Source page: McKinsey & Company

Commentary

Visual form

Bar chart.

Layout / body structure

The page is split into two adjacent bar charts. The left chart tracks novel FDA approvals over time, and the right chart tracks all FDA approvals enabled by AI or machine learning, so the reading order is left panel first and right panel second.

What is being compared

It compares the medtech innovation pipeline through novel FDA approvals and AI- or machine-learning-enabled FDA approvals over time.

Measurement system

Both panels are measured as counts of approvals per year. The years run left to right, and the bars are labeled directly with their annual totals.

Visible structure inside the graphic

Each panel uses a row of vertical bars, with the latest year highlighted more strongly on the right edge. The right panel climbs steadily and more sharply than the left, while the left panel shows a lower but still notable recovery in the latest year.

Main takeaway from the visual

The chart shows that the medtech pipeline is reopening, with both novel approvals and AI-enabled approvals rising, and the AI-enabled side accelerating particularly strongly into the most recent year.

Key standout values or extremes

Novel FDA approvals rise to 113 in 2023 after lower readings in the preceding years. AI- and machine-learning-enabled approvals climb from 5 in 2015 to 185 in the 2023 estimate, which is the highest bar on the page.

Controls / sequence, when applicable

This is a static chart image with no in-chart controls to operate.

Companion media, when applicable

There is no separate companion audio or video; the chart image is the full visual on this page.


Medtech’s AI boost

Life Sciences | Pharmaceuticals & Medical Products

March 14, 2024 – The medtech industry notched record numbers of US Food and Drug Administration approvals in 2023. Medical technologies enabled by AI and machine learning reached an all-time high, at approximately 185 for the year, an increase of about 33 percent from 2022, senior partner Karsten Dalgaard and coauthors note. Industry executives expect the pace of innovation to accelerate in 2024, which may also bring greater competition.

The US innovation pipeline is opening, with medtech generating the industry’s most novel approvals ever.

To read the article, see “What to expect from medtech in 2024,” February 7, 2024.


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