Rapid Evolution of AI Based Medical Device Industry due to the Integration of Various Advanced Technologies

The Artificial Intelligence Based Medical Device Market Ecosystem is Expected to Grow at a CAGR of 25.7% by Forecast Year 2027. The medical devices market, which was valued at around US$ 430 billion in 2018, is witnessing rapid evolution due to the integration of various advanced technologies, AI being one of them. The adoption of AI enabled medical devices have long been heralded as the future of diagnosis and treatment.

It is estimated that around 1 in 3 adults is suffering from multiple chronic conditions (MCCs). The increasing burden of chronic diseases such as diabetes, asthma, hypertension, etc., is one of the major factors that is increasing healthcare costs worldwide. To bring about an improvement in the quality of life of chronically ill patients and lower healthcare costs are thus some important goals for the healthcare bodies across the globe. AI integrated medical devices help in the efficient and effective monitoring of these conditions. Diabetes is one such condition where the use of AI-based medical devices is increasing.

Global AI based Medical Devices Market Report 2021 comes with an extensive industry analysis of development components, patterns, flows, and sizes. The report also calculates present and past market values to forecast potential market management through the forecast period between 2021-2027. This research study of AI enabled Medical Devices involved the extensive usage of both primary and secondary data sources. This includes the study of various parameters affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies, and the technical progress in related industry.

The AI based Medical Devices Market report has been segregated based on distinct categories, such as product type, application, end-user, and region. Each segment is evaluated based on CAGR, share, and growth potential.

List of Top Key Players in AI based Medical Devices Market Report are:  

  • Google
  • Apple Inc.
  • Microsoft Corporation
  • IBM Corporation
  • NVIDIA Corporation

AI enabled Medical Devices Industry 2021 Market Research Report provides exclusive vital statistics, data, information, trends, and competitive landscape details in this niche sector. This report provides the status of the AI based Medical Devices Market forecast till 2027. Likely, the report also focuses on global major manufacturers of AI based Medical Devices Market share providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. Upstream raw materials and equipment and downstream demand analysis are also carried out.

AI based Medical Devices Market Segmentation by Product Type:

  • By Technology (Machine learning, Deep learning, NLP, Context Awareness, Predictive Analytics, Others)
  • By Deployment (Cloud, On- Premise)

AI based Medical Devices Market Segmentation by Application:

  • Treatment
  • Diagnosis & Monitoring

The report diversifies the global geographical expanse of the AI based Medical Devices Market into five prominent regions such as Europe, APAC, MEA, North and South America.

The report can assist with understanding the market and plan for business extension appropriately. In the procedure examination, it gives experiences from marketing channel and market situating to potential development techniques, giving inside and out an investigation to new contestants or exists rivals in the AI enabled Medical Devices business. For every maker covered, this report investigates their AI enabled Medical Devices fabricating locales, limit, creation, ex-industrial facility value, income, and market share in the worldwide market.

AI based Medical Devices Market landscape and the market scenario include:

  • Current market size estimate
  • Revenues by players
  • Market size by product categories
  • Market size by regions/country

This market study covers the global and regional markets with an in-depth analysis of the overall growth prospects in the AI enabled Medical Devices market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

Key Trends in AI based Medical Devices Market:

  1. There is an increase in the use of machine learning techniques in blood glucose monitoring devices, in order to deliver efficient diabetes care services through mobile devices. Machine learning is used to analyze the data fed on the cloud that enables patients to make informed decisions for managing their glucose levels.
  2. The increasing use of deep learning-based system for detecting diabetic retinopathy, in order to provide faster and accurate diagnosis of diabetes-related progressive eye disease. AI technology helps identify the patients that are likely to have diabetic retinopathy, which in turn, will require evaluation by eye care providers.

Computer vision and machine learning technologies are used to detect skin cancer by clicking photos through mobile devices. The algorithm recognizes specific features such as the color, shape, and size of lesions in order to identify higher risk of melanoma. Further, the photos of lesions are categorized by the algorithm based on risks.

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