AI in Cardiology Market Size to Surpass USD 20,350 Million by 2032

The global AI in cardiology market size was valued at USD 1,060 million in 2022 and is expected to surpass around USD 20,350 million by 2032, growing at a double digit CAGR of 34.38% between 2023 and 2032.

Ottawa, Dec. 14, 2023 (GLOBE NEWSWIRE) — The global AI in cardiology market size accounted for USD 1,420 million in 2023, a study published by Towards Healthcare a sister firm of Precedence Research. As a result of the rising prevalence of cardiovascular disorders and improve technological advancements.

In March 2022, The Centers for Disease Control and Prevention reported that 18.2 million Americans have been diagnosed with coronary artery disease. Accelerated Detection in Cardiology, facilitated by AI Advancement, is Contributing to the Market Growth.

According to the World Health Organization, Heart attacks and strokes account for 85% of deaths worldwide, and cardiovascular diseases (CVDs) account for 17.9 million deaths annually, making up 31% of all deaths. Artificial intelligence helps identify cardiovascular diseases more quickly using ECGs, imaging, biomarker tracing, and atrial fibrillation assessment. This contributes significantly to the successful diagnosis and treatment of cardiovascular diseases. By helping with risk assessment, medication discovery, treatment planning, and medical diagnosis, this technology has tremendous potential to completely transform the healthcare industry.

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Artificial Intelligence (AI) is the ability to instruct a computer how to solve a problem. AI is helpful because it allows computers to gather information from data and make well-informed decisions. Through machine learning and deep learning techniques, researchers have developed several systems that greatly enhance the detection of cardiovascular diseases, ultimately resulting in more accurate and efficient diagnoses. As AI proliferates, it is anticipated to benefit patients, cardiologists, healthcare providers, insurance companies, and international policymakers.

Artificial intelligence utilization includes effectively analyzing vast amounts of data and dealing with tricky medical problems. The advancement of Al techniques demonstrates the potential of Al in future cardiology for precise assessment of CVD results, non-invasive diagnosis of coronary artery disease (CAD), detection of arrhythmias through wearables, diagnosis, treatment strategies, and outcome prediction for patients with heart failure (HF). With the development of artificial intelligence (AI), the Internet of Things (IoT), and precision medicine.

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Applications of AI in the Department of Cardiology are given below:

The global market for AI in cardiology is also growing quickly. Not only is the insertion of AI tools into cardiovascular medicine services, but it also opens up new avenues for improved patient care, streamlined procedures, and scientific advances. Accepting the potential of artificial intelligence (AI) is crucial to achieving its full impact on cardiovascular healthcare as we advance. Cutting-edge digital technologies will play a significant role in the field of cardiology in the future.

Spotlight of AI in cardiology:

  • Artificial intelligence focuses on the challenges of creating things that decide in given circumstances.
  • The medical field of cardiology is leading the way in the Artificial intelligence revolution.
  • Al enables precise cardiovascular outcome prediction, non-invasive coronary artery disease diagnosis, identification of arrhythmias, stroke and diagnosis, management, and outcome prediction for heart failure patients.
  • The Internet of Things, artificial intelligence, and precision medicine will influence future developments in cardiovascular research.
  • Unresolved ethical and data privacy issues constrain Cardiology’s use of artificial intelligence.
  • Regulations must be implemented for the safe application of artificial intelligence in cardiology and medicine.

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Global Market Expands Due to AI Revolution in Cardiology:

Global Market Expands Due to AI Revolution in Cardiology: This could be the Next Big Thing in Cardiovascular Medicine Sciences. The limitations of the instruments and practices used in clinical medicine today should serve as a stimulus for the growing use of Al tools in patient care. This field of innovation will expand rapidly, and many large corporations are investing in Al health care start-ups, which are predicted to be worth a total of $25 billion in 2020. Al is a participant in the digital revolution that is taking place in every sector of the economy. The accessibility of increasing digital data sourced from EHR and rapid advancements in computers and the web have created ideal conditions for the growth of Al.

For Instance,

  • One application of Al is monitoring atrial fibrillation in the general population with a commercially available wristwatch sensor; the results were similar to those of the study involving the conventional insertable cardiac monitor arm. Al’s technological advancements include the wireless navigation of robotic EP systems for cardiac arrhythmia catheter ablation. This lessens operator fatigue and enables the doctor to manage the catheter navigation from a comfortable, radiation-free location.

Al will continue to play a significant role in many areas of cardiovascular care in the near future, including cardiac imaging, developing algorithms from large databases traced with general guidelines, and predicting risk scores and outcomes. Significant clinical and financial benefits would result from innovative Al approaches in cardiology, which would aid in providing quick, accurate, and less inaccurate patient care. Physicians shouldn’t be afraid to embrace Al to improve workflow dynamics; Al technology won’t replace them.

