Forecast Period | 2024-2028 |
Market Size (2022) | USD 970.28 Million |
CAGR (2023-2028) | 8.42% |
Fastest Growing Segment | Hospitals |
Largest Market | North America |
Market Overview
Global Cardiac AI Monitoring and Diagnostics Market has valued at USD 970.28 Million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.42% through 2028. Cardiac AI Monitoring and Diagnostics Market are colored substances that are applied in the form of an aqueous solution on various substrates. They serve as colorants in various industrial applications such as food processing, printing inks, wood stain, textile processing, and others. Cardiac AI Monitoring and Diagnostics Market exhibit high selective absorptivity for liquids and substrates, making them superior to other color-imparting materials like pigments. Their exceptional absorption characteristics facilitate the modification of their physical and structural properties when applied on substrates. However, Cardiac AI Monitoring and Diagnostics Market have low resistance to light and a relatively shorter shelf life. As a result, they are primarily used in surface coating, food, and printing applications that demand high levels of transparency in the manufacturing of finished products. Cardiac AI Monitoring and Diagnostics Market can be categorized based on their solubility in a specific medium or substrate, including basic Cardiac AI Monitoring and Diagnostics Market, fat-soluble Cardiac AI Monitoring and Diagnostics Market, and metal complex Cardiac AI Monitoring and Diagnostics Market.
Key Market Drivers
Growing Demand of Cardiac AI Monitoring and Diagnostics Market
According to WHO CVD (cardiovascular diseases) is the world’s leading cause of mortality. In 2019, the number of people suffering from cardiovascular disease was estimated to be 17,9 million worldwide, accounting for 32% of global deaths. Heart attack and stroke accounted for 85% of these deaths. More than three-quarters of all CVD deaths occur in low- and middle-income countries.
Increasing Demand of Personalized Medication Drives the Market Growth
The growing demand for personalized medicine significantly drives the growth of the Global Cardiac AI Monitoring & Diagnostics Market.
Advancements In Ai and Machine Learning Drives the Market Growth
Advancements in AI and machine learning play a pivotal role in driving the growth of the Global Cardiac AI Monitoring & Diagnostics Market. Advanced AI algorithms can analyze complex and heterogeneous cardiac data, such as ECGs, imaging, and patient histories, with high accuracy. This accuracy leads to improved diagnostic capabilities, aiding healthcare professionals in identifying cardiac conditions with greater precision.
Key Market Challenges
Data availability and quality
Cardiac health data come from various sources, including wearable devices, medical sensors, electronic health records, and imaging systems. Integrating and accessing data from these diverse sources can be complex, especially if data is stored in different formats or systems that do not easily communicate with each other.
Privacy and Security Concerns
Cardiac monitoring and diagnostics involve the collection and analysis of sensitive personal health information, including electrocardiograms (ECGs), medical images, and patient medical history. Protecting this sensitive data from unauthorized access, breaches, and misuse is critical to maintaining patient trust and compliance with privacy regulations.
Acceptance by healthcare professionals
Integrating AI-based solutions into the existing clinical workflow requires healthcare professionals to adapt to new processes and tools. Resistance to change and concerns about disruptions to established routines can hinder the adoption of AI technologies.
Key Market Trends
Rise of Wearable and Remote Monitoring
Wearable devices equipped with AI-powered cardiac monitoring capabilities are becoming more prevalent. These devices can continuously track heart health, collect data, and provide real-time insights to users and healthcare professionals, enabling remote monitoring and early detection of cardiac issues.
Segmental Insights
Product
In 2022, the Cardiac AI Monitoring and Diagnostics Market was dominated by the software and is predicted to continue expanding over the coming years.
Type Insights
In 2022, the Cardiac AI Monitoring and Diagnostics Market was dominated by Cardiac Diagnostics segment and is predicted to continue expanding over the coming years.
Application Insight
In 2022, the Cardiac AI Monitoring and Diagnostics Market was dominated by ischemic heart diseases/CAD segment and is predicted to continue expanding over the coming years.
End-User Insight
In 2022, the Cardiac AI Monitoring and Diagnostics Market was dominated by Hospital segment and is predicted to continue expanding over the coming years.
Regional Insights
The North America region has established itself as the leader in the Global Cardiac AI Monitoring and Diagnostics Market.
Recent Developments
- In May 2022, KardiaComplete is a new product from AliveCor that aims to lower the rising health and financial costs of heart disease. KardiaComplete, a comprehensive heart health business solution created to enhance health outcomes and lower the cost of cardiac care, has been launched by AliveCor, the industry leader in FDA-cleared personal electrocardiogram (ECG) technology. The service will be accessible to self-insured employees, employers, health insurance companies and health systems who are diagnosed with high blood pressure (hypertension) or arrhythmias (heart palpitations).
- In June 2022, Aidoc raises USD110M To Tackle Growing Health Systems Challenges With AI. The round, which was co-hosted by TCV, one of the world’s largest growth investors, and AIC, AIC’s C-investor, will fuel the continued growth of Aidoc’s AI Care Platform.
- In November 2021, Canon Announces Launch of New Artificial Intelligence Based Cardiac CT Diagnostic Technology Precise IQ Engine (PIQE) deep-learning reconstruction (DLR) and SilverBeam filter.
Key Market Players
- AliveCorInc.
- Aidoc
- BostonScientific Corporation
- Canon Inc.
- CathWorks
- CircleCardiovascular Imaging Inc.
- GeneralElectric Company
- HeartFlow,Inc.
- iRhythmTechnologies, Inc.
- Koninklijke Philips N.V.
By Product | By Application | By End User | By Region |
Software Hardware | Ischemic Heart Disease/CAD Cardiac Arrhythmias Ischemic Stroke Others | Hospital Diagnostics Centers Others | North America Asia Pacific Europe South America Middle East & Africa |