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Dublin, April 27, 2023 (GLOBE NEWSWIRE) — The “Artificial Intelligence/Machine Learning Medical Device Market – A Global and Regional Analysis: Focus on Product Type, Clinical Area, and Country Analysis – Analysis and Forecast, 2022-2032” report has been added to ResearchAndMarkets.com’s offering.
The global 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 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.
Impact of COVID-19
Immediately after the outbreak of COVID-19, the focus of the healthcare systems switched to managing the pandemic and related crises.
This led to hospital budgets shrinking and thus resulted in the grim growth of AI. However, AI is being deployed in radiology departments across the globe to help fight COVID-19, and AI-based tools played an important role in fighting the COVID-19 pandemic. The adoption of AI in clinical settings increased during the pandemic owing to the numerous advantages of AI in tackling COVID-19.
Following the COVID-19 pandemic, the market is projected to exhibit rapid growth, primarily due to the increased adoption of AI-based solutions resulting from the pandemic.
The market growth will also be driven by the surge in research activities surrounding AI-enabled solutions, advancements in deep learning and machine learning algorithms, introduction of new products to the market, emergence of local businesses, and growing adoption of AI-based solutions for various therapeutic applications.
Recent Developments in Global Artificial Intelligence/Machine Learning Medical Device Market
- In October 2022, Koninklijke Philips N.V. received the U.S. FDA 510(k) approval for its AI-enabled MRCAT head and neck radiotherapy application.
- In June 2022, Aidoc Medical, Ltd. raised a $110 million Series D round investment to address the challenges faced by health systems by using AI.
- In June 2022, Hyperfine Inc. received FDA 510(k) clearance for the MRI device Swoop. The Swoop system software uses deep learning to deliver clear images that aid in clinical diagnosis.
- In April 2022, Clarius Mobile Health Corp.’s range of ultra-portable scanners, Clarius HD, was approved by Health Canada.
- In March 2022, Clarius Mobile Health Corp. raised $20.0 million in funding to expand its commercial-scale activities.
Demand – Drivers and Limitations
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 the 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 System
- 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
The market is expected to face some limitations as well due to the following challenges:
- Lack of Transparency and Concerns around Data Sharing Leading to Cybersecurity Concerns and Hindering Adoption of AI in Healthcare
- Challenges Related to Identification and Minimization of Bias in AI Algorithms Leading to Concerns Surrounding the Reliability of Diagnosis and Thus Hindering the Use of AI-Enabled Solutions
Key Market Players and Competition Synopsis
The global artificial intelligence/machine learning medical device market is highly fragmented, with over 250 players, including established companies and startups.
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.
- RadNet, Inc.
- Shanghai United Imaging Healthcare Co., Ltd.
- Siemens Healthineers AG
- Viz.ai, Inc.
|No. of Pages
|2022 – 2032
|Estimated Market Value (USD) in 2022
|Forecasted Market Value (USD) by 2032
|Compound Annual Growth Rate
Key Topics Covered:
1.1 Global Market Outlook
1.1.1 Product Definition
1.1.2 Inclusion and Exclusion Criteria
1.1.3 Key Findings
1.1.4 Market Scenario
18.104.22.168 Realistic Growth Scenario
22.214.171.124 Optimistic Growth Scenario
126.96.36.199 Pessimistic/Conservative Growth Scenario
1.2 Industry Outlook
1.2.1 Market Overview
1.2.2 Key Trends
188.8.131.52 Updations of Government Regulations to Accommodate the Development and Regulation of AI-enabled SaMD
184.108.40.206 Most AI-Enabled Medical Devices Aid in Clinical Decision-Making but do not Provide the Final Diagnosis Themselves
220.127.116.11 Very Few AI-Enabled Medical Devices Have to Undergo the Rigorous PMA Process: Rest Get 510(k) Clearance
1.2.3 Opportunity Assessment
1.2.4 Business Models
1.2.5 Recommendations for Key Players
1.2.6 Patent Analysis
1.2.7 Funding Scenario
1.2.8 Product Benchmarking
1.2.9 End User Perception
1.3 Impact of COVID-19 on the Global Artificial Intelligence/Machine Learning Medical Device
1.4 Business Dynamics
1.4.1 Impact Analysis
1.4.2 Business Drivers
18.104.22.168 Presence of a Large Ecosystem of Companies Offering AI Solutions Targeting the Diverse Range of Applications of AI in the Healthcare
22.214.171.124 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 System
126.96.36.199 Growing Demand for Wearable Sensors to Increase Adoption of AI-Enabled Medical Devices for Home-Based Care
188.8.131.52 Large Number of Government Initiatives Advancing the Research and Development of AI-Enabled Medical Devices
1.4.3 Business Restraints
184.108.40.206 Lack of Transparency and Concerns around Data Sharing Leading to Cybersecurity Concerns and Hindering Adoption of AI in Healthcare
