Artificial Intelligence Machine Learning Medical Device Market Forecast to Reach 52.09 Billion by 2031 at 24.1 Percent CAGR

The Artificial Intelligence/Machine Learning Medical Device Market Size is valued at 6.10 Billion in 2024 and is predicted to reach 52.09 Billion by the year 2031 at a 24.1% CAGR during the forecast period for 2024-2031.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global artificial intelligence/machine learning medical device market are:

• Increasing demand for more accurate diagnosis
• Increasing the accessibility of health data
• Advancements in machine learning

The following are the primary obstacles to the artificial intelligence/machine learning medical device market’s expansion:

• High initial investment
• Intricate regulatory approval procedures
• Rising data privacy issues

Future expansion opportunities for the global artificial intelligence/machine learning medical device market include:

• Increasing integration of AI
• Growing demand for efficiency and automation in medical imaging
• Increasing investments in the development of digital health

Key Industry Insights & Findings from the Report:

• The technological advancements and the growing need for precise and effective diagnosis.
• The market for artificial intelligence/machine learning medical devices is driven by the growing availability of health data, enhanced patient outcomes, rapid technology advancements, and strategic investments in digital health innovation.
• North America dominated the market and accounted for a revenue share of global revenue in 2023.
• One of the significant concerns restraining industry growth is the required high initial investment and rising data privacy issues.

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Market Analysis:

The global market for medical devices incorporating artificial intelligence (AI) and machine learning (ML) is poised for significant expansion, driven by their ability to enhance diagnostic accuracy and enable personalized treatment approaches. Advanced algorithms allow for the rapid and efficient analysis of large, complex datasets, supporting early disease detection and timely clinical decision-making.

The integration of AI and ML technologies across imaging systems, robotic surgical platforms, and wearable medical devices has shown considerable potential in optimizing operational workflows and improving patient outcomes. Furthermore, increased investment in digital health solutions, alongside supportive regulatory frameworks that facilitate technology adoption, is accelerating market growth. These developments provide healthcare providers with actionable, data-driven insights, reinforcing the transformative impact of AI- and ML-enabled devices within the global medical device industry.

List of Prominent Players in the Artificial Intelligence/Machine Learning Medical Device Market:

• CellaVision AB;
• Canon Inc.;
• Clarius Mobile Health Corp.
• General Electric Company;
• Aidoc Medical, Ltd.
• Koninklijke Philips N.V.,
• Hyperfine Inc.,
• Nanox.AI Ltd.,
• Medtronic Plc.,
• Page.AI,
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Tempus
• Shanghai United Imaging Healthcare Co., Ltd.
• Viz.ai, Inc.
• AI4MedImaging Medical Solutions S.A.
• Ever Fortune.AI Co., Ltd.
• MedMind Technology Co., Ltd.
• AIRS Medical Inc.
• CU-BX Automotive Technologies Ltd.
• Annalise-AI
• AZmed SAS
• Smart Soft Healthcare AD

Recent Developments:

• In February 2025, Longeviti Neuro Solutions, a neurotechnology company that provides cutting-edge platforms for complex brain surgeries, and Clarius Mobile Health, a leading supplier of high-resolution wireless ultrasound systems, will collaborate to give neurosurgeons access to wireless ultrasound scanners and sonolucent cranial implants, making them a safer and more affordable alternative to traditional implants.
• In June 2024, Health Canada approved the Clarius OB AI fetal biometric assessment tool, which automatically determines fetal age, weight, and growth intervals. Clarius Mobile Health is a major provider of high-definition handheld medical devices.
• September 2024, Canon Inc. announced that the CXDI-Pro series of wireless digital radiography devices, which include the CXDI-703C Wireless sensor unit, will be available in markets outside of Japan1. These devices are perfect for a wide range of applications in medical treatment facilities.

Artificial Intelligence/Machine Learning Medical Device Market Dynamics:

Market Drivers: Increasing Demand for Superior Diagnostic Accuracy

The growth of the AI and ML-enabled medical device market is primarily driven by the rising demand for enhanced diagnostic precision. Healthcare providers are increasingly adopting advanced diagnostic technologies that deliver timely, accurate, and actionable insights into patient health. AI-powered devices, renowned for their high accuracy, help reduce diagnostic errors and support improved clinical outcomes. Moreover, substantial investments in AI and ML research and development are facilitating the widespread integration of these technologies, particularly as early disease detection and personalized medicine gain strategic importance, thereby fueling overall market expansion.

Challenges: Complex and Evolving Regulatory Landscape

Market growth is significantly constrained by complex and evolving regulatory requirements. Manufacturers are required to comply with rigorous safety and performance standards, conduct extensive clinical validations, and demonstrate the reliability of large datasets to achieve regulatory approval. These processes often entail substantial financial investment and extended timelines, which can delay the commercialization of innovative solutions. Smaller companies, in particular, encounter considerable difficulties in navigating these regulatory frameworks, limiting their capacity to innovate and access the market, and consequently slowing broader industry development.

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North America Is Expected To Grow With The Highest CAGR During The Forecast Period

The North American AI and ML-enabled medical devices market is projected to secure a significant revenue share and register robust growth at a strong compound annual growth rate (CAGR) in the coming years. This expansion is driven by the widespread implementation of advanced healthcare technologies, substantial investments in digital health research and development, and the region’s well-established healthcare infrastructure.

Additionally, a comprehensive regulatory environment, strategic industry collaborations, and a strong network of healthcare facilities support the seamless adoption and integration of AI-driven medical solutions. The rising demand for personalized therapies, improved diagnostic accuracy, and remote patient monitoring further reinforces market growth, positioning North America as a leading hub in the global AI and ML medical device landscape.

Segmentation of Artificial Intelligence/Machine Learning Medical Device Market-

By Product Type-

• System/Hardware
• Software-as-a-Medical Device

By Application-

• Radiology
• Cardiology
• Hematology

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Tags: Artificial Intelligence/Machine Learning Medical Device Market