Artificial Intelligence Or Machine Learning (AI/ML) Medical Device Global Market Report 2024

The artificial intelligence or machine learning (AI/ml) medical device market size has grown exponentially in recent years. It will grow from $5.42 billion in 2023 to $6.77 billion in 2024 at a compound annual growth rate (CAGR) of 24.9%. The growth observed in the historical period can be ascribed to regulatory backing, an increase in chronic diseases, enhanced data accessibility, improvements in computational power, and enhanced cost efficiency.

The artificial intelligence or machine learning (AI/ml) medical device market size is expected to see exponential growth in the next few years. It will grow to $16.38 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%. The anticipated growth in the forecast period can be credited to heightened personalization, expanded utilization of remote monitoring and telemedicine, integration of AI/ML in diagnostics, a focus on patient-centric care, and the implementation of AI/ML in proactive healthcare. Major trends expected in the forecast period encompass AI/ML-enhanced imaging devices, wearable AI/ML devices, AI/ML-powered prosthetics and robotics, point-of-care AI/ML diagnostics, and the ethical use of AI/ML.

Investments in healthcare AI are poised to drive the growth of the artificial intelligence or machine learning medical device market in the future. Healthcare AI involves the application of AI technologies in the healthcare sector to enhance healthcare delivery, diagnostics, treatment, and overall patient care. The surge in investments in AI healthcare is fueled by the transformative potential of AI and ML technologies in revolutionizing healthcare delivery, improving patient outcomes, and increasing operational efficiency. For instance, as of March 2023, the UK Department of Health and Social Care reported that over 300,000 patients benefited from a total investment of $147.2 million (£123 million) across 86 AI technologies in three rounds of awards. Notably, Mendelian, a UK-based digital health startup, received $1.7 million (£1.4 million) for an AI system identifying patients with undiagnosed rare diseases. Additionally, Medtronic, a US-based medical device company, secured $3.18 million (£2.5 million) for the development of GI Genius, an AI-based medical device. Hence, healthcare AI investments are propelling the growth of the artificial intelligence and machine learning medical device market.

The increasing prevalence of wearable devices is anticipated to drive the growth of the artificial intelligence or machine learning medical device market. Wearable devices, characterized by electronic components worn on the body with sensors, processors, and connectivity features, are becoming popular accessories for health monitoring. Wearable AI/ML devices are particularly valuable for continuous monitoring of vital signs, activity levels, and other health parameters, contributing to preventive healthcare practices. As of January 2023, Insider Intelligence Inc. projected a user base increase for health and fitness apps to reach 91.3 million by 2023, up from 88.5 million in 2022. Consequently, the growing adoption of wearable devices is fueling the expansion of the artificial intelligence and machine learning medical device market.


Technological advancements emerge as a prominent trend gaining traction in the artificial intelligence or machine learning medical device market. Major companies within this market are focused on innovating and introducing advanced technologies to maintain their competitive positions. For example, in November 2021, Philips, a Netherlands-based health technology company, unveiled the MR 7700 system - a smart diagnostic solution equipped with an AI-enabled magnetic resonance (MR) portfolio. The system includes optimized workflow solutions and integrated clinical features, providing multinuclear clinical capabilities. With high-quality diffusion imaging and advanced neuroscience sequences, the MR 7700 system enhances precision in anatomical and functional imaging, supporting confident decision-making. This technology is designed to address the increasing patient loads experienced by radiology departments and meet current, future, and novel clinical and research demands.

Major companies in the artificial intelligence or machine learning medical device market are also engaging in strategic partnerships to develop new products and reinforce their market positions. Strategic partnerships involve collaboration between companies to leverage each other’s strengths and resources for mutual benefits. In March 2023, NVIDIA, a US-based healthcare software company, partnered with Medtronic plc, an Ireland-based healthcare company, to introduce ‘NVIDIA Holoscan’ and ‘NVIDIA IGX.’ This collaboration focuses on integrating NVIDIA technology into Medtronic's real-time AI endoscopy device, enhancing patient care and improving outcomes. The partnership involves the integration of NVIDIA healthcare and edge AI technologies into the GI Genius intelligent endoscopy module, a product developed and manufactured by Cosmo Pharmaceuticals for Medtronic.

In October 2022, Exo Imaging Inc., a US-based provider of medical devices and health information, acquired Medo AI for an undisclosed amount. Through this acquisition, Exo aims to make ultrasound imaging more accessible and user-friendly, simplifying the process for caregivers to obtain and interpret ultrasound images. Medo AI, a Canadian company, specializes in AI-based medical devices.

Major companies operating in the artificial intelligence or machine learning (AI/ml) medical device market report are General Electric, Medtronic PLC, Canon Inc., Nvidia Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., Stryker Corporation, RadNet Inc., Shanghai United Imaging Healthcare Co. Ltd., Tempus, DataRobot Inc., DeepMind Technologies Limited, Paige AI Inc., Aidoc Medical Ltd., Butterfly Network Inc., Aidoc Medical, CellaVision AB, H2O.AI, Clarius Mobile Health Corp., Subtle Medical Inc., Owkin Inc., Cleerly Inc., Behold.AI, Viz.AI Inc., Arterys Inc., Caption Health, Komodo Health Inc., Enlitic Inc., CloudMedx Inc., Hyperfine Inc., Nanox AI Ltd.

North America was the largest region in the artificial intelligence machine learning medical device market in 2023. The regions covered in the artificial intelligence or machine learning (AI/ml) medical device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence or machine learning (AI/ml) medical device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components encompassed in AI/ML medical devices are hardware systems and software-as-a-medical device. Hardware constitutes the tangible elements of a system or the mechanisms used for storing and executing the written instructions embedded in the application's software. These devices find application across different clinical domains such as radiology, cardiology, hematology, among others, catering to diverse end-users, including hospitals and healthcare providers, patients, pharmaceutical and biotechnology companies, healthcare payers, and more.

The artificial intelligence machine learning medical device market research report is one of a series of new reports that provides artificial intelligence machine learning medical device market statistics, including the artificial intelligence machine learning medical device industry's global market size, regional shares, competitors with artificial intelligence machine learning medical device market share, detailed artificial intelligence machine learning medical device market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence machine learning medical device industry. This artificial intelligence machine learning medical device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The artificial intelligence or machine learning (AI/ML) medical device market consists of revenues earned by entities by providing treatment planning and personalization, predictive analytics, monitoring, and alert systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence or machine learning (AI/ML) medical device market also includes sales of smart wearable health monitors, medical imaging devices, and diagnostics devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.