Growing Demand For Personalized Medicine Propels Growth Of AI In Medical Devices Market Emerges as a Core Driver of the AI In Medical Devices Market in 2025

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What Is the Expected CAGR for the AI In Medical Devices Market Through 2025?
The market size for AI in medical devices has significantly expanded in the past few years. It is projected to increase from $10.08 billion in 2024 to $12.46 billion in 2025, with a compound annual growth rate (CAGR) of 23.6%. The accelerated growth during the historical period can be credited to the emergence of early machine learning algorithms, an upswing in big data analytics, a surge in the demand for precision medicine, government regulatory backing and authorizations, and the initial adoption in the field of radiology.

What's the Projected Size of the Global AI In Medical Devices Market by 2029?
The market for AI in medical devices is predicted to experience considerable expansion in the coming years, with a rise to "$35.5 billion by 2029 and a compound annual growth rate (CAGR) of 29.9%. The projected growth within this period is due to factors such as the patient-centered approach, increased expenditure on healthcare, supportive regulatory guidelines and standards, improved clinical decision-making support and implementation of AI in predicting and preventing diseases. Noteworthy trends for the forecast period encompass enhanced radiology and imaging through AI, AI-enabled pathology, the merger of genomics and AI, predictive analytics application in healthcare, and natural language processing (NLP).

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Top Growth Drivers in the AI In Medical Devices Industry: What's Accelerating the Market?
The rise in the demand for tailored healthcare, known as personalized medicine, is poised to boost the growth of the AI in medical devices market. Personalized medicine provides individualized healthcare based on a patient's unique characteristics, such as genetic makeup, environment, and lifestyle habits, resulting in more beneficial treatment outcomes. Various elements, including the progress in genomics, patient autonomy, and the enhancement of the effectiveness of treatments, stimulate the heightened demand for personalized medicine. AI utilizes vast patient data ranging from genetic details, medical records, and lifestyle aspects to establish a profound understanding of individual profiles, enabling customized treatment schemes. For example, as reported by the Personalized Medicine Coalition, a non-profit organization in the US, in February 2024 the FDA sanctioned 16 innovative personalized therapies for patients with rare maladies in 2023, as opposed to just six in 2022. As such, the increasing demand for personalized medicine contributes to the growth of the AI in medical devices market.

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What Trends Will Shape the AI In Medical Devices Market Through 2029 and Beyond?
Emerging technologies are becoming an influential trend in the AI in medical devices market. Companies in this market are embracing novel technologies to maintain their competitive edge. For example, in March 2022, Nvidia Corporation, a leading American computer hardware manufacturer, introduced Clara Holoscan MGX - a platform for the medical device industry to create and implement AI applications instantaneously. This unique technology platform offers a series of functionalities aimed at assisting firms to develop and introduce medical devices laden with superior AI proficiencies, such as image and signal processing, natural language processing, and predictive analytics. Furthermore, this platform incorporates advanced security features and adheres to healthcare industry regulations, thus ensuring the protection and confidentiality of patient data. It enables processing of medical data in real time and delivers insights for informed clinical decisions.

What Are the Main Segments in the AI In Medical Devices Market?
The AI in medical devices market covered in this report is segmented -

1) By Offerings: Hardware, Software, Services
2) By Technology: Context Awareness, Deep learning, Machine learning, Natural Language Processing, Predictive Analytics, Other Technologies
3) By Deployment: Cloud, On-Premise
4) By Application: Patient care, Treatment, Diagnosis And Monitoring, Other Applications
5) By End-User: Hospitals And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Healthcare Payers, Other End Users

Subsegments:
1) By Hardware: Imaging Devices, Wearable Devices, Surgical Robots, Monitoring Devices, Diagnostic Equipment
2) By Software: Imaging Software, Data Analytics Software, Clinical Decision Support Software, Patient Management Software, Workflow Automation Software
3) By Services: Consulting Services, Maintenance And Support Services, Training Services, Integration Services, Managed Services

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Which Top Companies are Driving Growth in the AI In Medical Devices Market?
Major companies operating in the AI in medical devices market include 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., Accuray Incorporated, AliveCor, Alphabet Inc., Apple Inc., Arterys Inc., Augmedics Inc., Azra AI, Babylon Health Limited, Brainomix Ltd., Bu*tterfly 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.

Which Regions Will Dominate the AI In Medical Devices Market Through 2029?
North America was the largest region in the AI in medical devices market in 2024. The regions covered in the AI in medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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