Market Overview:
The global artificial intelligence-based medical device market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for AI-based medical devices for predictive maintenance/self diagnostics, virtual assistance, network operations & monitoring management, and others. Additionally, the growing awareness about the benefits of using AI-based medical devices is also contributing to the growth of this market. However, lack of standardization and interoperability among different types of AI-based medical devices may restrain the growth of this market during the forecast period.
Product Definition:
Artificial intelligence-based medical devices are machines that use artificial intelligence to help diagnose and treat diseases. These devices can be used to improve patient care, increase efficiency in the healthcare system, and reduce costs.
Machine learning:
Machine learning is a subset of artificial intelligence. It is the part of computer science that aims at enabling a machine to learn from experience without being explicitly programmed. In other words, it is the process by which data is used to train an algorithm or software program in order to classify objects or solve problems. The growing usage and acceptance among users for various applications such as image/video analytics, fraud detection, automated speech & text recognition are expected to drive market growth over the forecast period.
Deep learning:
Deep learning is a subset of artificial intelligence. It has been observed that deep learning algorithms are used in medical devices to diagnose and treat diseases. For instance, IBM’s Watson supercomputer can read medical books and it can also watch videos to learn about the treatment for various diseases.
Application Insights:
The others application segment includes therapeutic applications, virtual assistance, predictive maintenance/self-diagnostics and network operations & monitoring management. Virtual assistance is expected to be the fastest-growing segment over the forecast period owing to increasing demand for minimally invasive procedures and technological advancements in surgical tools.
Predictive maintenance/self-diagnostics is also expected to grow rapidly as it helps avoid potential failures before they occur by identifying problems early and taking preventive measures. The others segments include predictive management, prescriptive analytics, presurgical planning and robotic surgery systems among others.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to the presence of key players, increased funding for AI R&D, and growing adoption of advanced technologies across healthcare sector. Moreover, increasing demand for minimally invasive surgeries coupled with rising prevalence of chronic diseases such as cancer and cardiac disorders is expected to drive regional growth over the forecast period.
Asia Pacific region is anticipated to witness lucrative growth during the forecast period owing to increasing investments by governments in developing economies along with rising awareness about artificial intelligence-based medical devices among patients & physicians. Furthermore, improving internet infrastructure has led to an increase in usage rates of telehealth services which further drives demand for AI-based medical devices in this region. Increasing number of product launches coupled with favorable government policies aimed at promoting digitalization are also contributing towards regional growth rate over the projected period (2018 - 2030).
Growth Factors:
- Increasing demand for minimally invasive surgeries: AI-based medical devices help surgeons to perform surgeries with utmost precision and accuracy. This is because the devices can provide real-time feedback on the surgical procedure, which helps in reducing errors and improving patient outcomes.
- Growing prevalence of chronic diseases: The global prevalence of chronic diseases such as cancer, diabetes, and heart disease is increasing at an alarming rate. AI-based medical devices can play a crucial role in diagnosing these diseases at an early stage and helping to manage them effectively.
- Rising demand for personalized medicine: With the advent of big data and cloud computing, it has become possible to develop customized treatment plans for individual patients based on their specific needs and requirements. AI-based medical devices can help in this regard by providing detailed information about a patient’s health history and current condition.
Scope Of The Report
Report Attributes
Report Details
Report Title
Artificial Intelligence Based Medical Device Market Research Report
By Type
Machine learning, Deep learning, NLP, Computer Vision, Predictive Analytics, Others
By Application
Predictive Maintenance/Self Diagnostics, Virtual Assistance, Network Operations & Monitoring Management, Others
By Companies
Google, Apple, Microsoft, IBM, NVIDIA Corporation, Medtronic, GE Healthcare, PathAI, Aidoc, Philips Healthcare
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
236
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global Artificial Intelligence Based Medical Device Market Report Segments:
The global Artificial Intelligence Based Medical Device market is segmented on the basis of:
Types
Machine learning, Deep learning, NLP, Computer Vision, Predictive Analytics, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Predictive Maintenance/Self Diagnostics, Virtual Assistance, Network Operations & Monitoring Management, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Google
- Apple
- Microsoft
- IBM
- NVIDIA Corporation
- Medtronic
- GE Healthcare
- PathAI
- Aidoc
- Philips Healthcare
Highlights of The Artificial Intelligence Based Medical Device Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Machine learning
- Deep learning
- NLP
- Computer Vision
- Predictive Analytics
- Others
- By Application:
- Predictive Maintenance/Self Diagnostics
- Virtual Assistance
- Network Operations & Monitoring Management
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Artificial Intelligence Based Medical Device Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Artificial intelligence-based medical devices are computer programs that can diagnose and treat diseases. They use algorithms to analyze data from patient scans or other medical information, and then make recommendations about treatment.
