In-Depth Analysis of the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market: Growth Opportunities, Key Trends, and Forecast 2025-2034

What combination of drivers is leading to accelerated growth in the artificial intelligence or machine learning (ai/ml) medical device market?
The anticipated surge in healthcare AI investments is set to drive the expansion of the medical device market focused on artificial intelligence or machine learning. Healthcare AI denotes the application of AI techniques in the healthcare sector to enhance healthcare deliverance, diagnosis, treatment, and comprehensive patient care. The driving force of AI healthcare investments is the possibility of AI and ML technologies in transforming healthcare delivery, boosting patient outcomes, and augmenting operational efficiency. For example, as per the Department of Health and Social Care, a governmental department in the UK, over 300,000 patients gained from $147.2 million (£123 million) investment in 86 AI technologies over three rounds of awards in March 2023. In another example, Mendelian, a digital health-based startup in the UK, was granted $1.7 million (£1.4 million) to aid an AI system designed to identify patients suffering from undiagnosed rare diseases. Similarly, Medtronic, a medical device company in the US, was granted $3.18 million (£2.5 million) to advance the development of an AI-integrated medical device named GI Genius. Consequently, these investments in healthcare AI are propelling the growth of the machine learning and artificial intelligence medical device market.

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What is the projected compound annual growth rate (CAGR) of the artificial intelligence or machine learning (ai/ml) medical device market from 2025 to 2034, and what factors influence it?
The market size for AI/ML medical devices has seen considerable expansion recently. Forecasts predict an increase from $6.63 billion in 2024 to $8.17 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 23.2%. The noteworthy growth observed in the past can be ascribed to factors such as regulatory backing, increasing cases of chronic diseases, easier access to data, enhanced computational power, and financial efficiency.

Expectations are high for substantial expansion in the artificial intelligence and machine learning (AI/ML) medical device market over the coming years. Forecasts predict it will reach a size of $21.07 billion in 2029, with a compound annual growth rate (CAGR) of 26.7%. This anticipated growth in the forecast period is largely attributed to factors such as increased customization, the advancement of remote monitoring and telemedicine, the implementation of AI/ML in diagnostics, the emphasis on patient-focused care, and the use of AI/ML in proactive care. Trends to watch during the forecast period include AI/ML-augmented imaging devices, wearable AI/ML tech, AI/ML-fueled prosthetics and robotics, point-of-care AI/ML diagnostics, and ethical application of AI/ML.

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How are the latest trends influencing the growth of the artificial intelligence or machine learning (ai/ml) medical device market?
In the artificial intelligence and machine learning medical device sector, technological advancements are becoming increasingly popular. Major firms in this industry are focusing on the development of cutting-edge technologies to maintain their market standing. For instance, in April 2024, Medtronic plc, a medical devices company from Ireland, unveiled 14 AI-powered Performance Insights algorithms and Touch Surgery Live Stream technology. These were developed to refine laparoscopic and robotic-assisted surgical procedures. Such innovations enable AI-facilitated post-operative analysis that presents in-depth insights into surgical techniques and facilitates real-time, remote monitoring to enhance surgical education and training. This sets a new precedent in surgical efficiency and connectivity. The introduction of these innovations contributes to the expanded application of AI in surgery, streamlining processes and enabling surgeons to consistently advance through practical insights.

What are the major segments of the artificial intelligence or machine learning (ai/ml) medical device market and their role in driving growth?
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

Subsegments:
1) By System Or Hardware: Diagnostic Imaging Systems, Surgical Robots, Monitoring Devices
2) By Software-As-A-Medical Device: AI Diagnostic Software, Clinical Decision Support Systems, Predictive Analytics Platforms

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Which regions are key players in the growth of the artificial intelligence or machine learning (ai/ml) medical device market?
North America was the largest region in the artificial intelligence machine learning (AI/ML) medical device market in 2024. The regions covered in the artificial intelligence or machine learning (AI/ML) medical device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the artificial intelligence or machine learning (ai/ml) medical device market?
Major companies operating in the artificial intelligence or machine learning (AI/ML) medical device market include 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.

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What Is Covered In The Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Global Market Report?

• Market Size Forecast: Examine the artificial intelligence or machine learning (ai/ml) medical device market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence or machine learning (ai/ml) medical device market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence or machine learning (ai/ml) medical device market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence or machine learning (ai/ml) medical device market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence or machine learning (ai/ml) medical device market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence or machine learning (ai/ml) medical device market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence or machine learning (ai/ml) medical device market.
• Competitive Landscape: Review strategic developments in the artificial intelligence or machine learning (ai/ml) medical device market, including expansions, agreements, and new product launches.

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