Cardiac AI Monitoring And Diagnostic Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.53 Billion |
| Market Size (2029) | USD 4.87 Billion |
| CAGR (2024 - 2029) | 26.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cardiac AI Monitoring And Diagnostic Market Analysis
The Cardiac AI Monitoring And Diagnostic Market size is estimated at USD 1.53 billion in 2024, and is expected to reach USD 4.87 billion by 2029, growing at a CAGR of 26.10% during the forecast period (2024-2029).
The major factors driving the market are the rising prevalence of cardiovascular diseases, the demand for remote monitoring, and the increasing government initiatives for AI adoption.
The rising prevalence of cardiovascular diseases, coupled with the demand for remote monitoring, is expected to increase the demand for cardiac AI monitoring and diagnostics for the early detection of cardiovascular disease and efficient treatment. For instance, according to an article published in the Lancet in February 2024, atrial fibrillation (AF) is highly prevalent, with a lifetime risk of about one in three to five individuals after the age of 45 years. Projection studies reported that the prevalence of AF will rise to 15.9 million in 2050 in America and 17.9 million in 2060 in Europe. Hence, the rising prevalence of atrial fibrillation cases is expected to increase the demand for cardiac AI monitoring and diagnostic solutions, driving market growth over the forecast period.
Similarly, according to the data published by the Centers For Disease Control and Prevention in May 2024, every year, more than 795,000 people in the United States have a stroke. Every 40 seconds, someone in the United States has a stroke. Hence, the high prevalence of stroke is expected to increase the utilization of cardiac AI monitoring and diagnostic products for early diagnosis and treatment of stroke patients, driving market growth over the forecast period.
Furthermore, the increasing government initiatives and focus on precision medicine are expected to improve the adoption of AI technologies in the healthcare system, which is also expected to drive the market over the forecast period. For instance, in June 2023, the UK government provided around EUR 21 million (USD 23.4 million) to integrate artificial intelligence across the National Healthcare Services (NHS). This AI technology is used to diagnose patients more quickly for conditions such as cancers, strokes, and heart conditions. Hence, such government initiatives are expected to drive the market over the forecast period.
In conclusion, the rising prevalence of cardiovascular diseases, coupled with the demand for remote monitoring and increasing government initiatives and focus on precision medicine, is expected to drive the market over the forecast period. However, limited interoperability and integration, coupled with a lack of skilled professionals, is expected to restrain market growth over the forecast period.
Cardiac AI Monitoring And Diagnostic Market Trends
Cardiac Monitoring Segment is Expected to Show Significant Growth Over the Forecast Period
Cardiac monitoring systems that are incorporated with artificial intelligence can continuously track parameters such as blood pressure, heart rate, and rhythm in real time. This data helps clinicians to deliver the treatment according to patient needs and early intervention to detect abnormalities. The increasing research activities for the development of new AI-integrated cardiac monitoring systems and the rising strategic activities, such as the launch of new cardiac monitoring devices, are expected to drive segment revenue over the forecast period.
The increasing research and development activities for the launch of novel cardiac monitoring systems are expected to increase the accessibility of cardiac AI monitoring devices and drive the studied market over the forecast period. For instance, in May 2024, Royal Philips, a health technology company, presented new retrospective study results demonstrating the clinical and economic benefits of Philips’ AI-powered cardiac care solutions at the Heart Rhythm Annual Meeting in Boston. This device significantly reduces readmissions of stroke patients and also lowers the utilization of emergency departments. Hence, the increasing research activities increase the accessibility of cardiac monitoring systems because of the clinical advantages and cost-effectiveness provided by the devices, which further drives the segment revenue over the forecast period.
Furthermore, increasing strategic activities, such as product launches by key players, are also expected to drive the studied market over the forecast period. For instance, in April 2024, BIOTRONIK reported the CE approval and first European implant of its latest insertable cardiac monitor (ICM). The BIOMONITOR IV features artificial intelligence (AI) for false positive reduction. It is one of the ICMs on the market with premature ventricular and atrial contraction (PVC and PAC) discrimination capabilities as well as industry-leading signal quality and transmission success for highly reliable remote patient management. Hence, such strategic activities are expected to drive the studied market over the forecast period.
