Michael Barbella, Managing Editor03.27.23
Artificial intelligence (AI) is expected to become a key driver of medical device innovation in 2023, according to GlobalData.
“There are so many good uses for AI in the medical device industry. We know that it can be used for data management purposes, remote surgery, diagnostic and procedural assisting, clinical trials, and more," GlobalData Medical Analyst Alexandra Murdoch said. "Now is the time to invest in these technologies and advance medical devices.”
Since AI is growing in several fields globally, GlobalData estimates the market will reach $93 billion this year, up 12% from 2022.
AI has the capacity to improve medical device manufacturing efficiency and reduce risk through machine learning (ML). Computers can take in huge amounts of data and are able to learn errors along the way. AI can also be used in hospitals and other healthcare facilities to provide an efficient experience for patients while also making room to treat more patients daily. Some AI platforms focus on automating and prioritizing patient safety, and these platforms can help hospitals better manage their operational costs through tracking wait times, as well as reducing inpatient and emergency department length of stay.
“With the help of the COVID-19 pandemic, digital health has become incredibly popular over the last few years. While we saw a bit of a slowdown after 2020, digital health measures and telehealth have continued to grow, and are only gaining in popularity. As a result, AI will also become increasingly important to ensure demands can be met,” Murdoch stated.
Digital health and AI go hand in hand, and AI has the capacity to make digital health more accessible and easier for patients. As an example, AI in telehealth has allowed for products such as AI chatbots. These platforms can review a patient’s symptoms, and then suggest next steps (such as an in-person follow up).
The U.S. Food and Drug Administration (FDA) has been accelerating approvals of medical devices with AI in 2022, and this is expected to continue this year. As more AI based tools and devices are approved, providers can include AI in their daily practice.
“There are so many good uses for AI in the medical device industry. We know that it can be used for data management purposes, remote surgery, diagnostic and procedural assisting, clinical trials, and more," GlobalData Medical Analyst Alexandra Murdoch said. "Now is the time to invest in these technologies and advance medical devices.”
Since AI is growing in several fields globally, GlobalData estimates the market will reach $93 billion this year, up 12% from 2022.
AI has the capacity to improve medical device manufacturing efficiency and reduce risk through machine learning (ML). Computers can take in huge amounts of data and are able to learn errors along the way. AI can also be used in hospitals and other healthcare facilities to provide an efficient experience for patients while also making room to treat more patients daily. Some AI platforms focus on automating and prioritizing patient safety, and these platforms can help hospitals better manage their operational costs through tracking wait times, as well as reducing inpatient and emergency department length of stay.
“With the help of the COVID-19 pandemic, digital health has become incredibly popular over the last few years. While we saw a bit of a slowdown after 2020, digital health measures and telehealth have continued to grow, and are only gaining in popularity. As a result, AI will also become increasingly important to ensure demands can be met,” Murdoch stated.
Digital health and AI go hand in hand, and AI has the capacity to make digital health more accessible and easier for patients. As an example, AI in telehealth has allowed for products such as AI chatbots. These platforms can review a patient’s symptoms, and then suggest next steps (such as an in-person follow up).
The U.S. Food and Drug Administration (FDA) has been accelerating approvals of medical devices with AI in 2022, and this is expected to continue this year. As more AI based tools and devices are approved, providers can include AI in their daily practice.