Artificial Intelligence (AI) in Cardiology Market
Artificial Intelligence (AI) in Cardiology Market Size, Share & Trends Analysis Report by Component (Software and Services) by Application(Cardiac Arrhythmias, Stroke, Ischemic Heart Disease /CAD, and Others) and by End-User (Life Science Companies, Healthcare Payers, and Healthcare Providers) Forecast Period (2024-2031)
Artificial Intelligence (AI) in the cardiology market is anticipated to grow at a significant CAGR of 19.5% during the forecast period (2024-2031).AI and machine learning are revolutionizing cardiac imaging, diagnostics, and treatment planning. It offers early detection, risk prediction, and personalized treatment strategies by analyzing large datasets. The COVID-19 pandemic has additionally accelerated the adoption of remote monitoring and telemedicine. Regulatory agencies guide AI-based medical devices and software in cardiology, while reimbursement policies and payment models incentivize AI adoption. Collaboration between healthcare providers, technology companies, research institutions, and regulatory agencies fosters innovation and drives market growth in AI cardiology, ultimately improving patient outcomes.
Market Dynamics
Growing demand for accurate diagnostic tools
The increasing demand for accurate diagnostic tools, is crucial for early detection of cardiac abnormalities and guiding appropriate treatment interventions. According to theWorld Heart Federation, in 2023, Cardiovascular Diseases (CVDs) claimed the lives of approximately 20.5 million individuals globally, making it a significant contributor to global mortality. These figures represent around one-third of all recorded fatalities, indicating a notable increase compared to the 12.1 million CVD deaths documented in 1990. Furthermore, ischaemic heart disease has emerged as the leading cause of premature mortality in 146 countries for men and 98 countries for women.
Demand for Precision Medicine in Cardiology
The growing demand for advanced imaging technologies, such as AI-driven image reconstruction algorithms, is essential for precise diagnosis information in cardiology precision medicine. This information enables customized treatment planning and patient care. For instance, in March 2024, Philips Healthcare introduced a new computed tomography system, the CT 5300, at the European Congress of Radiology, aimed at the growing cardiac coronary CT angiography market. The system features an AI detector optimized for image reconstruction, improving accuracy and reliability in diagnosing, interventional procedures, and screening complex cardiac cases.
Market Segmentation
Our in-depth analysis of the global artificial intelligence (AI) in the cardiology market includes the following segments by component, application, and end-user:
- Based on components, the market is sub-segmented into software, and services.
- Based on application, the market is bifurcated into cardiac arrhythmias, stroke, ischemic heart disease/CAD, and others ( electrophysiology (EP) procedures, and cardiac risk assessment).
- Based on end-users, the market is sub-segmented into life science companies, healthcare payers, and healthcare providers.
Software is Projected to Emerge as the Largest Segment
Based on the component, the global artificial intelligence (AI) in the cardiology market is sub-segmented into software, solutions, and services. Among these, the software sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes innovation in cardiac solutions,which has been driven by the rapid advancements in AI and medical imaging technology. In cardiology, sophisticated algorithms enhance diagnostic precision by analyzing intricate images and identifying abnormalities. For instance, in April 2024, GEHC launched Caption AI software for rapid cardiac assessments on Vscan Air SL, joining 60 AI-enabled medical device authorizations in the US, including 30 AI-enabled ultrasound innovations, to enhance cardiovascular solutions and ultrasound business.
Cardiac Arrhythmias Sub-segment to Hold a Considerable Market Share
The economic burden on healthcare systems owing to hospitalizations, medications, and interventions increases the risk of stroke, heart failure, and other cardiovascular complications. According to the National Center for Biotechnology Information, in December 2020, Atrial fibrillation, a common cardiac arrhythmia, is projected to affect a significant number of individuals worldwide in the coming decades. It is estimated that by 2050, 6-12 million individuals in the US and by 2060, 17.9 million individuals in Europe will experience the condition. This condition carries a substantial economic burden, in addition to significant morbidity and mortality, and is a recognized risk factor for ischemic stroke.
Regional Outlook
The global artificial intelligence (AI) in the cardiology market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Rapid Technological Adoption and Healthcare Investments In Asia-Pacific Region
India has invested significant investments in AI research and development, particularly cardiology, to address healthcare concerns. It demonstrates a nation's rapid technological adoption and innovative healthcare practices. According to the World Economic Forum, in October 2022, the AI expenditure in India is anticipated to reach $11.7 billion by 2025. Further more, the integration of AI into diagnostic algorithms has shown promise in screening for a variety of diseases, including cancer, diabetic retinopathy, and cardiovascular disease, potentially contributing to significant economic growth in India by 2035.
