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$10.666 Billion Cardiac AI Monitoring And Diagnostics Markets - Global And Regional Analysis And Forecasts 2023-2032 - Partnerships And Alliances Amongst Market Players Spurring Growth - ResearchAndMarkets.com

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DUBLIN--(BUSINESS WIRE)--The "Cardiac AI Monitoring and Diagnostics Market - A Global and Regional Analysis: Focus on Product, Type, Application, End User, and Country Analysis - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global cardiac AI monitoring and diagnostics market was valued at $1,010.5 million in 2022 and is anticipated to reach $10,666.5 million by 2032, witnessing a CAGR of 26.88% during the forecast period 2023-2032.

Cardiac AI monitoring and diagnostics involve the application of artificial intelligence (AI) technologies in the field of cardiology to monitor, analyze, and diagnose various cardiac conditions. AI algorithms are trained using extensive datasets of cardiac images, patient data, and clinical outcomes to create models that can assist healthcare professionals in interpreting cardiac diagnostic tests and making treatment decisions. This emerging medical technology aims to enhance the accuracy, efficiency, and accessibility of cardiac care.

Several key factors are driving the growth of the global cardiac AI monitoring and diagnostics market. These include the significant burden of cardiovascular diseases worldwide, increasing government initiatives to promote AI adoption, growing research in AI for cardiology, rising regulatory approvals for AI-based cardiac diagnostic medical devices, and ongoing technological advancements in the field of cardiac AI diagnostics.

The North American region holds the largest share in the global cardiac AI monitoring and diagnostics market. This can be attributed to factors such as an already established and technologically advanced healthcare system and high levels of digital adoption.

Additionally, the Asia-Pacific region is expected to experience substantial growth during the forecast period from 2023 to 2032. This growth is driven by factors like a shortage of healthcare professionals leading to increased demand for AI-driven automation and the rising prevalence of cardiovascular diseases, which is driving demand for advanced technologies.

During the COVID-19 pandemic, AI technology played a crucial role in predicting congestive heart failure in COVID-19 patients by analyzing vital signs related to heart disease. It also assisted in assessing patients' medical history and recommending appropriate medications for treatment.

Furthermore, the pandemic underscored the advantages of implementing AI in cardiology. As a result, the COVID-19 crisis had a positive impact on the overall cardiac AI monitoring and diagnostics market, as it heightened the focus on remote monitoring, increased demand for early detection and proactive care, and accelerated technological advancements in cardiac diagnosis and monitoring.

Market Segmentation

Software to Dominate the Global Cardiac AI Monitoring and Diagnostics Market

Software: Software plays a critical role in the development of AI-based medical devices. AI-based medical devices rely on sophisticated software tools that are designed to analyze medical data, images, and other inputs to provide accurate monitoring, diagnosis, and provide treatment recommendations. These software tools typically include machine learning and deep learning algorithms that are trained on large datasets of medical images and clinical data to identify patterns and predictions.

Hardware: Hardware for cardiac monitoring and diagnosis includes the combination of artificial intelligence (AI) algorithms and specialized hardware devices designed to enhance the accuracy, efficiency, and accessibility of cardiac healthcare. These hardware devices are specifically developed to integrate AI capabilities into the monitoring and diagnostic processes, enabling advanced data analysis, real-time insights, and improved patient care.

Cardiac Diagnostics Occupy the Largest Share in the Global Cardiac AI Monitoring and Diagnostics

Cardiac Diagnostics: Cardiac diagnostics refers to the process of identifying and determining the presence, nature, and extent of cardiac diseases or abnormalities in an individual. The goal of cardiac diagnosis is to accurately identify the underlying cardiac condition, which helps guide appropriate treatment and management strategies.

The integration of artificial intelligence (AI) into cardiac diagnosis involves leveraging AI algorithms and techniques to augment and enhance the diagnostic process. It has the potential to enhance accuracy, efficiency, and accessibility while supporting healthcare professionals in providing optimal care to patients.

AI can help in cardiac diagnosis by performing data analysis of large volumes of cardiac data, including medical records, images, test results, and patient characteristics, analyzing medical images, such as echocardiograms, angiograms, or cardiac MRI scans, analyzing electrocardiogram (ECG) signals to detect and classify various arrhythmias and other cardiac abnormalities, or by providing AI-based decision support.

Cardiac Monitoring: Cardiac monitoring refers to the continuous or periodic monitoring of a patient's heart activity, typically through the use of specialized devices or systems. It involves the recording, analysis, and interpretation of various cardiac parameters to assess heart function, detect abnormalities, and monitor cardiac conditions.

The integration of AI into monitoring devices or systems enhances the accuracy, efficiency, and insights derived from the collected data. By leveraging AI algorithms, healthcare professionals can gain a deeper understanding, make timely interventions, and provide more targeted care to individuals with cardiac conditions, ultimately improving patient outcomes and quality of life.