220.127.116.11 Challenges Related to Identification and Minimization of Bias in AI Algorithms Leading to Concerns Surrounding the Reliability of Diagnosis and Thus Hindering the Use of AI-Enabled Solutions
1.4.4 Business Opportunities
18.104.22.168 Applications across a Wide Range of Clinical Areas Present Opportunities for Further Research and Development
22.214.171.124 Potential of AI to Shorten Wait Times and Reduce Disease Burden on the Healthcare System, Especially in Low- and Middle-Income Countries (LMICs)
126.96.36.199 Increasing Number of Medical Imaging Equipment Coupled with Relatively Lower Adoption of AI-enabled Medical Devices Presents Opportunity for Growth in Regions such as Asia-Pacific
2 Global Artificial Intelligence/Machine Learning Medical Device Market (by Product Type)
2.1 Opportunity Assessment
2.2 Growth-Share Matrix
2.4 Software-as-a-Medical Device
3 Global Artificial Intelligence/Machine Learning Medical Device Market (by Clinical Area)
3.1 Opportunity Assessment
3.2 Growth-Share Matrix
3.3.1 Market Dynamics
3.3.2 Some Players in Radiology
3.3.3 Market Sizing and Forecast
188.8.131.52 By Type
184.108.40.206.1 Diagnostic Assistance
220.127.116.11.3 Image Reconstruction
3.4.1 Market Dynamics
3.4.2 Some Players in Cardiology
3.4.3 Market Sizing and Forecast
18.104.22.168 By Type
22.214.171.124.1 Electrocardiography-Based Arrhythmia Detection
126.96.36.199.2 Hemodynamics and Vital Signs Monitoring
3.5.1 Market Dynamics
3.5.2 Some Players in Hematology
3.5.3 Market Sizing and Forecast
3.6.1 Market Dynamics
3.6.2 Some Players in Other Application Areas
3.6.3 Market Sizing and Forecast
4 Global Artificial Intelligence/Machine Learning Medical Device Market (by Region)
5 Markets – Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Key Strategies and Developments
188.8.131.52.1 Regulatory and Legal Activities
184.108.40.206.2 Funding Activities
220.127.116.11.3 New Offerings
18.104.22.168.4 Mergers and Acquisitions
22.214.171.124.5 Partnerships, Collaborations, and Business Expansions
5.2 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/gfkd5m
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A Fond Farewell: Memories to Treasure from MWC 2024
HONG KONG, March 4, 2024 /PRNewswire/ — As IPLOOK reflects on its successful participation in MWC 2024, the company is left with countless memories, insights and opportunities that will continue to inspire its team long after the event has ended.
IPLOOK’s Impressive Showing
IPLOOK’s booth was a hub of activity throughout the 4-day event, drawing in crowds of attendees eager to learn more about IPLOOK’s innovative core network solutions. Some of the key achievements and gains for IPLOOK at MWC 2024 included:
Strong partnerships forged: IPLOOK nailed several new partnerships with leading telecom companies, expanding its reach and impact in the industry.Positive industry coverage: IPLOOK’s presence at MWC 24 attracted the attention of industry research outlets, resulting in conversations highlighting IPLOOK’s leading position in core network market, ability of innovation and integration capability of space, air and ground communications.Brand awareness increased: The event provided an excellent opportunity for IPLOOK to raise its profile and establish itself as a leader in the core network market. Its booth attracted a number of visitors who were already aware of its role as a core network expert, eager to explore the advancements presented by IPLOOK.Valuable feedback received: IPLOOK took the opportunity to gather feedback from attendees on its products and services, which will be invaluable in driving IPLOOK’s future product development and improvements.Innovations that Stole the Show
This year’s MWC, as per its theme “Future First”, was a testament to the power of technology to transform our future life. Attendees were treated to demonstrations of the latest innovation in AIGC, AI-RAN, Open Gateway, and 6G, showcasing how these technologies can revolutionize industries and improve people’s lives.
What’s Next for IPLOOK?
As IPLOOK sets its sights on the horizon, the company is energized by the prospect of deepening connections within the telecom ecosystem and discovering the groundbreaking advancements that lie ahead at MWC’s next chapter. With a steadfast dedication to product innovation, IPLOOK will also journey to key industry events like MVNOs World Congress and AfricaCom, forging new paths into uncharted markets and showcasing its unwavering commitment to the evolution of the telecom landscape.
Contact: [email protected] IPLOOK on LinkedIn @IPLOOK Networks
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Mobica Appoints Gary Butters as CEO, Building on Success and Fuelling Continued Growth
LONDON, March 4, 2024 /PRNewswire/ — Mobica, the global software and engineering provider, has announced Gary Butters as their Chief Executive Officer (CEO).
Gary joined Mobica as Chief Revenue Officer (CRO) in November 2020 and as part of outgoing CEO Sam Kingston’s leadership team, delivered significant success, leading to Mobica’s acquisition by Cognizant in March 2023.