The most popular Al application at the moment is automated medical image classification. More than half (of 129 (58%) of the 126 (53%) devices in Europe and the 126 (58%) devices in the USA that were approved or CE labelled for radiological use were discovered in the most recent assessment of Al/ML-based medical devices that were approved in the USA and Europe between 2015 and 2020. Research has shown that Al can match or surpass human experts in various image-based medical specializations, such as radiology, where a network of convolutional neural networks trained with labelled frontal chest X-rays performed better than radiologists. Cardiology’s deep learning algorithm identified a heart attack with accuracy on the same level as cardiologists’ work.

FDA-Approved AL/ML-based Technologies for Assessment of Cardiovascular Diseases:

Approval Date Device Name Parent Company Name Description FDA Approval Number
March, 2020 AI ECG Tracker Shenzen Carewell Electronics Detection of Arrythmias using ECG data aquired from adult without pacemaker K200036
October, 2020 ECG 2.0 App Apple Inc. Rhythm assessment Ambulatory ECG K201525
April, 2021 Gili Biosenser System Continuse Biometrics Hardware and Software for Optical Camera based measurement of pulse rate, heart rate, and/or breathing rate DEN200038
June, 2021 LINQ II Insertable Cardiac Monitor, Zelda AI ECG Classification System Medtronic Inc. Assessment of Arrythmia and alarm (Including ST segment measurement and alarm) K210484
June, 2022 Atrial fibrillation history feature Apple Inc. Assessment of Atrial fibrillation K213971

Due to this innovation, patients will receive care more quickly and accurately, and physicians can use Artificial Intelligence to enhance their practice without fear of being replaced. Regarding the future of heart health, the development of AI is significant.

The Rising Prevalence of Cardiovascular Diseases Drives the Market for AI in Cardiology

An estimated 1.28 billion adults globally aged 30-79, suffer from hypertension; the majority of these individuals, or two-thirds, reside in low- and middle-income nations. It’s estimated that 46% of adults with hypertension are ignorant of their illness. Only 42% of adult patients with hypertension receive a diagnosis and course of treatment. One in five adults (21%) who have hypertension can control it. Globally, one of the leading causes of premature death is hypertension. Heart attacks and strokes cause 85% of deaths. Elevated LDL-C levels were linked to 3.81 million (95% CI: 2.17-5.42 million) deaths overall related to cardiovascular disease in 2021. High LDL-C caused 1,090 DALYs per 100,000 people in 2021.

The demand for artificial intelligence (AI) has surged globally due to the rise in CAD across the globe. The need for cutting-edge technology to support diagnosis, treatment, and overall patient care has increased as heart-related problems become more common. AI provides valuable tools for managing cardiovascular health, including risk prediction, image interpretation, and decision support. Globally, cardiovascular diseases remain the primary cause of morbidity and death, encompassing Arrhythmia, stroke, and other associated conditions.  These diseases are becoming more common, which has increased the demand for cutting-edge technologies like artificial intelligence to improve early detection, diagnosis, and individualized treatment.

For Instance,

  • For example, a study published in the Journal of the American College of Cardiology predicted that in 2060, the prevalence of cardiovascular disease and risk factors in the US would have increased significantly. Ischemic heart disease has the most significant predicted increases in rates between 2025 and 2060 among the general U.S. population, followed by heart attack and stroke, according to the researchers. All cardiovascular risk factors are expected to rise during this time. Consequently, the facts listed above support the market expansion during the forecast period.
  • According to a recent study published by the National Center for Biotechnology Information (NCBI) in 2022, an Al algorithm classified Arrhythmia with 95.4% accuracy. Furthermore, Al classified the disease with a specificity of 94.52%, positive predictive value of 89.74%, negative predictive value of 98.55%, and 97.19% sensitivity. The study’s researchers concluded that Al’s use would reduce the overall false-positive results by 98.0%.

This surge in demand reflects a recognition of AI’s potential to enhance the efficiency and effectiveness of cardiovascular care, addressing the challenges posed by the growing burden of heart-related conditions on healthcare systems globally.

Safety Concerns and Inappropriate Use of AI Decreased the Global Cardiology Market

When using biomedical AI tools, there are significant concerns about diagnosing potentially fatal conditions and the potential for inaccurate evaluations. The effectiveness of these tools, even in cases where they are accurate, depends on how people (physicians, other healthcare workers, and patients) use them. Inadequate use can result in better scheduling, more treatment, and effective interventions. The wide availability of online and mobile AI solutions without appropriate and the general public, the lack of training provided to healthcare professionals on medical AI, and the minimal involvement of medical professionals and citizens in AI development all contribute to the inappropriate use of AI in healthcare. The impact of sizable datasets that may produce erroneous results exacerbates the misuse. Combining these factors prevents The cardiology market from adopting AI widely.

