AI and Machine Learning Set to Transform the Medical Devices Industry, According to GlobalData

GlobalData, a leading data and analytics company, predicts that the use of artificial intelligence (AI) in medical practices will likely rise in 2023, making it a key driver of medical device innovation.

This prediction comes from Alexander Murdoch, Medical Devices Analyst at GlobalData, who takes note of that AI is growing in a few fields globally, with the market expected to reach $93 billion in 2023, up 12% from 2022.

GlobalData Medical Analyst Alexandra Murdoch says: “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. Now is the time to invest in these technologies and advance medical devices.”

Through machine learning, AI can make manufacturing medical devices more efficient and reduce risk. PCs can take in tremendous measures of information and can learn errors en route. AI can also be used in hospitals and other healthcare facilities to make room for more patients to be treated each day and provide patients with an efficient experience. Some AI platforms focus on automating and prioritizing patient safety, and these platforms can assist hospitals with better manage their functional costs through tracking wait times, as well as diminishing inpatient and emergency department length of stay.

Murdoch adds: “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.”

Digital health and AI remain closely connected, and AI has the ability to make digital health more open and simpler for patients. As an example, artificial intelligence in telehealth has considered products, for example, AI chatbots. These platforms can review a patient’s symptoms, and afterward recommend next steps, (for example, an in-person follow up).

In 2022, the Food and Drug Administration (FDA) is expected to accelerate the approval of AI-enabled medical devices, and this trend is expected to continue into 2023. Providers will be able to incorporate AI into their day-to-day practice as more AI-based tools and devices are approved.