The increasing application of artificial intelligence in technologies used in pharmaceutical drug development to patient care is anticipated to drive the growth of AI in the medical devices market. Additionally, the rising number of collaborations of the leading AI providers and healthcare companies is projected to result in the rapid introduction of AI in medical devices and drug development.
However, it is also attributed that pharmaceutical organizations are speeding up the process of drug development from drug discovery to its commercialization by utilizing artificial intelligence. Also, it is aiding the development of personalized medicines.
Research Nester released a report titled “AI in Medical Devices Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global AI in Medical devices market in terms of market segmentation by offerings, technology, applications, end-users and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The AI in the medical devices market is attributed to grow with a moderate CAGR over the forecast period, i.e., 2021-2029, on account of the increasing adoption of big data analytics in healthcare. Additionally, big data technologies are broadly used in biomedical and healthcare information owing to a huge amount of biological and clinical data, that is generated and collected from different sources such as laboratories and medical research centers. In 2018, Owkin France, a predictive analytics company raised around $11 million in a Series A funding round for the development of artificial algorithms to speed up the drug development process. The company is also planning to utilize this fund for scaling up its platform.
The market is segmented offerings into hardware, software, and services. Among these segments, the software segment is anticipated to hold the largest share of AI in the Medical Devices market, on account of the growing adoption of software solutions for AI-driven healthcare informatics and healthcare operational support by hospitals and several other healthcare service providers than hardware solutions.
Recently, in 2019, ADC therapeutics and Sophia Genetics partnered for biomarker discovery in pivotal phase II clinical trials. This partnership is aimed to identify genomic markers associated with clinical response to ADCT-402, which will enable the company to propel its long-term business relations. On the other hand, hardware solutions are also gaining popularity across the world.
On the regional basis, the market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which the AI in Medical Devices market in North America is anticipated to hold the largest market over the forecast period. This can be attributed due to various government initiatives and funding in the region are focused on encouraging the market growth of artificial intelligence in medical devices. Moreover, high acceptance of HCIT solutions and growing focus on population health management will further fuel the regional growth.