- AI is constantly evolving and making waves in other parts of healthcare.
Artificial Intelligence (AI) has emerged as a transformative force, driving significant advancements in the medical devices industry and contributing to cost reduction and efficiency improvement.
The market for AI in medical devices is forecast to reach a value of $1.2 billion by 2027 and it is expected to drive innovation and bring about positive changes within the industry.
The integration of AI in medical devices has the potential to enhance various aspects of the healthcare ecosystem. Machine learning (ML) can improve manufacturing efficiency and reduce the risk of errors, while also assisting healthcare professionals in diagnosing and detecting abnormalities in medical imaging.
Furthermore, AI can optimise operational costs by tracking wait times and reducing inpatient length of stay in hospitals.
Targeted care
One notable example is the University of Cambridge’s development of 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, significantly improving patient well-being and aiding healthcare professionals in providing timely and targeted care.
Moreover, a US-based brain-computer interface company, Synchron, has recently announced the integration of generative AI into its brain implant interface system.
The innovation allows people living with disabilities that cause them to be non-verbal to generate text on a screen faster and more easily than before, further demonstrating the transformative potential of AI in the medical devices industry.
As Alexandra Murdoch, Senior Medical Analyst at GlobalData, said: “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.”