Some of the key players operating in the artificial intelligence based medical device market are Google, Apple, Microsoft, IBM, NVIDIA Corporation, Medtronic, GE Healthcare, PathAI, Aidoc, Philips Healthcare.
The artificial intelligence based medical device market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Artificial Intelligence Based Medical Device Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Artificial Intelligence Based Medical Device Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Artificial Intelligence Based Medical Device Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Artificial Intelligence Based Medical Device Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Artificial Intelligence Based Medical Device Market Size & Forecast, 2018-2028
4.5.1 Artificial Intelligence Based Medical Device Market Size and Y-o-Y Growth
4.5.2 Artificial Intelligence Based Medical Device Market Absolute $ Opportunity
Chapter 5 Global Artificial Intelligence Based Medical Device Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Artificial Intelligence Based Medical Device Market Size Forecast by Type
5.2.1 Machine learning
5.2.2 Deep learning
5.2.3 NLP
5.2.4 Computer Vision
5.2.5 Predictive Analytics
5.2.6 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Artificial Intelligence Based Medical Device Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Artificial Intelligence Based Medical Device Market Size Forecast by Applications
6.2.1 Predictive Maintenance/Self Diagnostics
6.2.2 Virtual Assistance
6.2.3 Network Operations & Monitoring Management
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Artificial Intelligence Based Medical Device Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Artificial Intelligence Based Medical Device Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Artificial Intelligence Based Medical Device Analysis and Forecast
9.1 Introduction
9.2 North America Artificial Intelligence Based Medical Device Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Artificial Intelligence Based Medical Device Market Size Forecast by Type
9.6.1 Machine learning
9.6.2 Deep learning
9.6.3 NLP
9.6.4 Computer Vision
9.6.5 Predictive Analytics
9.6.6 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Artificial Intelligence Based Medical Device Market Size Forecast by Applications
9.10.1 Predictive Maintenance/Self Diagnostics
9.10.2 Virtual Assistance
9.10.3 Network Operations & Monitoring Management
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Artificial Intelligence Based Medical Device Analysis and Forecast
10.1 Introduction
10.2 Europe Artificial Intelligence Based Medical Device Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Artificial Intelligence Based Medical Device Market Size Forecast by Type
10.6.1 Machine learning
10.6.2 Deep learning
10.6.3 NLP
10.6.4 Computer Vision
10.6.5 Predictive Analytics
10.6.6 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Artificial Intelligence Based Medical Device Market Size Forecast by Applications
10.10.1 Predictive Maintenance/Self Diagnostics
10.10.2 Virtual Assistance
10.10.3 Network Operations & Monitoring Management
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Artificial Intelligence Based Medical Device Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Artificial Intelligence Based Medical Device Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Artificial Intelligence Based Medical Device Market Size Forecast by Type
11.6.1 Machine learning
11.6.2 Deep learning
11.6.3 NLP
11.6.4 Computer Vision
11.6.5 Predictive Analytics
11.6.6 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Artificial Intelligence Based Medical Device Market Size Forecast by Applications
11.10.1 Predictive Maintenance/Self Diagnostics
11.10.2 Virtual Assistance
11.10.3 Network Operations & Monitoring Management
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Artificial Intelligence Based Medical Device Analysis and Forecast
12.1 Introduction
12.2 Latin America Artificial Intelligence Based Medical Device Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Artificial Intelligence Based Medical Device Market Size Forecast by Type
12.6.1 Machine learning
12.6.2 Deep learning
12.6.3 NLP
12.6.4 Computer Vision
12.6.5 Predictive Analytics
12.6.6 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Artificial Intelligence Based Medical Device Market Size Forecast by Applications
12.10.1 Predictive Maintenance/Self Diagnostics
12.10.2 Virtual Assistance
12.10.3 Network Operations & Monitoring Management
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Artificial Intelligence Based Medical Device Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Artificial Intelligence Based Medical Device Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Artificial Intelligence Based Medical Device Market Size Forecast by Type
13.6.1 Machine learning
13.6.2 Deep learning
13.6.3 NLP
13.6.4 Computer Vision
13.6.5 Predictive Analytics
13.6.6 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Artificial Intelligence Based Medical Device Market Size Forecast by Applications
13.10.1 Predictive Maintenance/Self Diagnostics
13.10.2 Virtual Assistance
13.10.3 Network Operations & Monitoring Management
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Artificial Intelligence Based Medical Device Market: Competitive Dashboard
14.2 Global Artificial Intelligence Based Medical Device Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google
14.3.2 Apple
14.3.3 Microsoft
14.3.4 IBM
14.3.5 NVIDIA Corporation
14.3.6 Medtronic
14.3.7 GE Healthcare
14.3.8 PathAI
14.3.9 Aidoc
14.3.10 Philips Healthcare
