A just-released study has projected a five-fold increase in new artificial intelligence (AI) medical imaging products approved by the U.S. Food and Drug Administration (FDA) by 2035. The projection of the number of new FDA-approved products is based on the historical relationship between the number of new products and AI venture capital funding in the past.
The Harvey L. Neiman Health Policy Institute (Reston, VA, USA) and American College of Radiology Data Science Institute (Reston, VA, USA) study reveals that annual funding for AI rose from USD 2 billion in 2013 to USD 13 billion in 2022. At the current pace, it takes roughly six years from the time of funding to receiving FDA approval. The study anticipates 147 new AI products to hit the market in 2028, taking into account the USD 13 billion funding received in 2022. If the rate of funding continues to witness a similar linear trend as earlier, the study predicts that the funding will reach USD 30.8 billion in 2029, resulting in a five-fold increase in FDA-approved products by 2035.
“Given the relationship between funding and new AI products, we project there will be 350 new AI products in 2035 corresponding to the 2029 funding level given the lag between funding and approved products. This is a five-fold increase from 69 in 2022,” said Eric Christensen, PhD, Research Director at the Neiman Health Policy Institute.
“Artificial intelligence has grown rapidly and is already changing the way healthcare professionals work,” said Christopher Treml, DSI director of operations. “Based on this research, we expect that growth to continue accelerating over the next decade and change the field in new and exciting ways as AI products are developed and integrated into practice.”
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Harvey L. Neiman HPI
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