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AI in Medical Devices Market 2024-2033: Analysis of Trends, Growth, and Forecast
AI In Medical Devices Global Market Report 2024
According to The Business Research Company's, The ai in medical devices market size has grown exponentially in recent years. It will grow from $15.42 billion in 2023 to $22.3 billion in 2024 at a compound annual growth rate (CAGR) of 44.6%. The growth in the historic period can be attributed to patient-centric care, clinical decision support systems, precision medicine initiatives, cost reduction and efficiency, regulatory framework development.
The ai in medical devices market size is expected to see exponential growth in the next few years. It will grow to $97.07 billion in 2028 at a compound annual growth rate (CAGR) of 44.4%. The growth in the forecast period can be attributed to value-based healthcare models, personalized medicine demand, remote healthcare services, emergence of wearable devices, data privacy and security. Major trends in the forecast period include compliance with regulations, drug development and research, ai-guided surgical systems, patient engagement solutions, enhanced treatment planning.
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Market Drivers and Trends:
The growing demand for wearables is expected to propel the growth of AI in medical devices market going forward. Wearables are small electronic devices worn on or inside the body that can capture and measure things such as physical activity, monitor health metrics, or display information. AI can be integrated into wearable medical devices to enhance their functionality and provide more personalized and accurate health monitoring. Additionally, AI-powered wearables can detect and alert users to abnormal or potentially dangerous health events, such as irregular heart rhythms or falls. Therefore, these factors boost AI in the medical device market. For instance, in November 2022, according to the reports shared by Vicert d.o.o., a US-based IT services and IT consulting company, in 2020, 30% of US people were using wearable technology for healthcare, and approximately 50% of users was relying on this technology daily. Nine out of ten (92 percent) users of AI smartwatches use them for fitness and health-related purposes. Additionally, 533.6 million AI medical devices were shipped in 2021. Therefore, the growing demand for wearables is driving the growth of AI in medical device market going forward.
Technological advancements are a key trend gaining popularity in AI in medical devices market. Major companies operating in the AI in medical devices market are adopting new technologies to sustain their position in the market. For instance, in March 2022, Nvidia Corporation., a US-based computer hardware manufacturing company, launched the Clara Holoscan MGX, a platform for the medical device industry to develop and deploy real-time AI applications at the edge. This innovative technology platform offers a range of features designed to help companies build and bring to market medical devices that incorporate advanced AI capabilities, such as image and signal processing, natural language processing, and predictive analytics. Additionally, this platform also includes advanced security features and compliance with healthcare industry regulations to ensure the safety and privacy of patient data. This can process medical data in real time and provide insights for clinical decision-making.
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Major Key Players of the Market:
General Electric Company; Medtronic plc.; Siemens Healthineers AG; Micron Technology Inc.; Nvidia Corporation; Intel Corporation; International Business Machines Corporation; Amazon Web Services, Inc.; Koninklijke Philips N.V.; Enlitic Inc.; Cloudmedx Inc.; Oncora Medical Inc.; Microsoft Corporation; Path AI Inc.; Aidoc Medical Ltd.; Ablation Frontiers; Accuray Incorporated; Advanced Medical Technology Association (AdvaMed); AliveCor; Alphabet Inc.; Apple Inc.; Arterys Inc.; Augmedics Inc.; Azra AI; Babylon Health Limited; Brainomix Ltd.; Butterfly Network Inc.; Canon Medical Systems Corporation; Cerner Corporation; Clarapass Inc.; Comarch SA; CureMetrix Inc.; DeepMind Health; Diabetic Retinopathy Detection Ltd.; Diacron Group; Diagnostic Robotics; EchoPixel Inc.; Eigen Innovations Inc.
AI In Medical Devices Market 2024 Key Insights:
• The ai in medical devices market will grow to $97.07 billion in 2028 at a compound annual growth rate (CAGR) of 44.4%.
• Surging Wearable Demand Propels Growth Of AI In Medical Devices Market
• Key Players Unveil Solutions To Advance AI Capabilities In Medical Device Market
• North America was the largest region in the AI in medical devices market in 2023
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