The Cardiac AI Monitoring and Diagnostics Market Size is valued at 1.04 Bn in 2022 and is predicted to reach 7.78 Bn by the year 2031 at an 25.24% CAGR during the forecast period for 2023-2031.
Artificial intelligence technology helps to improve diagnosis, treatment planning, and patient outcomes. AI can be used for many applications, including image analysis for disease detection & diagnosis, predictive analytics for risk evaluation and earlier intervention, and personalized treatments. In addition, technology can simplify, facilitate and enhance clinical decision-making via real-time data study. The use of AI in cardiology is still in its early stages of development, but the potential benefits are enormous, including improvements in accuracy, efficiency, and patient outcomes.
The global Cardiac AI Monitoring and Diagnostics Market is prominently driven by the rising incidence of cardiovascular disorders and the growing demand for effective & cutting-edge devices. Cardiovascular diseases can be effectively treated if noticed early. Thus, increasing demand for early detection & diagnosis of CVDs is likely to propel business growth in the upcoming years. Moreover, several software companies have adopted strategies such as partnerships, collaborations, acquisitions, funding, and others to improve their overall position in the market.
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.
Competitive Landscape:
Some of the Key Players in the Cardiac AI Monitoring and Diagnostics Market :
- 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
Market Segmentation:
The Cardiac AI Monitoring and Diagnostics Market is segmented based on product, type, application, and end users. The product segment comprises software and hardware. By type, the market is categorized into imaging, ECG-based, cardiac monitoring, and others. By application, the market has been classified into cardiac arrhythmias, cardiac stroke, ischemic heart disease/CAD, and others. The end users segment is divided into hospitals, diagnostic centers, and other end users.
ECG-Based Segment Is Expected To Dominate The Cardiac AI Monitoring And Diagnostics Market In The Upcoming Years
By type, the ECG-based devices segment is expected to lead the market during the forecast period. ECG-based devices are used to identify various cardiac diseases and help in selecting the best treatment. The ECG (electrocardiogram) device records heartbeats using electric signals and is a non-invasive, painless procedure.
Ischemic Heart Disease/ CAD Is Anticipated To Accelerate Market Growth
By application, the Ischemic Heart Disease/ CAD segment dominated the Cardiac AI Monitoring and Diagnostics Market in 2022. Coronary artery disease (CAD) is one of the most common types of heart disease and affects a vast number of individuals worldwide. The increasing cases of CAD and cardiac stroke are likely to improve the incorporation of AI in monitoring, diagnosing, and treating coronary artery diseases, which is predicted to enhance market growth.
By End Users, Hospitals Witnessed Growth At A Rapid Rate
Based on end-users, the hospital segment is expected to witness the fastest expansion over the projected period. Factors including the rising adoption of Al-based cardiovascular diagnostic & monitoring devices, improved healthcare infrastructure, and the development of favourable reimbursement policies are contributing to the growth of the hospital segment.
Regionally, North America Led The Cardiac AI Monitoring And Diagnostics Market In 2022
In 2022, North America accounted for the highest share of the Cardiac AI Monitoring and Diagnostics Market. The factors such as well-developed healthcare infrastructure, rising adoption of Al-based systems, and the increasing CVD cases in the US are driving the market in North America. In addition, Asia Pacific, due to its improving healthcare facilities and fast adoption of advanced cardiovascular diagnostic & monitoring devices, has recorded an increase in the demand for Cardiac AI Monitoring and Diagnostics Market.
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 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, By Type, By Application, By End Users |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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., Cathworks, Boston Scientific Corporation, and others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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