The global market for artificial intelligence (AI) in the medical devices industry is on track for a compound annual growth rate of 29.1% from US$336 million in 2023 to $1.2 billion in 2027, forecasts GlobalData, a UK-based data and analytics company.
Growth will be driven by the demand from healthcare systems to reduce time, costs and missed detections when diagnosing a growing number of patients with complex profiles, the company said.
“A common use of AI in medical has been in diagnostic settings, where the speed and accuracy of diagnosing difficult-to-identify image abnormalities by the human eye are flagged by AI algorithms,” said Brian Hicks, senior analyst of medical devices at GlobalData.
“The consequence of this is that more patient profiles can be reviewed while also minimising any potential misdiagnoses.”
The GlobalData report, “Artificial Intelligence [AI]…
