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March 24, 2021updated 06 Dec 2021 9:33am

Top medical device companies are investing in AI

Artificial intelligence (AI) is ubiquitous, and it was only a matter of time before this technology was adopted by the medical device industry. The Covid-19 pandemic has been one of the catalysts for this adoption, as many businesses and hospitals felt its impact and it became necessary to adopt a new strategy to improve the diagnosis and treatment of patients.

By GlobalData

Artificial intelligence (AI) is ubiquitous, and it was only a matter of time before this technology was adopted by the medical device industry. The Covid-19 pandemic has been one of the catalysts for this adoption, as many businesses and hospitals felt its impact and it became necessary to adopt a new strategy to improve the diagnosis and treatment of patients.

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Medical Device Industry Landscape In Asia-Pacific

GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
by GlobalData
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Two companies that have recently invested in AI and machine learning (ML) are Medtronic and Philips. Medtronic acquired Medicrea, a spinal surgery company that has an AI database containing over 6,000 surgical cases. This was an enormous boost to Medtronic’s portfolio as it emphasises AI-driven surgical planning, spinal implants and robotic-assisted surgery. In December, Philips agreed to acquire BioTelemetry, a medical technology company that specialises in cardiac monitoring services. BioTelemetry’s products include wearable heart monitors and AI-based data analytics. This deal will allow Philips to tap into the market growth by expanding its remote monitoring business beyond hospitals and into patients’ homes.

While AI may come across as overhyped, the potential use cases for this technology are boundless. Major medical device companies are investing millions of dollars in the technology and will continue to reap the rewards. The global market value for the technology is projected to grow to $52bn in 2024.

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Free Report
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Medical Device Industry Landscape In Asia-Pacific

GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
by GlobalData
Enter your details here to receive your free Report.

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