AI in Medical Devices Market size is set to register remarkable growth rate during the forecast period i.e., between 2024-2036.
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 AI in medical devices 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024-2036 |
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RegionAI in Medical Devices Industry - Regional Synopsisal Scope |
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The AI in medical devices 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.
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Application |
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Geographically, the AI in medical devices market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America industry is likely to account for largest revenue share by 2036, on account of 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 AI in medical devices 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.
Author Credits: Radhika Pawar
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