JERSEY CITY, N.J., Dec. 8, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of the market assessment report on "Global Cardiac AI Monitoring and Diagnostics Market Size, Share & Trends Analysis Report By Product (Software and Hardware), By Type (Imaging, ECG-based, Cardiac Monitoring, and Others), By Application (Cardiac Arrhythmias, Cardiac Stroke, Ischemic Heart Disease/CAD, and Others), By End Users (Hospitals, Diagnostic Centers, and Other End Users) Market Outlook And Industry Analysis 2031"
According to the latest research by InsightAce Analytic, the global Cardiac AI Monitoring and Diagnostics Market size is valued at US$ 1.04 Bn in 2022, and it is expected to reach US$ 7.78 Bn in 2031, recording a promising CAGR of 25.24% during the forecast period of 2023-2031.
Cardiac AI Monitoring and Diagnostics Market Report Scope
Report Attribute | Specifications |
Market Size Value In 2022 | USD 1.04 Bn |
Revenue Forecast In 2031 | USD 7.78 Bn |
Growth Rate CAGR | CAGR of 25.24 % from 2023 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2023-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Product, By Type, By Application, By End Users |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Competitive Landscape | Aidoc, Tempus Labs, Canon, Inc., Circle Cardiovascular Imaging Inc., General Electric Company, HeartFlow, Inc., iRhythm Technologies, Inc., Koninklijke Philips N.V., Siemens Healthineers AG, Viz.ai, Ultromics, Ltd., Ultromics, Ltd., Cathworks, Boston Scientific Corporation, and others. |
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The future of cardiology will depend on many new technologies, including artificial intelligence (AI), precision medicine and the Internet of Things (IoT). AI/ML has increasingly been used to detect and diagnose cardiac diseases.
Cardiac AI monitoring and diagnosis include using artificial intelligence (AI) technology in cardiology to help diagnose and monitor various heart diseases. Incorporating advanced AI technologies will offer complete, reliable and accessible care, which can identify patients at an earlier stage of disease and offer the proper care to help save patients' lives. In addition, technology can improve clinical decision-making through real-time data analysis. Cardiac AI diagnostic solutions include AI-integrated hardware solutions, AI-based software solutions, AI-based cardiac monitoring solutions, AI-based ECG devices, etc.
The COVID-19 pandemic has highlighted the need for Artificial intelligence (Al) in Cardiology and has accelerated its adoption in hospitals. The impact has also surged the demand for AI solutions to improve the management of patients with cardiovascular disease.
Some of the prominent players in the Cardiac AI Monitoring and Diagnostics Market are:
- Aidoc
- Tempus Labs
- Canon, Inc.
- Circle Cardiovascular Imaging Inc.
- General Electric Company
- HeartFlow, Inc.
- iRhythm Technologies, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Viz.ai
- Ultromics, Ltd.
- Cathworks
- Boston Scientific Corporation
- Other Prominent Players
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Market Dynamics:
Drivers:
The high prevalence of cardiovascular diseases globally, the growing need to improve accuracy in diagnosing heart diseases, the rising demand for effective and cutting-edge devices, and the adoption of advanced technologies in cardiac monitoring & diagnosis are some of the major factors contributing to the growth of the cardiac AI monitoring and diagnostics market.
The increasing burden of cardiovascular diseases increases the demand for early detection & diagnosis of cardiac diseases, which will propel business growth in the upcoming years. In addition, launching novel products with new features is expected to support market growth. Furthermore, integrating artificial intelligence (AI) in cardiovascular devices enhances patient care and reduces cardiac patient mortality.
Moreover, product innovations & launches, partnerships, collaborations, mergers and acquisitions, and funding are key strategies that players in the cardiac AI monitoring and diagnostics market adopt to improve their overall position in the market.
Challenges:
Maintaining data privacy is a big challenge in this field. Data protection involves properly handling sensitive data, including personal information or other non-personal data. There is still a lack of regulations on using patient health information generated from consumer devices by third-party companies. Confidentiality is critical to information transfer and sharing. Thus, data protection & privacy concerns are predicted to hamper the business expansion during the forecast period.
Regional Trends:
North America held the highest Cardiac AI Monitoring and Diagnostics Market revenue share in 2022 and is expected to continue its growth over the projection period. This is due to the fast adoption of cutting-edge technologies, well-established healthcare infrastructure, and the region's rising regulatory approvals of AI-based systems.
The Asia Pacific region is anticipated to rise fastest during the forecast period (2023 to 2031). This growth is due to various factors such as the growing heart diseases, the high demand for early disease diagnosis, developing healthcare infrastructure, and the growing collaborations & partnerships activities in this region.
Key Developments In The Market:
- In March 2023, Aidoc, the leading provider of healthcare AI solutions, introduced its premier, first-of-its-kind cardiovascular AI solutions package. Aidoc's cardiovascular solutions automatically consolidate data, utilize AI to generate clinical insights for more effective diagnosis, and help prevent patients from being lost to follow-up, enabling a possible increase in downstream procedures.
- In March 2023, Canon Medical Systems supplied two Artificial Intelligence (AI) assisted, spectral, wide-detector CT scanners to Craigavon Area Hospital, stake of Southern Health and Social Care Trust in Northern Ireland, to improve stroke, cancer and cardiac imaging services.
- In October 2022, Aidoc partnered with Us2.ai to bring its FDA-cleared and CE Marked AI algorithm to analyze and interpret echocardiograms (echo) into its proprietary aiOS.
- In July 2022, Medtronic plc partnered with CathWorks to invest in innovative technologies that support physicians and patients from diagnosis to treatment.
- In July 2021, Canon Medical Systems collaborated with Cleerly to facilitate the simple and efficient use of cardiac computed tomography (CT) to offer a new standard of care for heart disease.
Market Segments
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Product
- Software
- Hardware
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Type
- Cardiac Diagnostics
- Imaging
- Electrocardiography-Based (ECG-Based)
- Others
- Cardiac Monitoring
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Application
- Ischemic Heart Diseases/CAD
- Cardiac Arrhythmias
- Ischemic Stroke
- Others
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on End users
- Hospitals
- Diagnostic Centers
- Other End Users
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Cardiac AI Monitoring and Diagnostics Market Revenue (US$ Bn) by Country, 2023 to 2031
- U.S.
- Canada
Europe Cardiac AI Monitoring and Diagnostics Market Revenue (US$ Bn) by Country, 2023 to 2031
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Cardiac AI Monitoring and Diagnostics Market Revenue (US$ Bn) by Country, 2023 to 2031
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Cardiac AI Monitoring and Diagnostics Market Revenue (US$ Bn) by Country, 2023 to 2031
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Cardiac AI Monitoring and Diagnostics Market Revenue (US$ Bn) by Country, 2023 to 2031
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global Cardiac AI Monitoring and Diagnostics Market
- To receive an industry overview and future trends in the global Cardiac AI Monitoring and Diagnostics Market
- To analyze the Cardiac AI Monitoring and Diagnostics Market drivers and challenges
- To get information on the Cardiac AI Monitoring and Diagnostics Market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisitions in the global Cardiac AI Monitoring and Diagnostics Market industry
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