Market Trends of Cardiac AI Monitoring And Diagnostic Industry
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.
