Warsaw Stock Exchange-listed Medicalgorithmics has signed a commercial agreement with NexGen MediQ, a distributor of advanced medical technologies in Sweden and the broader Scandinavian region. Under the agreement, the company’s breakthrough AI-based cardiac imaging solution, VCAST – positioned as a competitive alternative to U.S.-based solutions such as HeartFlow and Cleerly – will be made available to customers in the Scandinavian market following integration.
This marks the fourteenth agreement signed by the Polish medtech company since the beginning of the year and the second collaboration with the Swedish partner. Under the first agreement, NexGen MediQ began distributing Medicalgorithmics’ DRAI software, an innovative ECG analysis platform powered by proprietary artificial intelligence algorithms.
“The agreement with our Scandinavian partner confirms the high quality of VCAST and demonstrates genuine market interest in our cutting-edge technology. It also validates our strategic assumption that partners and clients already familiar with the performance and diagnostic precision of our ECG solutions, such as DRAI/DRP, will naturally become early adopters and ambassadors of the VCAST platform. With CE certification in place, we are now poised to commercialize the technology across additional international markets” commented Dr. Kris Siemionow, CEO of Medicalgorithmics. “It is worth noting that the reimbursement rate for a single VCAST session (final diagnostic report) is typically priced at ten times higher than the already attractive, double-digit reimbursement level for final reports generated in the ECG segment using DRAI technology” added Siemionow.
NexGen MediQ is a distributor of state-of-the-art medical technologies across Sweden and the Nordic countries. The company supplies hospitals, clinics, regional health systems, and other medical institutions with innovative and safe solutions designed to improve patient care and optimize clinical workflows. NexGen MediQ already distributes Medicalgorithmics’ DRAI software – a world-class diagnostic platform leveraging AI for ECG interpretation – in the Scandinavian market.
According to Mordor Intelligence, the Swedish cardiology device market is projected to reach approximately USD 340 million in 2025, with an anticipated growth to USD 420 million by 2030 (CAGR: 4.2%). The diagnostic and monitoring segment is expanding at a faster rate (CAGR ~5.7%) than the interventional/surgical segment. Among clinical applications, structural heart disease devices represent the fastest-growing segment (CAGR 6.3%), while coronary artery disease-related devices still dominate in terms of market share (~42%).
The diagnostic device segment is being driven by the aging population, increasing adoption of minimally invasive procedures (e.g., TAVI), growing investments in remote cardiac monitoring, and strong data infrastructure (such as the SWEDEHEART registry), all supported by the ongoing digital transformation of healthcare systems.
VCAST (Virtual Cardiac Stress Test) is a non-invasive AI-powered technology for assessing coronary artery disease (CAD). It enables diagnosis based on widely available and cost-effective coronary computed tomography angiography (CCTA) scans, analyzed by proprietary machine learning algorithms. VCAST provides physicians with a fast, non-invasive, and cost-efficient alternative to traditional diagnostic methods such as coronary angiography, which are considerably more complex, invasive, and expensive.
In mid-October, Medicalgorithmics completed CE certification for the VCAST software, paving the way for commercialization across the European Union and select non-EU markets. Developed by Medicalgorithmics’ U.S.-based subsidiary Kardiolytics Inc., VCAST utilizes advanced AI algorithms to analyze cardiac CT imaging and was originally introduced to Medicalgorithmics by its largest shareholder, Biofund Capital Management.