The market is expected to witness a CAGR of 24.35% during the forecast period 2022-2032.
FREMONT, Calif., April 14, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Artificial Intelligence/Machine Learning Medical Device Market - A Global and Regional Analysis.
According to this study, the global artificial intelligence/machine learning (AI/ML) medical device market was valued at $4.01 billion in 2022 and is projected to reach $35.45 billion by 2032, growing at a staggering CAGR of 24.35%.
The following factors are responsible for the increase in demand for artificial intelligence/machine learning medical devices:
- Presence of a large ecosystem of companies offering AI solutions targeting the diverse range of applications of AI in the healthcare
- Growing demand in the field of radiology and cardiology increasing adoption of AI-enabled solutions due to their ability to shorten waiting times and reduce the burden on the healthcare system
- Growing demand for wearable sensors to increase the adoption of AI-enabled medical devices for home-based care
- A large number of government initiatives advancing the research and development of AI-enabled medical devices
The detailed study is a compilation of 15 market data tables and 139 figures spread across 208 pages.
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Analyst's Take on the Market Projection
According to Swati Sood, Principal Analyst, BIS Research, "AI in healthcare is an emerging topic and has immense potential to reduce wait times and decrease the increasing burden on the global healthcare system. This market is expected to register significant growth during the forecast period 2022-2032."
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Radiology to be the Leading Clinical Area Segment for AI/ML Medical Device Market
AI-enabled medical devices are being developed for a wide range of clinical applications, such as radiology, cardiology, hematology, obstetrics, gastroenterology, and pathology. According to the study conducted by BIS Research, radiology held the largest share in the global artificial intelligence/machine learning medical device market, with 49.05% in 2022. The study further suggests that this trend is expected to continue, with radiology accounting for 55.36% by 2032, registering a CAGR of 25.86% during the forecast period 2022-2032.
The integration of AI in radiology can help assist radiologists in interpreting data and confirming the diagnosis. AI in radiology is being implemented for various tasks such as the detection of suspicious lesions, enhancing imaging quality, image contouring and segmentation, and reconstruction of images.
Major Industry Leaders in the AI/ML Device Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Aidoc Medical, Ltd., Canon Inc., CellaVision AB, Clarius Mobile Health Corp., General Electric Company, Hyperfine Inc., Koninklijke Philips N.V., Medtronic plc, Nanox.AI Ltd., Paige.AI, RadNet, Inc., Shanghai United Imaging Healthcare Co., Ltd., Siemens Healthineers AG, Tempus, Viz.ai, Inc., and more.
Recent Developments in the Global AI/ML Device Market
- In October 2022, Koninklijke Philips N.V. received the U.S. FDA 510(k) approval for its AI-enabled MRCAT head and neck radiotherapy application.
- In June 2022, Aidoc Medical, Ltd. raised a $110 million Series D round investment to address the challenges faced by health systems by using AI.
- In June 2022, Hyperfine Inc. received FDA 510(k) clearance for the MRI device Swoop. The Swoop system software uses deep learning to deliver clear images that aid in clinical diagnosis.
- In April 2022, Clarius Mobile Health Corp.'s range of ultra-portable scanners, Clarius HD, was approved by Health Canada.
- In March 2022, Clarius Mobile Health Corp. raised $20.0 million in funding to expand its commercial-scale activities.
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BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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