GlobalData, a data and analytics company, on Wednesday said that the recent deals and collaborations in the medical device space indicate a growing interest in artificial intelligence (AI) applications for the diagnosis and treatment of cardiovascular disease.
The analytics company stated that the New York-based digital health company Cleerly had raised $192 million in a Series C financing round for its AI-driven diagnostic platform for coronary atherosclerosis in July. Earlier in the month, AI-driven company anumana, inc partnered with Novartis to drive the development of its electrocardiogram (ECG) AI algorithms to detect subclinical heart disease.
“AI is offering cardiologists a new set of tools to aid in decision-making, maximize workflow efficiency, and deliver more personalized patient care. To date, it has been used to predict cardiovascular disease risk, interpret ECGs and diagnostic images, and inform treatment selection. The applications for AI in cardiology have expanded significantly in recent years and was the focal point of several deals and partnerships in July,” Jacob Fletcher, MSc, Medical Analyst at GlobalData said in a statement on Wednesday.
Last month, researchers from Cornell University announced the launch of the Cardiovascular AI Initiative, a three-year, $15 million collaboration with the New York Presbyterian Hospital to employ AI and machine-learning techniques to inform heart failure treatment and prevention strategies.
According to the company, there have been 151 deals involving AI in the cardiovascular devices market since 2020. Cardiovascular device AI deals hit an all-time high in 2021, totaling nearly $1.6 billion, the company claims.
“The continued investment in the development of AI-based cardiology tools reflects the growing potential of AI for manufacturers and cardiologists. Significant research efforts will be needed to support its adoption into practice, as patient benefits will need to be clearly demonstrated,” he added.