Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Trends That Will Shape the Next Decade: Insights from Navigating The Future Of Ai/Ml Medical Devices Through Tech Breakthroughs

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How Large Will the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Size By 2025?
The market size of medical devices powered by artificial intelligence or machine learning (ai/ml) has seen a notable surge in recent years. Projections estimate that it will expand from $6.63 billion in 2024 to $8.11 billion in 2025, translating to a compound annual growth rate (CAGR) of 22.3%. Factors contributing to this growth through the historic period include regulatory backing, an increase in chronic disease cases, ease of data access, enhanced computational power, and cost efficiency.

How Big Is the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Size Expected to Grow by 2029?
The market size of machine learning or artificial intelligence (ai/ml) medical devices is predicted to experience significant expansion in the coming years. The expectation is that it will reach $20.77 billion by 2029, with a compound annual growth rate (CAGR) of 26.5%. The anticipated increase in this period can be associated with factors such as enhanced personalization, the rise in telemedicine and remote monitoring, integration of ai/ml in diagnostics, a focus on patient-centric care, and the application of ai/ml in proactive healthcare. The major trends foreseen in this period are imaging devices boosted by ai/ml, wearable devices powered by ai/ml, ai/ml-operated prosthetics and robotics, point-of-care diagnostics using ai/ml, and ethical usage of ai/ml.

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Which Key Market Drivers Powering Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market Expansion and Growth?
The future growth of the artificial intelligence and machine learning medical device market is anticipated to be driven by investments in healthcare AI. Healthcare AI is the application of AI technologies within the healthcare sector to enhance the delivery of healthcare, diagnosis, treatment, and overall patient care. These investments in AI healthcare are motivated by how AI and ML technologies have the capacity to transform healthcare delivery, boost patient outcomes, and increase operational efficiency. For example, as reported by the Department of Health and Social Care, a UK government department, in March 2023, more than 300,000 patients benefited from investments of $147.2 million (£123 million) across three rounds of awards on 86 AI technologies. Also, Mendelian, a UK digital health startup, received an award of $1.7 million (£1.4 million) to back an AI system that detects patients with undiagnosed rare diseases. Moreover, Medtronic, a US medical device company, was granted $3.18 million (£2.5 million) to further develop an AI-based medical device known as GI Genius. Hence, the artificial intelligence and machine learning medical device market's growth is fueled by these investments in healthcare AI.

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Which Fast-Growing Trends Are Poised to Disrupt the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
Advancements in technology are becoming a prominent trend in the medical device market related to artificial intelligence and machine learning. Key players in the artificial intelligence machine learning medical device market are focusing on the development of pioneering technologies to maintain their market standing. For example, in April 2024, Medtronic plc, a medical devices company based in Ireland, unveiled 14 novel AI-guided Performance Insights algorithms and Touch Surgery Live Stream technology, aimed at optimizing laparoscopic and robotic-assisted surgical methods. These advancements enable AI-centric post-surgery analysis, giving intricate insights into surgical methods, and present real-time, remote monitoring for enhanced surgical training and learning. This sets a novel benchmark in surgical performance and connectivity. The introduction of these technologies widens the potential of AI in surgical practices, streamlines workflow, and provides surgeons with the power to consistently enhance their skills through actionable insights.

What Are the Emerging Segments in the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Market?
The artificial intelligence or machine learning (ai/ml) medical devicemarket 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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Industry?
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

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