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The AI in medical devices market has witnessed remarkable growth in recent years, reflecting the transformative potential of artificial intelligence in healthcare. From 2023’s valuation of $15.42 billion, the market is set to soar to $22.3 billion in 2024, boasting a staggering compound annual growth rate (CAGR) of 44.6%. This surge is attributed to several key factors:

• Patient-centric care initiatives
• Clinical decision support systems
• Precision medicine initiatives
• Cost reduction and efficiency measures
• Development of regulatory frameworks

Anticipating Future Trajectories
Expectations for the AI in medical devices market remain optimistic, with forecasts projecting exponential growth in the coming years. By 2028, the market is anticipated to reach $97.07 billion, demonstrating a robust CAGR of 44.4%. Factors driving growth in the forecast period include:

• Adoption of value-based healthcare models
• Increasing demand for personalized medicine
• Expansion of remote healthcare services
• Emergence of wearable devices
• Focus on data privacy and security

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Emerging Trends in the Forecast Period
In addition to growth drivers, several notable trends are expected to shape the landscape of the AI in medical devices market in the foreseeable future. These trends include:

• Compliance with regulations
• Advancements in drug development and research
• Adoption of AI-guided surgical systems
• Integration of patient engagement solutions
• Enhanced treatment planning processes

Harnessing Wearable Technology for Healthcare
Surging Wearable Demand Propels Growth of AI in Medical Devices Market

The growing popularity of wearables is poised to fuel the expansion of the AI in medical devices market. Wearable devices, ranging from smartwatches to fitness trackers, offer a multitude of health monitoring functionalities. With AI integration, these devices can provide personalized insights and timely alerts for potential health concerns. Key statistics driving this trend include:

• In 2020, 30% of the US population used wearable technology for healthcare purposes.
• Approximately 92% of AI smartwatch users utilize them for fitness and health-related activities.
• The shipment of AI medical devices reached a staggering 533.6 million units in 2021.

Key Players at the Forefront

Major companies operating in the AI in medical devices market are driving innovation through technological advancements. For instance:

• Nvidia Corporation launched the Clara Holoscan MGX platform, enabling real-time AI applications for medical devices.
• GE HealthCare Technologies Inc. acquired Caption Health Inc., expanding AI applications in medical diagnostics beyond cardiology.

Segmentation and Regional Insights
Segmentation Overview

The AI in medical devices market is segmented based on various factors, including:

1. Offerings: Hardware, Software, Services
2. Technology: Context Awareness, Deep learning, Machine learning, Natural Language Processing, Predictive Analytics, Other Technologies
3. Deployment: Cloud, On-Premise
4. Application: Patient care, Treatment, Diagnosis And Monitoring, Other Applications
5. End-User: Hospitals And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Healthcare Payers, Other End Users

Regional Insights

• North America emerged as the largest region in the AI in medical devices market in 2023.

As the healthcare industry continues to embrace AI-driven innovations, the integration of artificial intelligence in medical devices holds immense promise for improving patient outcomes and enhancing healthcare delivery worldwide. With ongoing technological advancements and a focus on personalized healthcare solutions, the future of AI in medical devices appears exceptionally bright.

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The AI In Medical Devices Global Market Report 2024  provides an overview of the AI in medical devices market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The AI in medical devices market forecast analyzes AI in medical devices market size, AI in medical devices market share, leading competitor and their market positions.

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