Thus, the increasing research and development activities and rising strategic activities such as product launches are expected to drive the market over the forecast period.
North America is Expected to Hold the Largest Share of the Market Over the Forecast Period
The geographical analysis of the cardiac AI monitoring and diagnostics market shows that North America holds a significant market share in the global market. This is due to the increasing investments in the development of novel cardiac AI monitoring and diagnostic devices, advanced healthcare infrastructure, and the increasing prevalence of cardiovascular diseases such as stroke, ischemic heart disease, and stenosis.
The growing investment in developing novel cardiac AI monitoring and diagnostic devices increases the launch of new solutions, ultimately driving the studied market over the forecast period. For instance, in July 2024, Octagos Health, a provider of AI-driven cardiac device monitoring solutions, reported a successful equity raise of over USD 43 million in investment capital. This funding is expected to accelerate the use of artificial intelligence to revolutionize cardiac care and provide comprehensive patient monitoring services. Similarly, in July 2023, the Canadian Institute for Advanced Research (CIFAR) reported the launch of two collaborative research networks that will receive three years of funding to advance novel strategies for the responsible use of AI in echocardiogram machines to help clinicians for better diagnosis of cardiac diseases. Hence, such huge investments in the development of cardiac AI monitoring systems are expected to drive the studied market over the forecast period.
Furthermore, the increasing number of cardiovascular diseases in the region is expected to increase the utilization of cardiac AI monitoring and diagnostic solutions for efficient diagnosis and treatment of cardiac patients, which ultimately drives the studied market over the forecast period. For instance, as per the report published by Scripps Health in January 2022, approximately one in 18 people, or 5% of the US population, had an arrhythmia in 2022. And one in four adult Americans over the age of 40 developed an irregular heartbeat. Hence, the high prevalence of cardiovascular diseases is expected to drive the market over the forecast period.
Hence, the increasing investments in the development of cardiac AI monitoring and diagnostic devices and the increasing prevalence of cardiovascular diseases in North America are expected to drive the market studied over the forecast period.
Cardiac AI Monitoring And Diagnostic Industry Overview
The cardiac AI monitoring and diagnostics market is fragmented due to the presence of several companies operating globally and regionally. Key players in the market are focusing on developing technologically advanced products to acquire the maximum market share. Some of the key players in the market include Ultromics Limited, Viz.ai Inc., Tempus, Ultrasight, and RSIP Vision.
Cardiac AI Monitoring And Diagnostic Market Leaders
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Ultromics Limited
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Viz.ai, Inc.
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Tempus
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Ultrasight
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RSIP Vision
*Disclaimer: Major Players sorted in no particular order
Cardiac AI Monitoring And Diagnostic Market News
- January 2024: Cleerly, a company that creates a new standard of care for the diagnosis of heart disease, reported the launch of the Cleerly ISCHEMIA, an automated machine learning-based decision support tool used in the diagnosis of patients undergoing coronary computed tomography angiography (CCTA) analysis using Cleerly LABS software.
- May 2023: Volta Medical, a health technology company that develops artificial intelligence (AI) solutions to assist electrophysiologists in treating complex cardiac arrhythmias such as atrial fibrillation (AF), reported that the US Food and Drug Administration (FDA) had cleared Volta AF-Xplorer, an AI companion designed for the assessment of complex AF and atrial tachycardia (AT) procedures.
