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Cardiac AI Monitoring And Diagnostics Market Future Trends, Segments, Growth Rate, Major Players And Forecast To 2033
Cardiac AI Monitoring And Diagnostics Market
According to The Business Research Company's, The cardiac AI monitoring and diagnostics market size has grown exponentially in recent years. It will grow from $1.35 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth in the historic period can be attributed to aging population demographics, rise in remote patient monitoring, increased healthcare expenditure, clinical research and validation studies, focus on preventive healthcare.
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Market Drivers and Trends:
The growing prevalence of cardiovascular diseases is expected to propel the growth of cardiac AI monitoring and diagnostics going forward. Cardiovascular diseases (CVDs) are a set of illnesses of the heart and blood arteries, comprising cerebrovascular disease, coronary heart disease, rheumatic heart disease, and others. Cardiac AI monitoring and diagnostics help in early diagnosis, risk assessment, and tailored therapy of cardiovascular illnesses, resulting in better patient outcomes. For instance, 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 690,882 in 2020 to 695,000 in 2021. Therefore, the growing prevalence of cardiovascular diseases is driving the cardiac AI monitoring and diagnostics market.
Major companies operating in the cardiac AI monitoring and diagnostics market are focused on developing technology-based medical devices, such as artificial intelligence-based implantable cardiac monitors, to strengthen their position in the market. Artificial intelligence-based implantable cardiac monitors are devices that constantly track cardiac function. For instance, in May 2023, Biotronik, a Germany-based cardiovascular biomedical research and technology company, announced that the US Food and Drug Administration (FDA) had approved the BIOMONITOR IV implantable cardiac monitor (ICM). The BIOMONITOR IV implantable cardiac monitor (ICM) uses BIOTRONIK's innovative, AI-powered SmartECG algorithm, which contains advanced algorithms that eliminate 86% of all false identifications while maintaining 98% of real episodes. This revolutionary technology improves detection accuracy for healthcare professionals, minimizing false positive warnings and assisting them in making quick and precise diagnoses of certain cardiac problems. Aside from SmartECG technology, BIOMONITOR IV is the first ICM to distinguish between premature ventricular contractions (PVCs) and premature atrial contractions (PACs).
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Major Key Players of the Market:
Abbott Laboratories, Medtronic plc, Siemens Healthineers AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Boston Scientific Corporation, ZOLL Medical Corporation, Canon Medical Systems Corporation, Biotronik SE & Co. KG, iRhythm Technologies Inc., Tempus Labs Inc., Viz.ai Inc., HeartFlow Inc., Aidoc, Eko Devices Inc., CardioFocus Inc., Circle Cardiovascular Imaging Inc., Ultromics Limited., Cathworks, Medicalgorithmics S.A., Nanox.AI Ltd, Cardiac Insight Inc., CardioSecur GmbH, Cardionomic Inc., HeartSciences, CardioComm Solutions Inc., CardioDiagnostics Inc.
Cardiac AI Monitoring And Diagnostics Market 2024 Key Insights:
• The cardiac ai monitoring and diagnostics market is expected to grow to $4.37 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%.
• Role Of Cardiac AI Monitoring And Diagnostics In Addressing The Rising Prevalence Of Cardiovascular Diseases
• Revolutionizing Cardiac Care Advancements In Artificial Intelligence-Based Implantable Cardiac Monitors
• North America was the largest region in the cardiac AI monitoring and diagnostics market in 2023
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