PUBLISHER: The Business Research Company | PRODUCT CODE: 1666349
PUBLISHER: The Business Research Company | PRODUCT CODE: 1666349
The utilization of advanced algorithms, machine learning techniques, and other artificial intelligence (AI) technologies in medical devices aims to enhance their performance and capabilities. This integration of AI in medical devices contributes to improved diagnostic accuracy, assistance in surgical procedures, prediction of patient outcomes, and the personalization of treatment plans.
AI in medical devices can be deployed through two main methods, cloud and on-premise. Cloud deployment involves utilizing a remote server network for data storage, processing, and management over the Internet, as opposed to relying on a local server or personal computer. This approach encompasses various technologies such as context awareness, deep learning, machine learning, natural language processing, predictive analytics, among others. These technologies find applications in diverse areas such as patient care, treatment, diagnosis, monitoring, and more. The primary end-users of AI in medical devices include hospitals and healthcare providers, patients, pharmaceutical and biotechnology companies, as well as healthcare payers.
The AI in medical devices market research report is one of a series of new reports from The Business Research Company that provides AI in medical devices market statistics, including AI in medical devices industry global market size, regional shares, competitors with AI in medical devices market share, detailed AI in medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the AI in medical devices industry. This AI in medical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The AI in medical devices market size has grown exponentially in recent years. It will grow from$10.08 billion in 2024 to $12.46 billion in 2025 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to early machine learning algorithms, a rise in big data analytics, increased demand for precision medicine, regulatory support and approvals, and early adoption in radiology
The AI in medical devices market size is expected to see exponential growth in the next few years. It will grow to $35.5 billion in 2029 at a compound annual growth rate (CAGR) of 29.9%. The growth in the forecast period can be attributed to a patient-centric approach, increasing healthcare expenditure, regulatory support and standards, enhanced clinical decision support, and AI in disease prediction and prevention. Major trends in the forecast period include augmented radiology and imaging, AI-powered pathology, genomics and AI integration, predictive analytics in healthcare, and natural language processing (NLP).
The rising demand for personalized medicine is anticipated to drive the growth of AI in the medical devices market in the future. Personalized medicine is a tailored healthcare approach that considers individual patient characteristics, such as genetics, environment, and lifestyle, to improve treatment effectiveness and outcomes. Several factors contribute to the increasing demand for personalized medicine, including advancements in genomics, greater patient empowerment, and enhanced treatment efficacy. AI processes vast amounts of patient data, encompassing genetic information, medical histories, and lifestyle factors, to develop a comprehensive understanding of individual profiles, which in turn supports the creation of customized treatment plans. For example, the Personalized Medicine Coalition, a non-profit organization based in the U.S., reported in February 2024 that the FDA approved 16 new personalized therapies for patients with rare diseases in 2023, up from six in 2022. Thus, the growing demand for personalized medicine is a key driver of growth for AI in the medical devices market.
The rise in healthcare expenditure is expected to boost the growth of AI in the medical device market in the coming years. Healthcare expenditure encompasses all resources, both financial and non-financial, allocated to the delivery of health services and related activities. This spending is crucial for the adoption and utilization of AI medical devices, as it allows healthcare providers to invest in advanced technologies that enhance patient care and outcomes. For instance, the Canadian Institute for Health Information, a non-profit organization based in Canada, reported in November 2023 that total health expenditure is anticipated to reach $344 billion in 2023, representing a modest increase of 2.8% from the previous year. Consequently, the rise in healthcare expenditure is a significant factor driving the growth of AI in the medical device market.
The AI in medical devices market is experiencing a significant trend driven by technological advancements, with major companies actively adopting new technologies to maintain their market positions. In March 2022, Nvidia Corporation, a US-based computer hardware manufacturing company, introduced the Clara Holoscan MGX, a platform specifically designed for the medical device industry to develop and deploy real-time AI applications at the edge. This innovative platform facilitates the creation of medical devices with advanced AI capabilities, including image and signal processing, natural language processing, and predictive analytics. Furthermore, it incorporates advanced security features and compliance with healthcare industry regulations to ensure the safety and privacy of patient data, allowing real-time processing of medical data and providing valuable insights for clinical decision-making.
Strategic collaborations are a key focus for major companies in the AI in medical devices market, aiming to accelerate the development of AI in the healthcare system and gain a competitive advantage. These collaborations are geared towards leveraging AI to enhance drug discovery, design, and development, as well as improving medical device manufacturing efficiency and risk reduction through machine learning. In March 2023, Medtronic, an Ireland-based medical device company, partnered with NVIDIA Corporation, a US-based software company, to build an AI platform for medical devices. This collaboration involves integrating NVIDIA healthcare and edge AI technology into the Medtronic GI Genius intelligent endoscopy module, the first FDA-approved AI-assisted colonoscopy tool. The strategic partnership aims to expedite the incorporation of AI into the healthcare system and introduce new AI-based solutions for patient care.
In February 2023, GE HealthCare Technologies Inc., a US-based healthcare technology and diagnostics company, completed the acquisition of Caption Health Inc. for $3 billion. This acquisition was driven by the goal of expanding the use cases of Caption AI, developed by Caption Health Inc., beyond cardiology to various medical specialties such as primary care, emergency medicine, and obstetrics. Caption Health Inc. is recognized for its expertise in producing AI medical products, and this acquisition positions GE HealthCare Technologies Inc. to bring AI innovations to a broader range of clinicians and medical specialties.
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., Butterfly 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.
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
The countries covered in the ai in medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The AI in medical devices market consists of revenues earned by entities by providing AI in medical devices such as diagnosis and treatment planning, remote monitoring, and robotic surgery. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in medical devices market also includes sales of diagnostic imaging systems, wearable devices, electronic health records (EHRs), robotic surgical systems, and AI monitoring devices, which are used in providing AI in medical devices services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
AI In Medical Devices Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ai in medical devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ai in medical devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ai in medical devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.