Artificial Intelligence (AI) has emerged as a transformative force across various sectors, and healthcare is no exception. It is continually revolutionizing healthcare and can contribute to cost reduction and efficiency improvement in several ways. Within the realm of medical devices, AI is driving significant advancements, improving diagnostic accuracy, personalizing treatments, and enhancing patient outcomes. The technology is expected to have a significant impact on the medical devices industry and is forecast to experience rapid growth in the coming years, according to GlobalData, a leading data and analytics company.
According to GlobalData, 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.
The use of AI in medical devices 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.
Alexandra Murdoch, Senior Medical Analyst at GlobalData, comments: “While AI is a relatively new concept in medical, these features are quite well known at this point. However, AI is constantly evolving and making waves in other parts of healthcare.”
The University of Cambridge 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 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.
Additionally, a 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 easier than before.
Murdoch concludes: “Now more than ever, we are seeing not only a rise in AI in medical use cases but also in 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 start of said transformation.”
