based medical device company, was awarded $3.18 million (£2.5 million) to develop further an AI-based medical device called GI Genius. Therefore, investments in healthcare AI drive the growth of the artificial intelligence and machine learning medical device market.

Competitive Landscape -
Major companies operating in the artificial intelligence or machine learning (ai/ml) medical device market report are 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.

Navigating The Future Of Ai/Ml Medical Devices Through Tech Breakthroughs
Technological developments are a key trend gaining popularity in the artificial intelligence or machine learning medical device market. Major companies operating in the artificial intelligence machine learning medical device market are concentrating on creating innovative technologies to sustain their position in the market. For instance, in November 2021, Philips, a Netherlands-based company engaged in health technology, launched a new MR 7700 system with an AI-enabled MR (magnetic resonance) portfolio of smart diagnostic systems, optimized workflow solutions, and integrated clinical solutions. This new MR 7700 system with multinuclear clinical capabilities is built to deliver ideal quality diffusion imaging, and sophisticated neuroscience sequences with high homogeneity and linearity bring precision to anatomical and functional imaging, facilitating confident decision-making. The system intends to accommodate the increase in patient loads that many radiology departments are currently experiencing and current, future, and novel clinical and research demands.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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