Global AI in Cardiology Market- By Component (Hardware, Software, Services), By Applications (Stroke, Cardiac Arrhythmias, Ischemic heart disease/CAD, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033

Report Overview

The Global AI In Cardiology Market was valued at the USD 1.5 Billion in 2023 and is projected to reach a substantial growth of the USD 40.5 Billion by 2033, with a CAGR of 39.4%.

The term AI in cardiology refers to the applications of machine learning techniques and advanced automated algorithms in order to analyze and interpret medical data related to cardiovascular diseases. Artificial intelligence is applied across diverse aspects of cardiovascular cure such as diagnosis, risk assessment, medical imaging analysis, treatment planning, remote patient monitoring, predictive analytics and drug discovery.

AI display magnificient application in the fied of cardiology and has a strong trust enhancing accuracy, efficiency, and personalized approach for cardiovascular conditions’ management, thereby resulting into ameliorated patient outcomes coupled with enhanced effective healthcare interventions. In addition, the technology steamlines, automates administrative work, and enhance clinical decision making through real time data analysis.

The market for AI in cardiology is significantly driven by future advancements in AI technology, rising investments by healthcare sectors and collaborational efforts among market players, leading to a more sophisticated market growth. In addition, the heightening cases of cardiovascular diseases further up scale the demand for AI in cardiology solutions, leading to market growth.

• According to World Health Organization, 86.4% of people suffer from heart attacks and strokes, with an average death cases of the USD 17.9 million annually by virtue of cardiovascular diseases.

Key Takeaways

• Market Size: AI In Cardiology Market was valued at the USD 1.5 Billion in 2023 and is projected to reach a substantial growth of the USD 40.5 Billion by 2033
• Component Analysis: Software segment to dominate the AI in cardiology market 61.3% share in the year 2023.
• Application Analysis: coronary artery disease significantly occupied major portion of the market securing a revenue share of 54.6% in the year 2023.
• Regional Analysis: North America resulted the region to secure an absolutely impressive market share of 60.1% in the year 2023.
• Based on components, the market is segmented into hardware, software and services, with software segment being the higest involved in the market growth.
• Coronary artery disease leads the market for AI in cardiology depending upon application analysis.
• One of the primary driver fostering the growth of the market is escalating prevalence of cardiovascular illnesses.
• The market for AI in cardiovascular illnesses is the rising concern related to data breaches and security of patient’s data.
• North America withheld a remarkable market share in the year 2023.
• Asia-Pacific is anticipated to witness the fastest growing market owing to improved healthcare infrastructure coupled with rising incidences of cardiovascular conditions.
• Major market players have a keen focus to strategies their products leading to the development of innovations in AI based solutions for treating heart related illnesses.

By Component Analysis

Software segment to dominate the AI in cardiology market

The market for AI in cardiology is broadly categorized into three segment, i.e., hardware, software and services components. Amongst these, software component is at the forefront of the global AI in cardiology market capturing a commendable market share of 61.3% in the year 2023. The segment further promises to showcase huge growth with the fastest CAGR of 36.4% during the foreseen period. The dominance of software component is as a result of soaring demand for AI based diagnostic solutions providing highly precise diagnosis for cardiac patients.

The success of the segment can be further attributed to enhanced productivitiy, physicians’ decision making aided by data analysis, thus providing better heart analysis. Many major companies are significantly involved to strategies their products through several modes including partnerhsips and fundings, thereby building their strong presence in the marketplace.

• A Series C funcing of the USD 192 million was raised by Clearly with the aim to develop AI based software to diagnose atherosclerosis.

By Application Analysis

The market growth is elevated by rising demand of AI

With respect to applications, the market is fractionated into Stroke, Cardiac Arrhythmias, Ischemic heart disease/CAD and other applications. Surprisingly, the others category closely followed by coronary artery disease significantly occupied major portion of the market securing a revenue share of 54.6% in the year 2023. Escalating pervasiveness of the respected diseases is the primary factor driving the growth of the market to a remarkable extent.

Higher the cases high is the rate of adopting AI for the purpose of diagnosing and thereby treating coronary artery diseases. Thus, the incorporation of AI in making crucial decisions by automation and standardization of the outcome to improve precision in diagnosis, further propels the segment to an outstanding position.

• Approximately, USD 244.1 million people were suffering from coronary artery disease in 2020, according to American Heart Association.

Key Market Segments

By Component

• Hardwarwe
• Software
• Services

By Application

• Stroke
• Cardiac Arrhythmias
• Ischemic heart disease/CAD
• Other applications

Drivers

Rising pervasiveness of Cardiovascular illnesses

The market for AI in cardiology is significantly driven by rising prevalence of cardiovascular dieases such as stroke, heart disease and other heart related conditions. Being critical diseases resulting in huge cases of morbidity and mortality across the globe, necessitates high technologies such as AI to accelerate early detection, diagnosis and personalized treatment. For instance, a most common type of heart disease is Coronary heart disease (CHD) leading to an approx 375,476 mortality rates worldwide.

In addition, every year United States encounters approximately 6,95,000 number of deaths by virtue of heart disease, according to Cardiovascular Disease Data and Statistics. Thus, the rising cases of cardiovascular illnesses demands AI based treatment for early diagnosis, detection and treatment of the diseases, driving the growth of the market.

Restraints

Data breaching and security concerns

AI in cardiology market finds barrier towards market excellence due to crucial roadblocks such as risk related to data privacy and security perturbs. As AI in cardiology deals with loads of considerate data such as medical records, genetic information and images, there rises concerns of data leakage and breaching. If this is the case, the trust among healthcare providers and patients is disrupted, limiting the adoption of artificial intelligence based solutions in the healthcare settings.

Thus, compliance with data protection regulations is important to ensure data privacy and security to procure trust among patients and healthcare providers, which further leads to elevated cost of the procedures.

Opportunities

Collaborational efforts results into smooth growth of the market

The AI in cardiology market gains tremendous growth opportunities with the escalating collaborational efforts and partnerships among technology companies, healthcare sectors and research institutions. These efforts cumulatively results into upheavals in AI applications for cardiology. Aided by partnerships, the market receives a forward push resulting into faster product development and address determined healthcare challenges.

To exemplify the aforementioned fact, an eminent center for cardiology research, “Cardiovascular Research Center Aalst” made a partnership with “PMcardio”, a company in AI-powered cardiovascular diagnostics, with the aim to carry forward joint research and development. This led to an innovative combination of PMcardio’s cutting edge technology with Aalst Center’s clinical expertise, offering attractive avenues for market growth in the foreseeable days.

Impact of Macroeconomic Factors

The soaring inflation rates have considerably affected the AI in cardiology market in recent years. Prices of medical products and services rises with inflation. Cardiac patients are much more vulnerable to inflation, seeing that AI based treatments are quite expensive and at times inaccessible to begin with. According to International Monetary Fund, rate of inflation is expected to fall down to 4.1% by the year 2024. This forecast is promising for cardiac patients since it suggests a decrease in healthcare costs.

Latest Trends

AI in cardiology market excels forward with the ongoing innovations in AI based technologies. Some of these include:

Innovation in AI based Diagnostic ECG: Advancements are made in CT Scar Imaging and Wall thickness analysis which is based on vMap AI based solutions. This led to map arrhythmias using a 12 lead ECG. Vektor medical played a pivotal role in improving the AI based techniques to bring out promising outcomes.

Machine learning and Deep Learning: These advanced techniques are at the forefront of AI advancements in cardiology. These algorithms assists to analyze large datasets, identify patterns, allowing accurate risk assessment and personalized treatment plans. Thus, automation and enhancement of analysis of medical images including angiograms, cardiac MRIs and echodardiograms can be easily done by AI algorithms, thereby enabling quick witted and accurate diagnosis of cardiac conditions.

Regional Analysis

North America leads the global AI in Cardiology market

While North America dominated the global AI in cardiology market, Asia Pacific is anticipated to witness fastest growing market during the forecast period owing to the factors such as  growing elderly population, advancements in healthcare insrastructure and ameliorated economy of the region. The domination of North America resulted the region to secure an absolutely impressive market share of 60.1% in the year 2023.

The regions’ accomplishment is due to the fact of well established healthcare infrastructure, increased regulatory approvals of AI products coupled with expeditious adoption of technologically advanced products. In addition, the regions’ high prevelance of cardiovascular illnesses further bolsters the position of region, propelling the market growth.

• LVivo IQS software solution, a product of Dia Imaging Analysis received approval from United States Food and Drug Administration, to provide high quality echocardiography images to the healthcare professionals.
• On an average, 7.3% of the population with age 20 or above have coronary artery disease, afflicting 8.3% of men and 6.1% of women in North America.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Market Player Analysis

Being fragmented with many large and medium sized players, the global AI in Cardiology market is experiencing greater growth opportunities for its excellence. The major market players are into strategizing products by acquisitions and mergers leading to the development and introduction of highly advanced AI technology.

Top Key Players

• Cleerly, Inc
• DiA Imaging analysis
• Arterys Inc
• CardiAI
• IDOVEN
• RSIP Vision
• Cardiologs
• UltraSight
• Ultromics Ltd
• CathWorks
• Boston Scientific Corporation
• Canon, Inc

Recent developments

• In March 2023: Aidoc introduced its premium, cutting edge cardiovascular AI solutions package at American College of Cardiology annual conference in New Orleans. This cardiovascular solution allows combining the data aided by AI to produce clinical insights for precise diagnosis and accelerate communication to assists patients being lost to follow up, thereby resulting into an elevation of downstream treatments.
• In February 2023: PrecisionCHD was announced by Cardio Diagnosis Holdings. Being a second clinical test to deploy AI in it,  is an integrated genetic-epigenetic bloodtest for early prognosis of coronary heart diseases.

Report Scope