Current medical device product development has started to include AI medtech applications made from a technology menu that will allow devices to detect, understand, predict, perform tasks, and acquire knowledge. Future AI medtech product development strategies will expand human activity through robustly engineered medical device applications, including autonomous AI systems that will improve clinical efficiency, lower healthcare system expense, improve clinical outcomes and increase accessibility and superior care for patients.
The AI healthcare market is forecasted for rapid growth and is expected to reach $6.6 billion by 20211. There are several current applications in development, which serve as a benchmark for all medical device product development teams.
AI Applications in Imaging
Business issues continue to plague GE Healthcare (GEHC), but we can’t ignore their accomplishments in imaging. GEHC has a worldwide installed base of 500,000 imaging systems.2 GEHC maintains an ongoing partnership with NVIDIA with the goal to integrate GEHC’s imaging platforms with NVIDIA’s AI system.
AI-supported imaging is expected to substantially increase the pace and precision of diagnostic imaging for computerized tomography (CT) scans—a market estimated at $3 billion annually. NVIDIA algorithms have been developed to reveal lesions in the kidney and liver to improve clinical outcomes for patients by reducing the number of expensive and tedious follow-ups. With AI-enhanced CT, patients with renal function issues will be able to avoid many scans that are non-interpretable.
AI Applications in the Diagnosis of Diabetic Retinopathy
A new AI-based diagnostic system provides autonomous detection of diabetic retinopathy—a leading cause of impaired vision and blindness.
This issue is an enormous burden on the healthcare system. Worldwide, it is estimated that 285 million people have Type 2 diabetes mellitus, and that ~33% have a degree of diabetic retinopathy.3,4 When doctors can perform early diagnosis of diabetic retinopathy, a substantial number of patients can avoid loss of vision and blindness.
The AI diabetic retinopathy screening system allows patient testing for people with diabetes. The tool is so simple, it can be used in a primary care physicians office. Because the system is an autonomous, AI-based system, patients can be diagnosed without the need for a trained ophthalmologist to interpret the findings. This broadens the use of this AI-based tool all physicians, not just those who specialize in eye care.
The top ten applications for AI, as measured by a market potential of $USD Billions are in Table 1.1,6
| Application | Estimated Value in 2026 ($USD Billions) | |
|---|---|---|
| 1 | Robot Assisted Surgery | $39 |
| 2 | Virtual Nursing Assistants | $20 |
| 3 | Hosp. Admin. Workflow Assistance | $18 |
| 4 | Fraud Detection | $17 |
| 5 | Dosage Error Reduction | $16 |
| 6 | Connected Machines | $14 |
| 7 | Clinical Trial Participant Identifier | $13 |
| 8 | Prelimenary Diagnosis | $5 |
| 9 | Automated Image Diagnosis | $3 |
| 10 | Cybersecurity | $2 |
Through AI, we enable clinicians and healthcare workers to get the tools that can have a critical impact on their productivity. At Medi-Vantage, we use Voice of the Customer to identify unmet needs can be addressed through AI. The value your products will bring to clinicians with AI-enhanced applications improve quality, efficiency, and outcomes.
How can we help you?
In our strategy research, when we investigate technologies used in consumer markets, we hear about the utilization of AI. Enormous opportunities exist to integrate AI into medtech development product strategies. Someday, even the most common medical devices will have an AI component.
Our most recent medtech strategy projects included:
Due diligence on a medtech acquisition in the interventional space
Pricing strategy for a disruptive new device in the respiratory space
Voice of the customer for commodity-trending product in the surgery domain to uncover actionable unmet needs
Contact us: https://www.medi-vantage.com/contact/