Global Artificial Intelligence (AI) in Cardiology Market Growth by Region 2024-2031
North AmericaHolds Major Market Share
The collaboration and partnerships among various stakeholders in the healthcare industry drive progress in AI solutions for cardiovascular care, leading to improved patient outcomes and innovative approaches to addressing cardiovascular health challenges. For instance, in February 2024, AI pioneer Aidoc and the American College of Cardiology partnered to improve cardiovascular care by enhancing the identification of patients with coronary artery calcification, a precursor to cardiovascular diseases, and promoting health equity.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the global artificial intelligence (AI) in the cardiology market include Abbott Laboratories, GE HealthCare Technologies Inc., Siemens Healthineers Co., Koninklijke Philips N.V., and Medtronic Plc, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in November 2023,Vizient partnered with Cardio Diagnostics to develop AI cardiovascular tests, including the Epi+Gen CHD and Precision CHD tests, which utilize DNA analysis for epigenetic and genetic biomarker analysis.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global artificial intelligence (AI) in the cardiology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Abbott Laboratories
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. GE HealthCare Technologies Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Siemens Healthineers co.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Artificial Intelligence (AI) in Cardiology Market by Component
4.1.1. Software
4.1.2. Services
4.2. Global Artificial Intelligence (AI) in Cardiology Market by Application
4.2.1. Cardiac Arrhythmias
4.2.2. Stroke
4.2.3. Ischemic Heart Disease /CAD
4.2.4. Others (Electrophysiology (EP) Procedures, and Cardiac Risk Assessment)
4.3. Global Artificial Intelligence (AI) in Cardiology Market by End-user
4.3.1. Life Science Companies
4.3.2. Healthcare Payers
4.3.3. Healthcare Providers
5. Global Artificial Intelligence (AI) in Cardiology Market by Region
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. AliveCor, Inc.
6.2. Bardy Diagnostics, Inc.
6.3. Biofourmis Inc.
6.4. CardiAI™
6.5. Cleerly, Inc.
6.6. Dia Imaging Analysis Ltd.
6.7. HeartFlow, Inc.
6.8. HeartVista Inc.
6.9. IDOVEN
6.10. iRhythm Technologies, Inc.
6.11. Koninklijke Philips N.V.
6.12. Medtronic Plc
6.13. RSIP Vision
6.14. TempusAI, Inc.
6.15. UltraSight Inc.
6.16. Ultromics Ltd
6.17. Viz.ai, Inc.
1. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
2. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY SOLUTIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
5. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIAC ARRHYTHMIAS CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN STROKE CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN ISCHEMIC HEART DISEASE /CAD CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN OTHER APPLICATION CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
10. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY FOR LIFE SCIENCE COMPANIES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY FOR HEALTHCARE PAYERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY FOR HEALTHCARE PROVIDERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
15. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
16. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
17. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
18. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
19. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
20. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
21. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
22. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
23. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
24. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
25. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
26. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
27. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
28. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
29. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
1. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SHARE BY COMPONENT, 2023 VS 2031 (%)
2. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY SOFTWARE MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY SOLUTIONS MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
5. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIAC ARRHYTHMIAS CARDIOLOGY MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL CHEST X-RAY ARTIFICIAL INTELLIGENCE (AI) IN STROKE CARDIOLOGY MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL CHEST X-RAY ARTIFICIAL INTELLIGENCE (AI) IN ISCHEMIC HEART DISEASE /CAD CARDIOLOGY MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL CHEST X-RAY ARTIFICIAL INTELLIGENCE (AI) IN OTHER CARDIOLOGY MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SHARE BYEND USER, 2023 VS 2031 (%)
10. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY FOR LIFE SCIENCE COMPANIES MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY FOR HEALTHCARE PAYERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY FOR HEALTHCARE PROVIDERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKETSHARE BY REGION, 2023 VS 2031 (%)
14. US ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
15. CANADAARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
16. UK ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
17. FRANCE ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
18. GERMANY ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
19. ITALY ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
20. SPAIN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
21. REST OF EUROPE ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
22. INDIA ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
23. CHINA ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
24. JAPAN ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
25. SOUTH KOREA ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
26. REST OF ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
27. LATIN AMERICA ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
28. MIDDLE EAST AND AFRICA ARTIFICIAL INTELLIGENCE (AI) IN CARDIOLOGY MARKET SIZE, 2023-2031 ($ MILLION)
