AI has emerged as a transformative force across various sectors, and healthcare is no exception. Within the realm of medical devices, AI is driving significant advancements, improving diagnostic accuracy, personalising treatments and enhancing patient outcomes. AI is continually revolutionising healthcare and can contribute to cost reduction and efficiency improvement in several ways. AI is expected to have a significant impact on the medical devices industry and is forecast to experience rapid growth in the coming years.
The market for AI in medical devices is forecast to reach a value of $1.2 billion by 2027, and is expected to drive innovation and bring out positive changes in the industry.
Go deeper with GlobalData
The use of AI can improve medical device manufacturing efficiency and reduce the risk of errors through machine learning (ML). It can also improve operational costs through tracking wait times and reducing inpatient length of stay in hospitals, while also assisting healthcare professionals in diagnosing and detecting abnormalities in medical imaging. Though AI is a relatively new concept in the medical devices field, these features are quite well-known already. However, AI is constantly evolving and making waves in other parts of healthcare.
The beginnings of a transformation
The University of Cambridge in the UK recently developed an AI model to predict the progression of Alzheimer’s disease. The ML model can accurately predict four out of five cases of Alzheimer’s using cognitive tests and magnetic resonance imaging (MRI) scans. A model like this can significantly improve patient well-being and can help healthcare professionals understand which patients need the closest and fastest care.
US-based brain-computer interface company, Synchron, has recently announced the integration of generative AI into its brain implant interface system, allowing people who are living with disabilities that cause them to be non-verbal to generate text on a screen faster and more easily than before.
See Also:
Now more than ever, we are seeing a rise in how often AI is used in healthcare and the different types of applications. The future of AI in medical devices is promising, and continued research and development will only yield more sophisticated AI-driven tools. The potential to transform medical devices and healthcare as a whole is immense, and we are seeing the beginning of this transformation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Related Company Profiles
Synchrony Financial