Artificial intelligence (AI) can vastly improve the development of medical devices and issues facing the sector. It can reduce product development delays, accelerate clinical trials, and address supply chain disruptions. AI medical device companies are, therefore, becoming increasingly important players within the medical device ecosystem.
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Discover the leading artificial intelligence companies in the medical devices industry
Using its experience in the sector, Medical Device Network has listed some of the leading companies providing products and services related to AI.
The information provided in the download document is drafted for medical device executives and technology leaders involved in AI medical device solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Amongst the leading suppliers of AI for medical devices are CorticoMetrics, Enlitic, NVIDIA, Amazon, 3M, Atomwise, BenevolentAI, Cyclica, Exscientia, and Recursion.
Advantages of using AI in the medical devices industry
Artificial intelligence has multiple applications in medical devices, including but not limited to:
Improving manufacturing efficiency
AI can help in improving the efficiency of the medical device manufacturing process while reducing risk. For example, machine learning (ML) can be used to analyse vast amounts of data and identify errors thereby enhancing engineers’ jobs in the manufacturing process.
Predictive maintenance
Manufacturers can use AI for predictive maintenance and scrap production. An AI-based predictive algorithm can be used to collect data on a defective medical device and analyse the probability of whether that device should be serviced or scrapped. If the algorithm indicates that the device will be discarded, it will subsequently not be sent to the engineering department thereby reducing engineers’ workload.
Supply chain management
Supply chain disruptions have increased in the recent past mainly due to the impact of the Covid-19 pandemic. AI and digital twins can be used for supply chain management by creating virtual and dynamic replicas of the complete supply chain network. Digital twins can recreate the entire supply chain network, including factories, warehouses, and inventory positions.
An AI-powered digital twin can help in making better and faster decisions regarding inventory, delivery timelines and transportation costs.
AI-based health monitoring
By using AI medical device companies are enabling patients to manage their health symptoms. Medtronic, for example, introduced an AI-based personal assistant app that tracks real-time biometric data of a patient, including sleep, exercise and medication, to enable them to manage their symptoms independently.
Future of AI Medical Device Companies in the Medical Devices Industry
GlobalData forecasts suggest that the market for AI platforms for the entire healthcare industry will reach $4.3bn by 2024, up from $1.5bn in 2019. Medical device companies will be spending $0.5bn by 2024, up from $0.2bn in 2019, representing a CAGR of 20.6%.
For full details (including contact details) on the leading companies within this space, download the free Buyer’s Guide below:
Frequently asked questions
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What are AI-powered medical devices used for?
AI-powered medical devices are employed in various healthcare applications, including diagnostics, surgery, patient monitoring, and personalised treatment. These devices leverage machine learning and data analytics to make informed decisions, improving accuracy and efficiency in patient care. They can detect patterns that may be missed by human observation and assist healthcare professionals in making better diagnostic and treatment choices.
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How does AI enhance medical device manufacturing?
AI enhances manufacturing by improving production efficiency and reducing errors. Machine learning algorithms can optimise manufacturing processes, predict potential failures, and conduct predictive maintenance. This results in cost savings and improved quality control.
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What is predictive maintenance in medical devices?
Predictive maintenance uses AI to monitor medical devices in real time, detecting early signs of wear or malfunction. By predicting when maintenance is needed, manufacturers can reduce device downtime and prevent costly repairs, improving device longevity and patient safety.
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How does AI improve patient monitoring?
AI-driven patient monitoring systems continuously collect and analyse health data, such as vital signs, and detect abnormal patterns that could indicate health issues. These systems can provide early warnings to healthcare providers, enabling timely interventions and personalised treatment plans.
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What are the benefits of AI in supply chain management for medical devices?
AI helps streamline the medical device supply chain by using digital twins to create virtual replicas of the supply network. This allows for better inventory management, accurate demand forecasting, and reduced disruptions, ultimately improving product availability and reducing costs.