The AI in Medical Devices market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The major factors which are attributed to drive the growth of the market are the rising volume of healthcare data and the growing complexities of datasets are driving the need for AI. Moreover, the growing adoption of precision medicine, increasing applicability of AI based tools in healthcare and rise in venture capital investments, which is anticipated to fuel the growth of the market globally. Recently, in 2020 during the COVID-19 outbreak, UC San Diego Health developed an algorithm based on artificial intelligence which was used for more than 2,000 lung X-ray images, helping radiologists in the detection of the early sign of pneumonia in COVID-19 patients.
The market is segmented on offerings into hardware, software, and services, out of which the software segment is anticipated to hold the largest share in the target market as compared to hardware and services. Moreover, the software solution segment is one of the key driving factors fuelling the growth of the market segment. Recently, Nuance Communications developed a software named Dragon Medical One, which helps healthcare companies as well as healthcare providers to transcribe a physician’s speech into an Electronic Health Record (EHR) through natural language processing. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of application, the Clinical trial segment in the global AI in the Medical Device market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed due to unsuccessful trials, which generally lead to delay and failure of drug launch in the market. This has resulted in the automation of clinical trial processes via pharmaceutical companies which are focused on integrating them with artificial intelligence.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America is anticipated to dominate the market over the forecast period on account of the rising adoption of healthcare IT solutions, availability of funding for developing AI capabilities, and well-established healthcare infrastructure. Whereas the market in the Asia Pacific is expected to emerge in the coming future, owing to the growing healthcare infrastructure, rising number of AI start-ups and the significant increase in adoption of advanced technologies are some of the factors contributing to the market growth across the region. Along with this, Europe also leads in terms of ongoing clinical trials, which is also expected to contribute to the market growth in the region. Recently, approximately 500 clinical trials were reported in National Health Services (NHS). It is also anticipated that the UK is one of the leading countries in research for heart diseases, immunology, and nervous system-related diseases.
The global AI in Medical Devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global AI in Medical devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing need for for improvised and healthcare services due to imbalance between health workforce and patients and influx of large and complex datasets are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Inability of medical practitioners to adopt AI-based technologies are estimated to hamper market growth.
The market in North America region will provide ample growth opportunities owing to rising adoption of healthcare IT solutions, availability of funding for developing AI capabilities and well-established healthcare infrastructure across the region.
The major players dominating the AI in Medical devices market are UC San Diego, IBM, EBSCO Information Services, Medtronic, GENERAL ELECTRIC, NVIDIA Corporation, Siemens Healthcare GmbH, Micron Technology, Amazon Web Services, Inc., Intel Corporation among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by offerings, technology, applications, end-users and region.
With respect to application, the clinical trials are anticipated to hold the largest market share owing to the automation of clinical trial processes via pharmaceutical companies which are focussed on integrating them with artificial intelligence.
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