Our in-depth analysis of the global AI in Medical devices market includes the following segments:
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: 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.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Inability of medical practitioners to adopt AI-based technologies are estimated to hamper market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by offerings, technology, applications, end-users and region.
Ans: 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.