Artificial Intelligence In Cardiology Market Forecasts to 2030 – Global Analysis By Component (Software, Hardware and Services), Application (Stroke, Cardiac Arrhythmias, Ischemic Heart Disease and Other Applications), End User and By Geography

Artificial Intelligence In Cardiology Market Forecasts to 2030 – Global Analysis By Component (Software, Hardware and Services), Application (Stroke, Cardiac Arrhythmias, Ischemic Heart Disease and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Artificial Intelligence in Cardiology Market is accounted for $744.08 million in 2023 and is expected to reach $746.61 million by 2030 growing at a CAGR of 36.1% during the forecast period. Artificial Intelligence (AI) in cardiology refers to the application of machine learning algorithms and computational models to analyze medical data related to the heart. This technology has shown tremendous promise in transforming the way cardiac conditions are diagnosed, monitored, and treated. AI algorithms can assist in the interpretation of echocardiograms, providing automated measurements and identifying abnormalities. AI models can assess a patient's risk of developing cardiovascular diseases based on factors like age, medical history, and lifestyle. AI-powered systems can continuously monitor patients with heart conditions through wearable devices, providing real-time alerts to healthcare providers for any concerning changes.

According to a recent study published by the National Center for Biotechnology Information (NCBI) in 2022, an AI algorithm classified arrhythmia with 95.4% accuracy. Furthermore, AI classified the disease with a specificity of 94.52%, positive predictive value of 89.74%, negative predictive value of 98.55%, and 97.19% sensitivity. The researchers of the study concluded that AI’s use would reduce the overall false-positive results by 98.0%.

Market Dynamics

Driver

Rising cardiovascular disease rates

The prevalence of cardiovascular ailments is rising on a global scale. As a result, there is an increasing demand for cutting-edge tools like AI to aid in diagnosis and treatment. AI-powered diagnostic technologies can spot cardiac irregularities sooner, enabling prompt treatment and perhaps halting the disease's future progression. Cardiovascular disease patients may benefit from more precise diagnosis and treatment strategies made possible by AI. Increased regulatory attention to cardiology-related technologies and advances may result from the growing frequency of cardiovascular disorders. This may foster an environment that encourages the creation and use of AI solutions.

Restraint

Complex regulatory approval and certification

Obtaining regulatory approval for AI-based medical devices or applications can be a lengthy and complex process. Companies must demonstrate the safety, efficacy, and clinical validity of their AI solutions to regulatory bodies. AI applications must adhere to ethical guidelines in medical practice. Further, ensuring that AI algorithms are fair and do not introduce biases based on race, gender, or other demographic factors acts as a significant regulatory concern.

Opportunity

Increasing adoption of Electronic Health Records (EHRs)

A variety of organised and unstructured patient data, including as medical histories, diagnostic tests, treatment plans, prescriptions, and more, is available through electronic health records (EHRs). AI algorithms can analyse data from a far wider patient population using EHRs than they could manually. This makes it possible to get stronger and statistically significant insights into heart problems, which may result in more precise diagnosis and therapy suggestions. AI may also aid in reducing data input mistakes in EHRs and enhancing the precision and thoroughness of patient records. Therefore, the integration of AI with EHRs in cardiology fuels the growth of the market.

Threat

Limited generalization

If the AI system is not able to generalize effectively, it may fail to identify important cardiac conditions or may flag false positives/negatives, potentially leading to incorrect medical decisions. It leads to adverse patient outcomes and there could be legal and ethical implications. Healthcare professionals may lose confidence in the AI system if it consistently provides inaccurate or unreliable results. This can hinder its adoption and acceptance in clinical practice.

Covid-19 Impact

The COVID-19 pandemic has had both direct and indirect impacts on healthcare and the adoption of AI in cardiology. Due to lockdowns and social distancing measures, there was a surge in demand for telemedicine and remote monitoring solutions. AI-powered tools, including those in cardiology, played a significant role in facilitating virtual consultations and remote monitoring of patients' cardiac conditions. AI algorithms were swiftly deployed to assist in the diagnosis and triage of COVID-19 cases. The need for minimizing in-person interactions led to an increased focus on remote diagnostic imaging, where AI can play a crucial role in interpreting images and aiding in the diagnosis of cardiac conditions.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth, due to the growing need for AI-enabled diagnostic solutions. Through data analysis, AI-based software improves medical decision-making. The ECG, aided by AI algorithms, has shortened the time it takes to diagnose patients and is capable of identifying anomalies. Moreover, this software increases productivity and provides better heart analysis. These factors are improving the demand for AI software in cardiology.

The cardiac arrhythmias segment is expected to have the highest CAGR during the forecast period

The cardiac arrhythmias segment is anticipated to witness the highest CAGR growth during the forecast period. AI algorithms can analyze electrocardiograms (ECGs) to identify and classify various types of arrhythmias, including atrial fibrillation, ventricular tachycardia, and bradycardia. AI algorithms can process long-term ECG data collected by Holter monitors. They can identify and record episodes of arrhythmias for later review by healthcare providers. In addition, personalized treatment planning, telemedicine and ECG interpretation assistance are boosting the segment growth.

Region with largest share

North America is projected to hold the largest market share during the forecast period owing to its well-established healthcare infrastructure, rapid adoption of technologically advanced products, and increased regulatory approvals of AI products. North America, particularly the United States, is a hub for technological innovation and development. Also, the region attracts significant investment in healthcare technology, including AI applications. Moreover, the growing emphasis on telemedicine and growing focus on patient-centric care is propelling the market demand.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the growing geriatric population, developing healthcare infrastructure, and improvement in the region's economic conditions. Moreover, there is a high prevalence of cardiovascular diseases in the region. China is positioned in top for CVD patient’s records. Therefore, the region's high disease burden and developing healthcare infrastructure are expected to improve the adoption of AI in cardiac diagnosis and treatment.

Key players in the market

Some of the key players profiled in the Artificial Intelligence In Cardiology Market include Arterys Inc., IDOVEN, Cardiologs, Ultrasight, Ultromics Limited, DiA Imaging Analysis, CardiAI, Viz AI, Cleerly, Inc, RSIP Vision, Vista AI, HeartVista Inc, Caption Health, HeartFlow, Bay Labs, Siemens Healthineers, NuvoAir and PathAI.

Key Developments

In August 2023, Siemens Healthineers unveils the Acuson Origin1, a dedicated cardiovascular ultrasound system with new, robust artificial intelligence (AI) features. Designed to improve patient outcomes and help physicians perform minimally invasive cardiac procedures more efficiently, the Acuson Origin addresses the entire continuum of cardiovascular patient care, including diagnostic, structural heart, electrophysiological, and pediatric procedures.

In February 2023, DiA Imaging Analysis received U.S. FDA clearance for its LVivo IQS software solution, which is used to provide high-quality echocardiography images of the heart to physicians.

In April 2022, Arterys has launched Strain + AI a new cardio AI feature. Strain + AI has beautiful, easy to interpret color and vector overlays, 17-segment models, and plot curves and automatically provides strain and strain rate decomposed into radial and circumferential components as well as myocardial velocity.

Components Covered
• Software
• Hardware
• Services

Applications Covered
• Stroke
• Cardiac Arrhythmias
• Ischemic Heart Disease
• Other Applications

End Users Covered
• Healthcare Payers
• Life Science Companies
• Healthcare Providers

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements