The Artificial Intelligence In Cardiology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence In Cardiology Global Market Report 2024, The artificial intelligence in cardiology market size has grown exponentially in recent years. It will grow from $1.44 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 39.2%. The growth in the historic period can be attributed to increasing cardiovascular disease burden, big data availability, clinical decision support, growing importance of preventive cardiology, shortages in cardiovascular specialists.
The artificial intelligence in cardiology market size is expected to see exponential growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 39.2%. The growth in the forecast period can be attributed to integration with electronic health records, population aging, wearable devices, remote monitoring, global telecardiology adoption, integrated cardiovascular imaging. Major trends in the forecast period include technological innovations in cardiovascular diagnostics, advancements in ai algorithms, new drug development, advancements in medical imaging.
The high burden of cardiovascular diseases is expected to propel the growth of artificial intelligence in the cardiology market going forward. Cardiovascular diseases are all diseases that can affect the heart and blood vessels. In cardiology, AI is used to detect cardiovascular diseases by helping with electrocardiogram (ECG) interpretation and helping spot diseases like long QT syndrome and atrial fibrillation. Also, AI can evaluate vast amounts of data from electronic health records, mobile health devices, and imaging data. For instance, in January 2022, according to an article published by the American Heart Association, a US-based nonprofit organization focused on cardiovascular medical research, approximately 19.1 million deaths were attributed to cardiovascular disease globally in 2022. Furthermore, in May 2023, according to the Centers for Disease Control and Prevention, a US-based national public health agency, the number of people who died from heart disease in the US increased from 659,041 in 2019 to 695,000 in 2021. Therefore, the high burden of cardiovascular diseases worldwide will drive artificial intelligence in cardiology market.
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The artificial intelligence in cardiology market covered in this report is segmented –
1) By Component: Hardware, Software Solutions, Services
2) By Application: Cardiac Arrhythmia, Stroke, Ischemic Heart Disease Or Coronary Artery Disease (CAD), Other Applications
3) By End-Use: Lifescience Companies, Healthcare Payers, Healthcare Providers
New AI-powered cardiology products are a key trend in the artificial intelligence in cardiology market. Major companies in the artificial intelligence in the cardiology market are focused on developing innovative AI-powered products for cardiology to strengthen their position in the market. For instance, in February 2023, Eko Health, a US-based digital health company, launched a digital stethoscope platform called SENSORA for detecting heart and lung diseases. SENSORA uses the latest advancements in applied machine learning and artificial intelligence to identify structural murmurs, a sign of valvular heart disease. The SENSORATM is combined with a stethoscope, one of the world’s most widely used medical instruments, with the most recent developments in applied machine learning to create cardiovascular disease detection.
The artificial intelligence in cardiology market report table of contents includes:
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