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 and Forecast 2023 by major players, Industry, Region
Dublin, United States - January 7, 2020 /MarketersMedia/ —
- AI Based Medical Devices Improvement by Upcoming Need, Demand:
The AI-enabled medical devices ecosystem will be driven by the increasing investment in AI by medical devices companies and the potential of AI to provide early and effective diagnosis and treatment. Traditional medical devices were restricted to giving certain outputs on the basis of the inputs received. However, rising disease burden and a subsequent increase in healthcare costs are prompting the development of more specialized medical devices that incorporate advanced technologies such as IoT and AI, amongst others.
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- Artificial Intelligence Based Medical Device Revolution by Utilities 2018-2023:
In April 2018, the U.S. FDA approved the first fully autonomous AI device IDx-DR for the diagnosis of diabetic retinopathy. This is the first fully autonomous AI device approved that can eliminate the need for specialized physicians to interpret the results.
Burgeoning healthcare costs are another important factor that is driving the growth of the AI-enabled medical devices ecosystem. AI-based medical devices such as MRIs and CT scans can help reduce costs. Smarter MRIs will use data from the previously taken scans and compare it with the patients’ scans, which in turn, will help physicians/surgeons get better insights about patients’ tumors. This can help reduce the number of surgeries required and thereby, lower healthcare costs.
- AI Based Medical Device Worldwide Growth and highest Revenues (US$ 2.1 billion in 2018) Ratio:
In the AI-enabled medical devices ecosystem, the diagnosis and monitoring application is particularly expected to grow at a high CAGR. The rising burden of chronic diseases such as asthma and hypertension is one of the most important factors in driving the growth of the diagnosis and monitoring segment. Timely diagnosis and efficient and effective monitoring of these diseases help improve treatment outcomes. For instance, Medtronic launched an AI-based CGM, the Guardian Connect CGM device. This device, approved in 2018, uses predictive algorithm that alerts the patients of significant changes in blood glucose levels up to 2 hours prior to a hypoglycemic event, with an accuracy of around 90%. This will enable patients to have better control on their glycemic index and thus, will improve the overall quality of life.
- AI enabled medical devices ecosystem:
According to AllTheResearch, the global AI-enabled medical devices ecosystem was valued at US$ 2.1 billion in 2018 and is expected to grow at a CAGR of around 23.9% between 2018 and 2023. Rising investment in AI-enabled medical device companies is expected to drive the market. In April 2019, PathAI, a provider of AI-powered technology for pathology, raised US$ 60 million in a series B funding, which was further increased by an US$ 15 million investment from Bristol-Myers Squibb and Merck's Global Health Innovation Fund.
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