This acquisition will significantly expand Cognizant’s IoT embedded software engineering capabilities as part of their overall strategy to help companies modernise technology, reimagine processes and transform experiences so they stay ahead in a fast-changing world.
Gary takes over the role with the remit to complete the integration of Mobica into Cognizant while continuing to deliver double-digit growth.
Mobica, which is headquartered in Manchester UK, with operations in Europe and the US, provides world-class software engineering and development expertise to many of the most recognised global brands. Founded in 2004, it serves a number of sectors, with particular expertise in the automotive, manufacturing, industrial and semiconductor industries.
In his role as CEO, Gary will continue Mobica’s vision of delivering exceptional value and innovation to it’s clients and customers, while spearheading its growth plan as demand for engineering and software expertise continues to rise.
Commenting on his appointment, Gary says:”Over the past few years, Mobica has seen demand for our world-class engineering increase significantly, particularly with the acceleration in AI and machine learning. This has seen some of the once ‘traditional’ industries such as automotive and manufacturing undergo a radical transformation.
“As a result, companies are increasingly seeking skilled professionals – particularly in areas such as software development, AI, IoT, and data analytics – in order to stay competitive and meet evolving customer expectations. However, they are vying for a limited pool of technology talent, so access to Mobica engineering services has been vital to enable our customers to remain agile in a rapidly evolving landscape.
“Our ongoing growth is a testament to our team of dedicated ‘Mobicans’ and our unwavering dedication to delivering cutting-edge software engineering solutions. We have consistently provided clients with access to top-tier engineering talent, enabling them to drive digital transformation and achieve their business objectives. I am looking forward to working with our talented team as we continue our ambitious growth plans.”
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Core to Cloud Partners with Cybersecurity Innovator SenseOn to Enable Comprehensive NDR and SIEM Security
New strategic arrangement allows organisations to monitor identity, endpoint, network and cloud-based activity to stop threats immediately.
CIRENCESTER, England, March 1, 2024 /PRNewswire/ — Core to Cloud, a leading provider of cybersecurity services and solutions, is excited to announce a strategic alliance with SenseOn, a renowned threat detection management platform. This collaboration will empower businesses to bolster their advanced NDR and SEIM operations and secure end-to-end platforms.
In today’s integrated digital landscape, businesses rely on various systems and third-party suppliers. The launch of SenseOn’s platform marks a significant leap forward in proactive threat detection and response, offering a comprehensive solution to combat sophisticated cyber threats. Organisations can identify, detect and respond to vulnerabilities in traditional blind spots. Core to Cloud’s partnership with SenseOn aims to address these challenges by offering a comprehensive and efficient solution for managing threat detection and response.
James Cunningham, CEO and co-founder of Core to Cloud, said: “We are excited to announce our partnership with SenseOn, allowing Core to Cloud to bring our clients a more robust and complete threat detection and management solution. With an ever-changing digital landscape, our clients must be able to detect and respond to any threats within their cyber estate. This partnership offers an all-encompassing approach to managing these risks.”
One of the critical features of this partnership is that the platform is built upon a foundation of Artificial Intelligence (AI) and Machine Learning (ML) technologies, meticulously designed to evolve alongside cyber threats. Leveraging its unique Deep Learning, SenseOn’s platform analyses vast and complex datasets, providing real-time threat detection, investigation, and autonomous response capabilities. This innovative approach and Core to Cloud’s cybersecurity expertise enables organisations to proactively address potential threats before they escalate, ensuring robust protection against evolving cyber-attacks.
SenseOn’s platform and Core to Cloud’s know-how empower security teams to navigate the complicated threat landscape efficiently. Intelligent automation streamlines incident response, allowing cybersecurity professionals to focus on strategic initiatives rather than routine tasks.
David Atkinson, CEO and Founder of SenseOn, added: “We are excited to announce a pivotal moment in SenseOn’s journey with establishing a strategic channel partnership with Core to Cloud. This collaboration is more than a partnership; it’s an alliance that leverages the strengths of both companies to propel us towards growth. By combining SenseOn’s consolidated threat detection platform with Core to Cloud’s technical and service expertise, we are poised to deliver a new standard in cybersecurity solutions.”
Moreover, Core to Cloud and SenseOn are committed to ongoing collaboration and continuous improvement. As cybersecurity threats evolve, so do the strategies and tools to counter them. This collaboration is not just a one-time solution; it represents an ongoing commitment to enhancing the cybersecurity landscape for businesses of all sizes. Core to Cloud and SenseOn will continue to work together to develop new features, refine existing tools, and provide unparalleled support to our clients.
Core to Cloud’s partnership with SenseOn signifies a major step forward in cybersecurity. By combining expertise, technology, and a shared commitment to excellence, the two companies are paving the way for businesses to navigate the complex digital landscape confidently. Together, they empower businesses to protect their NDR, SEIM and end-to-end platforms.
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