Artificial Intelligence in Cardiology Market: Current Analysis and Forecast (2022-2030)
Emphasis on Components (Hardware, Software Solutions, and Services); Application (Cardiac Arrhythmias, Stroke, Cardiac Heart Disease, and Others); Region/Country
Artificial Intelligence in the Cardiology market was valued at USD 700 Million and is expected to grow at a strong CAGR of around 38% during the forecast period (2022-2030). Artificial Intelligence (AI) in cardiology refers to the use of machine learning algorithms and other AI techniques to analyze patient data, medical images, and other relevant information to assist in the diagnosis, treatment, and prevention of heart disease. The market for AI in cardiology is proliferating because of the increasing adoption of advanced IT technologies in the healthcare sector to monitor the cardiac health of patients. Further, the factors such as surging incidences of cardiac diseases, along with the frequent product launches by the major market players are important factors catalyzing the growth of AI in the cardiology market globally.
Some of the major players operating in the market include IDOVEN; CardiAI; Ultromics Limited; Arterys Inc; Cardiologs; UltraSight, DiA Imaging Analysis; HeartVista Inc; Viz.ai, Inc.; and RSIP Vision Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst components, the software solutions segment is expected to witness fast growth during the forecast period.”
Based on components, the market is segmented into hardware, software solutions, and services. The software segment is to grow with the highest CAGR in AI in the cardiology market. The rising adoption of AI-based software in the healthcare industry to manage patient heart records such as heart rates, ECG rates, and medication monitoring. This software enables practitioners the assessment of risk and helps medical professionals in the decision-making about treatment and its management.
“Amongst Applications, the cardiac heart disease segment is expected to grow with highest CAGR during the forecast period”
Based on the application, the market is segmented into cardiac arrhythmias, stroke, cardiac heart disease, and others. Amongst these, the cardiac heart disease segment is expected to grow with the highest CAGR during the forecast period. The increasing number of cases of coronary heart disease and the deaths associated with it are attributed to the large share of the segment in the market. For instance, as per the Centers for Disease Control and Prevention, coronary heart complaint is the most common type of heart complaint, killing 382,820 people in 2020 in the U.S.
“Asia Pacific is expected to grow with highest CAGR Artificial Intelligence in Cardiology market during the forecast period”
“Asia Pacific is expected to grow with highest CAGR artificial intelligence in the cardiology market during the forecast period due to its large population, increasing healthcare expenditure, and growing awareness about the benefits of early disease diagnosis. The region includes countries such as China, Japan, India, South Korea, and Australia. Further, the frequent product launches by the major industrial players are attributed to the market growth of artificial intelligence in cardiology in the region. For instance, in September 2022, GE Healthcare launched an AI-powered Cath lab named Optima IGS 320 to advance cardiac care in India.
Artificial Intelligence in Cardiology Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global artificial intelligence in the cardiology market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Artificial Intelligence in Cardiology Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global artificial intelligence in cardiology market were the three major steps undertaken to create and analyze the adoption of artificial intelligence in cardiology in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of global artificial intelligence in the cardiology market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of artificial intelligence in the cardiology market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of artificial intelligence in the cardiology market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of artificial intelligence in the cardiology market. Further, we conducted factor analysis using dependent and independent variables such as components and application of artificial intelligence in the cardiology market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in artificial intelligence in the cardiology market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global artificial intelligence in cardiology market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of artificial intelligence in cardiology market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global artificial intelligence in cardiology market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global artificial intelligence in the cardiology market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global artificial intelligence in cardiology market.
The main objective of the Global Artificial Intelligence in Cardiology Market Study
The current & future market trends of global artificial intelligence in the cardiology market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Artificial Intelligence in the Cardiology market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component and application.
- Define and analysis of the regulatory framework for artificial intelligence in the cardiology industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of artificial intelligence in the cardiology market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the artificial intelligence in the cardiology market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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