Artificial Intelligence/Machine Learning Medical Device Market was valued at $4,011.7 million in 2022 and is anticipated to reach $35,458.2 million by 2032, witnessing a CAGR of 24.35% during the forecast period 2022-2032. The market is driven by factors such as the presence of a large ecosystem of companies offering AI solutions, growing demand in the field of radiology and cardiology, growing demand for wearable sensors, and a large number of government initiatives.

Market Lifecycle Stage

The global artificial intelligence/machine learning medical device market is highly fragmented, and the number of FDA and CE marked approvals of AI-enabled medical devices is increasing each year. This market still holds significant potential for growth as technological developments and investments into AI in healthcare are ongoing globally.

The opportunity for growth of the global artificial intelligence/machine learning medical device market lies in innovations in technology and the further development of AI-based medical devices enabling diagnostic accuracy and productivity.

Market Segmentation:

Segmentation 1: by Product Type

Segmentation 2: by Clinical Area

Segmentation 3: Radiology (by Type)

Segmentation 4: Cardiology (by Type)

Segmentation 5: by Region

The following are the drivers for the global artificial intelligence/machine learning medical device market:

• Presence of a Large Ecosystem of Companies Offering AI Solutions Targeting the Diverse Range of Applications of AI in Healthcare.

• Growing Demand in the Field of Radiology and Cardiology Increasing Adoption of AI-Enabled Solutions due to Their Ability to Shorten Waiting Times and Reduce Burden on Healthcare Systems.

• Growing Demand for Wearable Sensors to Increase Adoption of AI-Enabled Medical Devices for Home-Based Care.

• Large Number of Government Initiatives Advancing the Research and Development of AI-Enabled Medical Devices.

Key Companies Profiled

•    Aidoc Medical, Ltd.
•    Canon Inc.
•    CellaVision AB
•    Clarius Mobile Health Corp.
•    General Electric Company
•    Hyperfine Inc.
•    Koninklijke Philips N.V.
•    Medtronic plc
•    Nanox.AI Ltd.
•    Paige.AI
•    RadNet, Inc.
•    Shanghai United Imaging Healthcare Co., Ltd.
•    Siemens Healthineers AG
•    Tempus
•    Viz.ai, Inc.

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Key Questions Answered in the Report

• What are the major market drivers, challenges, and opportunities in the global artificial intelligence/machine learning medical device market?

• What are the emerging trends within the global artificial intelligence/machine learning medical device market?

• What is the growth potential of the global artificial intelligence/machine learning medical device market in North America, Europe, Asia-Pacific, and Rest-of-theWorld?

• What is the patent filing trend in the global artificial intelligence/machine learning medical device market?

• What is the market segmentation based on the clinical area? Which clinical areas hold the largest share of the market in 2022?

• What is the market segmentation based on the product type? Which product type holds the largest share of the market in 2022?

• What is the funding scenario in the global artificial intelligence/machine learning medical device market?

• How has the COVID-19 pandemic impacted the global artificial intelligence/machine learning medical device market?

• What are the gaps in the market, and how can market players leverage that opportunity?

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