Artificial Intelligence
Global Medical Devices Market to Reach 801.4 billion by 2031: Astute Analytica
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New Delhi, April 11, 2023 (GLOBE NEWSWIRE) — Global medical devices market is projected to reach USD 801.4 billion by 2031, up from USD 458.3 billion in 2022, growing at a CAGR of 6.3% over the forecast period 2023-2031.
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Hospitals and clinics are the largest consumers of medical devices as they require a wide range of equipment for patient care. Wherein, the most popular medical devices include diagnostic equipment such as MRI machines, CT scanners, ultrasound machines, and X-ray machines. Other essential devices include surgical instruments, infusion pumps, pacemakers, defibrillators, and implantable devices.
The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer has led to an increase in the demand for medical devices that are used for the management and treatment of these conditions. According to the World Health Organization (WHO), chronic diseases account for 71% of deaths worldwide, and this is expected to increase in the coming years due to aging populations and changing lifestyles. The aging population is also a significant factor contributing to the increase in demand for medical devices market. Technological advancements in medical device manufacturing and increasing healthcare expenditure are other factors driving the demand for medical devices.
The increasing focus on patient-centered care and the use of telemedicine and remote monitoring technologies are also significant trends in the medical devices industry. Additionally, there is a trend towards miniaturization of medical devices, making them smaller and more portable.
Top Trends Shaping the Global Medical Devices Market
The report highlights several key trends that are impacting the industry, including the following:
- The shift from traditional product development to value-based care models is resulting in increased pressure on device manufacturers to Demonstrate clinical and economic outcomes.
- Device connectivity is becoming increasingly important as the healthcare system seeks to improve patient care through real-time data tracking and interaction with other connected devices and systems.
- The globalization of medical device manufacturing is continuing as companies in the global medical devices market seek to tap into new markets and reduce costs.
- Regulatory pressures are increasing, particularly in Europe, as policymakers seek to ensure safety and efficacy of devices.
- The adoption of 3D printing technology is accelerating as manufacturing processes Becomes more streamlined and cost-effective.
North America to Hold Lion’s Share, the US to Remain the Largest Contributor to Regional Medical Device Market
Chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory diseases account for 71% of all deaths worldwide, as reported by the World Health Organization. This has contributed to the growth of the medical devices industry. The industry is also one of the largest exporters in the United States, with exports totaling $48.5 billion in 2022, as reported by the US Department of Commerce. In the United States, the medical devices market is highly regulated by the FDA, with over 83,000 medical device establishments as of 2021. Medical devices account for approximately 6% of the total national health expenditures in the US, which were estimated to be $3.8 trillion in 2021, according to the Centers for Medicare and Medicaid Services.
Approximately 6 in 10 adults in the United States have at least one chronic disease, and 4 in 10 adults have two or more chronic conditions, according to a report by the National Center for Health Statistics. Employment in the medical devices industry is projected to grow 5% from 2019 to 2029, adding approximately 17,000 new jobs, according to the US Bureau of Labor Statistics.
The European Union also regulates the medical devices industry, with the sector being the second-largest employer in the EU’s healthcare industry, employing over 500,000 people, according to the European Commission.
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Key Insights of the Global Medical Devices Market
- Key segments: Diagnostic and imaging devices, patient monitoring devices, surgical instruments, and therapeutic devices are the major segments of the medical devices market. The diagnostic and imaging devices segment accounted for over 19% of the total market share in 2020.
- Regulations: The medical devices industry is subject to strict regulations and compliance requirements. Regulatory bodies such as FDA and EMA have established guidelines and standards to ensure the safety and efficacy of medical devices.
- Emerging markets: Asia-Pacific and Latin America are emerging markets that are expanding in the medical devices industry. The growth is driven by increasing healthcare spending, rising disposable income, and growing awareness of healthcare services. Asia-Pacific was the fastest-growing region in the global medical devices market in 2022.
- COVID-19 impact: The COVID-19 pandemic has had a significant impact on the market. The demand for medical devices such as ventilators, personal protective equipment (PPE), and diagnostic tests has surged, while the demand for elective procedures has decreased. The pandemic has also accelerated the adoption of digital health technologies, such as telemedicine and remote monitoring devices.
- Personalized medicine: The development of personalized medicine is driving the demand for advanced medical devices such as genetic testing and molecular diagnostics. Personalized medicine involves tailoring treatments to individual patients based on their genetic makeup and other factors.
- Home healthcare: The trend towards home healthcare is increasing, driven by the aging population and the need for cost-effective care. This is leading to the development of medical devices that can be used in the home setting, such as glucose monitoring systems, blood pressure monitors, and nebulizers.
- Shift towards value-based care: The shift towards value-based care is driving the adoption of medical devices that can help healthcare providers achieve better patient outcomes while reducing costs. Remote monitoring devices, for example, can help reduce hospital readmissions and improve patient outcomes while lowering healthcare costs.
AI enabled Devices to Change the Face of Medical Devices Market
The report notes that new technologies such as 5G, artificial intelligence (AI), and digital twins will enable new medical devices and health solutions to be developed, which will in turn disrupt the traditional medical device industry. Astute Analytica predicts that by 2025, AI-enabled medical devices will be available that can provide diagnosis and treatment recommendations, and that digital twins will be used to manage health conditions. These new technologies will enable a more personalized and precise approach to healthcare, which will in turn reduce costs and improve outcomes.
