AI in Medical Devices Market Analysis | Recent Market Developments

Market Segmentation

Our in-depth analysis of the global AI in Medical devices market includes the following segments:

By Offerings

Hardware
- Network
- Memory
- Processor
  - MPU
  - GPU
  - FPGA
  - ASIC
Software
- AI Solutions
  - On-premises
  - Cloud
- AI Platform
  - Machine Learning Framework
  - Application Program Interface
Services
- Deployment & integration
- Support & maintenance

By Technology

Machine learning
- Deep Learning
- Unsupervised Learning
- Supervised Learning
- Reinforcement Learning
- Others
Natural Language Processing
Computer Vision
Context-Aware Computing

By Application

Clinical Trials
Patient Data & Risk Analysis
Cybersecurity
Impatient Care & Hospital Management
Mental Health
Wearables
Virtual Nursing Assistants
Emergency Room & Surgery
Drug Discovery
Healthcare Assistance Robots
Medical Imaging & Diagnostics
Others

By End-users

Hospitals & Healthcare Providers
Patients
Pharmaceuticals & Biotechnology Companies
Healthcare payers
Others

Growth Drivers

Growing number of cross-industry partnerships and collaborations
Rising large and complex datasets.

Challenges

Lack of interoperability between AI solutions offered by different players.

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AI in Medical Devices Market Regional Synopsis

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.

AI-in-Medical-Devices-Market

The global AI in Medical Devices market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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Top Featured Companies Dominating the Market

UC San Diego
Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
IBM
EBSCO Information Services
GENERAL ELECTRIC COMPANY
Medtronic.
NVIDIA Corporation
Siemens Healthcare GmbH
Micron Technology
Amazon Web Services, Inc
Intel Corporation

In The News

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

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.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the AI in medical devices market?

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.

2) What would be the CAGR of AI in medical devices market over the forecast period?

Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the AI in medical devices market growth?

Ans: Inability of medical practitioners to adopt AI-based technologies are estimated to hamper market growth.

4) Which region will provide more business opportunities for growth of AI in medical devices market in future?

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.

5) Who are the major players dominating the AI in medical devices market?

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.

6) How are the company profiles selected?

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.

7) What are the segments in the AI in Medical devices market?

Ans: The market is segmented by offerings, technology, applications, end-users and region.

8) Which segment under the application segment captures the largest market size in the AI in Medical devices market?

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.