Cardiac AI Monitoring And Diagnostic Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definitions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Burden of Cardiovascular Diseases Coupled with Demand for Remote Monitoring
- 4.2.2 Increasing Government Initiatives for AI Adoption and Focus on Precision Medicine
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4.3 Market Restraints
- 4.3.1 Limited Interoperability and Integration Coupled with Lack of Skilled Professionals
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4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Product
- 5.1.1 Software
- 5.1.2 Hardware
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5.2 By Application
- 5.2.1 Cardiac Arrhythmias
- 5.2.2 Stroke
- 5.2.3 Ischemic Heart Disease
- 5.2.4 Stenosis
- 5.2.5 Other Applications (Pericardial Disease, Angina and Others)
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5.3 By Type
- 5.3.1 Cardiac Diagnostics
- 5.3.1.1 Imaging
- 5.3.1.2 ECG-based
- 5.3.2 Cardiac Monitoring
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5.4 By End User
- 5.4.1 Hospitals
- 5.4.2 Specialty Clinics
- 5.4.3 Diagnostic Centers
- 5.4.4 Research and Academic Institutes
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5.5 By Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Ultromics Limited
- 6.1.2 Viz.ai, Inc.
- 6.1.3 Tempus
- 6.1.4 Ultrasight
- 6.1.5 RSIP Vision
- 6.1.6 Koninklijke Philips NV
- 6.1.7 IDOVEN
- 6.1.8 HeartVista Inc.
- 6.1.9 DiA Imaging Analysis
- 6.1.10 Cleerly Inc.
- 6.1.11 CardiAI
- 6.1.12 Boston Scientific Corporation
- 6.1.13 Cardiologos
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityCardiac AI Monitoring And Diagnostic Industry Segmentation
As per the scope of the report, cardiac AI monitoring and diagnostic solutions are integrated with artificial intelligence technologies, which are used to monitor and diagnose various cardiac diseases. The cardiac AI monitoring and diagnostic market is segmented into product, type, application, end user, and geography. By product, the market is segmented into software and hardware. By application, the market is segmented into cardiac arrhythmias, stroke, ischemic heart disease, stenosis, and other applications (pericardial disease and angina). By type, the market is segmented into cardiac diagnostics (imaging and ECG-based) and cardiac monitoring. By end user, the market is segmented into hospitals, specialty clinics, diagnostic centers, and research and academic institutes. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers values (USD) for the above segments.
| By Product | Software | |
| Hardware | ||
| By Application | Cardiac Arrhythmias | |
| Stroke | ||
| Ischemic Heart Disease | ||
| Stenosis | ||
| Other Applications (Pericardial Disease, Angina and Others) | ||
| By Type | Cardiac Diagnostics | Imaging |
| ECG-based | ||
| By Type | Cardiac Monitoring | |
| By End User | Hospitals | |
| Specialty Clinics | ||
| Diagnostic Centers | ||
| Research and Academic Institutes | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Cardiac AI Monitoring And Diagnostic Market Research FAQs
How big is the Cardiac AI Monitoring And Diagnostic Market?
The Cardiac AI Monitoring And Diagnostic Market size is expected to reach USD 1.53 billion in 2024 and grow at a CAGR of 26.10% to reach USD 4.87 billion by 2029.
What is the current Cardiac AI Monitoring And Diagnostic Market size?
In 2024, the Cardiac AI Monitoring And Diagnostic Market size is expected to reach USD 1.53 billion.
Who are the key players in Cardiac AI Monitoring And Diagnostic Market?
Ultromics Limited, Viz.ai, Inc., Tempus, Ultrasight and RSIP Vision are the major companies operating in the Cardiac AI Monitoring And Diagnostic Market.
Which is the fastest growing region in Cardiac AI Monitoring And Diagnostic Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cardiac AI Monitoring And Diagnostic Market?
In 2024, the North America accounts for the largest market share in Cardiac AI Monitoring And Diagnostic Market.
What years does this Cardiac AI Monitoring And Diagnostic Market cover, and what was the market size in 2023?
In 2023, the Cardiac AI Monitoring And Diagnostic Market size was estimated at USD 1.13 billion. The report covers the Cardiac AI Monitoring And Diagnostic Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cardiac AI Monitoring And Diagnostic Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cardiac AI Monitoring And Diagnostic Industry Report
Statistics for the 2024 Cardiac AI Monitoring And Diagnostic market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cardiac AI Monitoring And Diagnostic analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