Diagnostics Devices to Generate More than 19% Revenue of Global Medical Devices Market
Advancements in technology is driving the growth of the diagnostics devices market. For example, the increasing use of molecular diagnostics, including next-generation sequencing (NGS) and polymerase chain reaction (PCR) technologies, is providing more accurate and efficient diagnosis of diseases. The growing popularity of digital health technologies, such as telemedicine and remote patient monitoring, is also contributing to market growth.
According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading causes of death and disability in the United States, and account for approximately 90% of healthcare costs. In addition, the CDC has launched several initiatives aimed at improving the prevention and management of chronic diseases, which are likely to drive demand for diagnostics devices.
On the other hand, the diagnostics medical devices market is being driven by the growing use of point-of-care (POC) testing and molecular diagnostics, as well as the expanding applications for imaging diagnostics such as computed tomography (CT) and magnetic resonance imaging (MRI). Molecular diagnostics is expected to be the fastest-growing diagnostic technology through 2022, with a compound annual growth rate (CAGR) of 7.8%. On the other hand, POC testing is forecast to grow at a CAGR of 7% through 2022, driven by continued adoption in primary care and expansion into new application areas such as infectious disease testing, cardiology and oncology.
Medtronic, Johnson & Johnson, Abbott, GE Healthcare, BD, and Philips are top 6 Players
Global medical devices market is a highly competitive. Wherein, the top five players in the market are Medtronic, Johnson & Johnson, Abbott, GE Healthcare, BD and Philips. These companies accounted for more than 26% of the global market in 2022. This growth will be driven by rising demand for new and innovative products, as well as an aging population and increasing health expenditure globally.
Innovation will be key to success in the medical devices market, with companies competing on the basis of product features, technology, and price. There is a strong trend towards miniaturization and digitalization of medical devices, as well as towards personalized and precision medicine. The future of the medical devices industry looks bright, with strong growth prospects and plenty of opportunity for innovation. However, companies will need to stay ahead of the competition and continue to invest in research and development in order to succeed in this dynamic market.
Some of the Top Market Players Are:
- 3M Co.
- Abbott Laboratories
- Allergan Inc.
- Baxter International Inc.
- Bayer
- Becton, Dickinson and Co.
- Boston Scientific Corp.
- Cardinal Health Inc.
- Covidien plc
- Cryolife Inc.
- Danaher
- Depuy Synthes
- Endologix, Inc.
- Essilor International SA
- Fresenius Medical Care AG & Co. KGAA
- GE Healthcare
- Getinge Ab
- Johnson & Johnson
- Koninklijke Philips NV
- Medtronic Inc.
- Novartis AG
- Olympus Corp.
- Roche Diagnostics
- Siemens Healthcare
- Smith & Nephew PLC
- Smiths Medical
- St. Jude Medical Inc.
- Stryker Corp.
- Terumo Corp.
- Thermo Fisher Scientific
- Zimmer Holdings Inc.
- Other Prominent Players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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Artificial Intelligence
How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.
Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence
Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.
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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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Artificial Intelligence
CluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review
CluePoints furthers its commitment to delivering innovative solutions that enhance clinical trial efficiency with this latest addition to its enterprise software platform.
KING OF PRUSSIA, Pa., Sept. 27, 2024 /PRNewswire/ — CluePoints continues to transform clinical trial review and leverage its industry-leading software to enhance the interrogation, analysis and presentation of data with the launch of its latest application, Medical & Safety Review (MSR).
The tool simplifies and streamlines the medical analysis of study data through user-friendly dashboards, data manipulation and cleaning, query management and full transparency over the data history. This not only improves efficiency and communication in medical oversight, but also elevates patient safety, differentiating MSR as a smarter and unique solution.
Designed by, and for Medical and Safety Reviewers, MSR converts the manual analysis of patient outcomes, which can be prone to inefficiency and error, into an accurate, efficient process. MSR tackles time-consuming study preparation for specific visualizations by featuring a comprehensive standard visualization library as well as the ability to copy and reuse dashboards across different studies, enabling the identification of outlying values, change tracking, and improved communication for smarter clinical trials.
Other benefits of MSR include:
Enhanced medical review efficiency and reduced human errors via automated checksReduced time spent by clinical and data management teams in reviewing dataImproved collaboration with integrated review workflows across departmentsEnsured record quality and accountability with comprehensive change trackingDriving faster decision making with the proactive detection of trends and safety issuesEnsuring regulatory compliance with rule-based detection and user assignmentsAndy Cooper, Chief Executive Officer at CluePoints, commented, “We are thrilled to announce the launch of Medical & Safety Review to our growing product offerings. MSR is the latest application addition to the CluePoints platform, which includes products such as Risk-Based Quality Management (RBQM) and our Site Profile & Oversight Tool (SPOT). Together, they provide a comprehensive approach to clinical trial optimization, enhancing data integrity, ensuring regulatory compliance, and accelerating drug development. The creation of MSR ensures a more streamlined review process while prioritizing patient safety at every step and empowers medical teams to swiftly identify outliers, track data changes, and improve communication.”
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of Artificial Intelligence using Advanced Statistics and Machine Learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
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