Al has numerous advantages, but there are also security and privacy concerns that need to be taken into account. The potential for hacking of data is one of the main hazards. Large volumes of highly confidential patient data are created, received, stored, and transmitted by healthcare providers. They become targets for online fraudsters and data security and privacy issues present challenges for the AI cardiology market. Combining these factors prevents The cardiology market from adopting AI widely.

Browse More Insights of Towards Healthcare:

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  • The global brain computer interface market size to reach an estimated USD 9,445.1 million by 2032 and was estimated to grow from USD 2,130 million in 2022 at 16.7% CAGR between 2023 and 2032.

AI in Cardiology Market Growth Brings by Component

In the field of cardiology, the growth in the market is driven by three main components: Hardware, Software, and Services.

  • Hardware

This refers to the physical equipment used in cardiology, such as medical devices, monitors, X-ray, and imaging machines. Advancements in hardware technology play a crucial role in improving diagnostics and treatment options for heart-related issues.

  • Software

Cardiology software includes computer programs and applications designed to analyze and interpret medical data, like heart imaging or patient records. Improved software can enhance the accuracy of diagnoses and help healthcare professionals make more informed decisions.

  • Services

This component involves the support and expertise provided to healthcare providers. It includes services like training, maintenance, and consulting. As technology evolves, specialized services become essential for healthcare professionals to effectively use and maintain cardiology-related systems.

The combined progress in these three components contributes to the overall growth of AI in cardiology, offering more advanced and efficient tools for diagnosing and treating cardiovascular conditions.

Geographical landscape:

In 2021, North America, about 16.3 million Americans who are 20 years of age or older have coronary artery disease (CAD), which is 7% of the population. The condition afflicts 8.3 % of men and 6.1% of women.  Heart disease-related medical costs are predicted to soar in the United States, from $126.2 billion in 2010 to $177.5 billion in 2040, a 41% increase. A robust healthcare system, the quick uptake of cutting-edge products, and the region’s growing number of new artificial intelligence (AI) product approvals by regulators are some of the factors driving this upward trend.

Innovation and Collaboration:

  • In September 2023, ACC collaborated with Serv Medical, a Singapore-based big healthcare data and AI company, to innovate cardiovascular care through digital therapeutics and increase medical experience in the developing market. 
  • November 2023, Synergy between HeartSciences collaborate with Icanh School of Medicine. Their collaboration aims to revolutionize ECG analysis, making HeartSciences a key player in heart diagnostics.

In the Asia-Pacific region, with 9.85 million deaths from cardiovascular disease (CVD) in SEARO and WPRO in 2019, it accounted for 45% of all deaths from non-communicable diseases. CVD is the most prevalent cause of death in these regions. It is anticipated that the region’s prevalence of cardiovascular disease (CVD) will rise sharply due to factors like an aging population, growing healthcare facilities, and an increase in the incidence of cardiovascular illnesses. For example, the Asian Development Bank projects that by 2050, one in four people in Asia and the Pacific will be over 60, or approximately 1.3 billion seniors—a fourfold increase in the population between 2010 and 2050.

Competitive Landscape:

Innovations and technological advancements drive the increasing demand for AI in the healthcare market. Companies are integrating AI to enhance diagnostics, treatment plans, and patient care. The potential for improved efficiency, accuracy, and cost-effectiveness in healthcare services fuels this surge. As the competition intensifies, organizations strive to adopt AI solutions to stay competitive, offering innovative solutions ranging from diagnostic tools to personalized medicine and data analytics. This trend is expected to shape the future of healthcare by revolutionizing patient outcomes and healthcare delivery.

Recent Developments:

  • In February 2023, Cardio Diagnosis Holdings announced the launch of PrecisionCHD. An integrated genetic-epigenetic blood test is the recently launched platform for the early detection of coronary heart disease. According to the company, This is the second clinical trial in which AI is used.
  • In June 2021, Medtronic Inc. get the approval from FDA. They Launched LINQ II Insertable cardiac monitor this device is help to detect Arrythmia and ST segment Measurement.
  • In January 2020, Eko Device Inc. get the approval from FDA. They Launched Eko Analysis Software this software used to support and evaluation of Patients heart sound and ECG’s.

Market Players

  • Philips
  • Siemens Healthineers
  • Medtronic Johnson & Johnson
  • Google Health
  • Microsoft Healthcare
  • Ultromics Limited
  • CardiAl I
  • IBM Watson Health
  • IDOVEN

Market Segments

By Component

  • Hardware
  • Software
  • Services

By Application

  • Cardiac Arrhythmias
  • Stroke
  • Ischemic Heart Disease/CAD
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.

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