Artificial Intelligence (AI) in Medical - Thematic Intelligence

Artificial Intelligence (AI) in Medical - Thematic Intelligence

Summary

Triple-digit growth in AI in medical is expected by 2027

Artificial intelligence (AI) is an incredibly fast-growing industry. GlobalData expects every segment of the AI market to grow over the next decade. According to GlobalData forecasts, the AI market was worth $81.8 billion in 2022. By 2027, it will have grown at a compound annual growth rate (CAGR) of 31.6% to $323.3 billion.

A minor yet important industry contributing to the overall growth of AI is the medical devices industry. In particular, the AI in medical market was worth $336 million in 2022 and is expected to grow at a slightly more moderate CAGR of 29.1% to $1.2 billion by 2027. AI consulting and support services and computer vision applications will drive market growth, bolstered by the adoption and increased interest in generative AI.

AI will become a key driver of medical device innovation

The medical devices industry is highly regulated and therefore can be slow to adopt new technologies to modernize. However, it is realizing the benefits that AI can bring, and AI is now being used in different areas across the entire value chain. Additionally, its use in the industry is expected to continue to increase in the next five years. The applications of AI in medical are many, with the potential to transform key aspects of the industry and drive innovation. Common uses of AI in medical include data management, remote surgery, diagnostic and procedural AI assistants, and clinical trial design.

GlobalData forecasts that the market for AI platforms for the medical devices industry will reach $1.2 billion by 2027, up from $336 million in 2022.

Scope

• This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.
• The report covers the Artificial Intelligence theme.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of Artificial Intelligence by understanding the primary ways in which this theme is impacting the healthcare industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.