Ischemic Heart Diseases/CAD Segment to Hold the Highest Share of the Market due to the High Prevalence

Ischemic Heart Diseases/CAD: Ischemic heart disease, also known as coronary artery disease (CAD), is a condition that occurs when the blood vessels supplying blood to the heart (coronary arteries) become narrowed or blocked, leading to reduced blood flow and oxygen to the heart muscle. CAD is the most common type of heart disease and a leading cause of heart attacks.

The primary cause of CAD is atherosclerosis, a condition characterized by the buildup of plaque on the inner walls of the coronary arteries. Plaque consists of cholesterol, fat, calcium, and other substances. Over time, the plaque can harden and narrow the arteries, restricting blood flow. The increased prevalence of ischemic heart disease is fueling the demand for advanced solutions for monitoring and diagnosis, which is expected to propel the growth of the segment.

Cardiac Arrhythmias: Cardiac arrhythmia refers to abnormal heart rhythms or irregular heartbeats. The normal rhythm of the heart is maintained by electrical signals that coordinate the contractions of the heart's chambers. When these electrical signals are disrupted, it can lead to various types of arrhythmias. Some common types of arrhythmias include atrial fibrillation (AF), ventricular tachycardia (VT), ventricular fibrillation (VF), supraventricular tachycardia (SVT), bradycardia, and premature ventricular contractions (PVCs).

Ischemic Stroke: An ischemic stroke is the most common type of stroke, accounting for about 80% of all strokes. It occurs when a blood clot or plaque buildup blocks or narrows a blood vessel, reducing or completely cutting off blood flow to a part of the brain. Without an adequate blood supply, the affected brain tissue is deprived of oxygen and nutrients, leading to damage and cell death.

Others: The others segment consists of other cardiac conditions such as hypertensive heart diseases, cardiomyopathy, valvular heart diseases, congenital heart diseases, and peripheral artery diseases, among others. AI has great potential to significantly impact the diagnosis and monitoring of these cardiac diseases, and several market players are working toward the implementation of AI for the diagnosis and monitoring of different cardiac diseases.

Hospitals to Dominate the Global Cardiac AI Monitoring and Diagnostics Market (by End User)

Based on end users, the hospital segment is expected to dominate the cardiac AI monitoring and diagnostics market.

The hospitals segment held a share of 58.22% in 2022 and is expected to grow at a CAGR of 26.06% during the forecast period 2023-2032.

Hospitals are one of the primary end users of the cardiac AI monitoring and diagnostics market. By leveraging AI technology, these devices can assist healthcare professionals in detecting abnormalities, predicting cardiac events, and aiding in the diagnosis of various cardiac conditions

Business Dynamics

Business Drivers

  • High Burden of Cardiovascular Diseases Worldwide
  • Increasing Government Initiatives for AI Adoption
  • Growing Research in the Field of AI for Cardiology
  • Increasing Regulatory Approvals of Cardiac Diagnostics AI Medical Devices
  • Technological Advancements in the Field of Cardiac AI Diagnostics

Business Restraints

  • Hesitation in Adoption and Acceptance of AI-Enabled Solutions for Cardiac Diagnosis

Business Opportunities

  • Increasing Opportunities for AI-Enabled Cardiac Diagnosis Solutions in Emerging Economies
  • Partnerships and Alliances amongst Market Players Creating an Opportunity for Growth

Key Trends

  • Rising Number of Startups in the Market
  • Increased Awareness Regarding Preventative Measures and Personalized Treatment
  • Growing Demand for Wearable Sensors for Cardiac Monitoring Leading to Increased Adoption of AI-Enabled Solutions for Home-Based Care

Key Companies Profiled:

  • AliveCor Inc.
  • Aidoc
  • Boston Scientific Corporation
  • Canon Inc.
  • CathWorks
  • Circle Cardiovascular Imaging Inc.
  • General Electric Company
  • HeartFlow, Inc.
  • iRhythm Technologies, Inc.
  • Koninklijke Philips N.V.
  • Medicalgorithmics S.A.
  • Nanox.AI Ltd.
  • Siemens Healthineers AG
  • Tempus Labs, Inc.
  • Ultromics Limited.
  • Viz.ai, Inc.

Case Studies

Case Study 1: Ultromics Limited

  • The EchoGo System
  • Development
  • Use Case and Reliability
  • A Success Story
  • Partners and Recognitions

Case Study 2: CorVista Health, Inc.

  • The CorVista System
  • A Success Story
  • Ongoing Clinical Trials
  • Funding Scenario
  • End User Perception
  • Entry Barriers for New Entrants

Patent Analysis

  • Awaited Technological Developments
  • Patent Analysis (by Country)
  • Patent Analysis (by Year)
  • Business Models

Cardiac AI Monitoring and Diagnostics Market Impacts

  • Improved Accuracy and Efficiency
  • Early Detection of Heart Condition
  • Remote Patient Monitoring
  • Personalized Treatment Plans
  • Bridging Healthcare Gaps
  • Research and Development
  • Cost Savings

Impact of COVID-19

  • Impact on the Overall Market
  • Pre-COVID-19 Scenario
  • During COVID-19 Scenario
  • Post COVID-19 Scenario

For more information about this report visit https://www.researchandmarkets.com/r/91v5x7

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First published on Wed, Oct 25, 2023

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