Edwards Lifesciences Advances in AI With Bay Labs Tie-Up

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Keeping pace with the Artificial Intelligence (AI) revolution, Edwards Lifesciences CorporationEW recently collaborated with a San Francisco-based privately held company - Bay Labs. Through the tie-up, Edwards Lifesciences is aiming at improving the detection of heart diseases and driving quality by using Bay Labs' ability to apply AI to cardiovascular imaging.

This multi-faceted initiative partnership involves the integration of Bay Labs' EchoMD algorithms into Edwards Lifesciences' CardioCare quality care navigation platform along with the development of new AI-powered algorithms in EchoMD measurement and interpretation software suite. The companies also aim at providing support to clinical studies at leading institutions.

Market Prospects Solid

Going by the latest Heart Disease and Stroke Statistics 2018 report by American Heart Association, around 92.1 million U.S. adults are living with some form of cardiovascular disease or the after-effects of stroke. Further, cardiovascular diseases have been a major cause of death of around 836,546 people in the United States. Notably, this is gradually taking the shape of a deadly epidemic.

Notably, projections related to the disease hint at the continuation of the present trend. In this regard, the number of deaths globally due to cardiovascular diseases is expected to increase to more than 23.6 million by 2030. Moreover, total direct expenditures related to cardiovascular diseases are expected to rise to $749 billion in 2035.

Furthermore, the market is expected to see a CAGR of 6.7% to reach $81.38 billion between 2017 and 2027 (per a report by Visiongain).

AI Bringing a New Era inCardiovascular Disease Management

According to a research firm TechEmergence, AI is being broadly used in the following three categories for better management of cardiovascular diseases.

AI is being applied to automate the Atrial fibrillation process under the ECG monitoring category. It is also being used by companies to accurately predict the risk of cardiovascular disease and its related impact. Finally, the companies are involved in actively using the AI platform to improve the accuracy of patient scans for detecting cardiovascular diseases.

There are certain developments which deserve a mention here. A leading digital health company Analytics 4 Life is actively involved in designing a machine learning algorithm to detect coronary artery disease non-invasively (without radiation or accelerating the heart).

Cardiotrack, an India-based start-up, recently introduced a technology platform that uses a hand-held device, cloud storage and artificial intelligence to capture and analyze electrocardiogram signals for specific heart conditions.

Share Price Movement

Shares of Edwards Lifesciences have outperformed its industry over the past year. The stock has gained 42.7% compared with the industry's 12.5% rally.

Zacks Rank & Key Picks

Edwards Lifesciences has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are Veeva Systems VEEV , Integer Holdings Corporation ITGR and Surmodics, Inc SRDX .

Veeva Systems' long-term earnings growth rate is estimated at 19.5%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Integer Holdings has an earnings growth rate of 30.3% for 2018 and a Zacks Rank #2 (Buy).

Surmodics' long-term earnings growth rate is projected at 10%. The stock carries a Zacks Rank of 2.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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