The AI market in the health field is booming, supported by Silicon Valley giants and emerging companies. The market has been estimated to reach USD6.6 billion by 2021. The market is anticipated to have a double digit accelerated growth of 62.2% between 2016-2022.

The data collection is mainly via smartphones and other connected objects that the companies are developing. Companies like Cardiogram are creating applications that can detect arrhythmias in users of smart watches. The company uses the clock’s sensors and an algorithm to distinguish a normal heart rate from an atrial fibrillation which can lead to a heart attack. University of Harvard and university of Vermont created to tool to identify cases of depression by analyzing the photos published on the Instagram network. Google (Alphabet), is developing its departments’ DeepMind using AI to help doctors assess the risks of cancer spread and develop appropriate radiotherapy treatments.

Other big companies involved in developing AI tools are IBM, Medtronic, Microsoft, Apple, Amazon, Sentrian, Healthsense Inc, Propeller Health, Buoy Health, etc. Most new startups use machine learning and predictive analytics. Currently, North America leads the AI healthcare market, followed by Europe. India and China in the Asia Pacific region have the highest potential for growth.

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The market is mainly driven by increasing prevalence of neurological disorders and growing popularity of minimally invasive surgery (MIS). Other factors include favourable reimbursement plans, rising adoption of carotid stents and balloon catheters by neurosurgeons.

Globally, adoption of MIS has increased as these procedures are known for their accuracy and convenience along with reduced hospital stay. However, shortage of skilled neuro-medical experts and the rising cost of devices may pose as restraints for market growth.

Major players include Stryker, Johnson & Johnson, Terumo, Medtronic, and Penumbra with Stryker leading the market.

Hospitals account for 85% of neurovascular device use and this segment is estimated to have highest growth during the forecast period followed by ambulatory surgical units and clinics. United States accounted for more than 70% of the market share. In the forecast period, APAC region is expected to grow primarily due to increasing healthcare spending.

Latin America is expected to increase by 5.5% over 2016-2024, driven by the rising prevalence of brain-related disorders and an increase in the number of geriatric patients. Neurovascular devices are used in in stenosis, brain aneurysm, and ischemic strokes. More than 4% of American population suffers from aneurysms. Ischemic stroke is estimated to observe the highest growth between 2016-2024 while brain aneurysm, having more than 70% market will depict a substantial growth rate over the forecast period.

Vascular stents include coronary, peripheral, carotid, femoral and aortic aneurysm stents. Major driver for this market is the increasing disease burden coupled with increasing demand for minimally invasive procedures. Other factors driving growth include technological advancements in stents, increasing geriatric population and disease awareness.

However, indirect competition from alternative treatment procedures, stringent regulations, product failure/recall, etc. are some of the aspects restraining the market growth. Of the three types of stents in the market i.e. bare-metal stents (BMS), drug-eluting stents (DES), and bioabsorbable stents, DES accounted for the largest share in 2016. This can be primarily attributed to the lower risk of restenosis with DES over BMS.

The balloon-expandable stents segment is anticipated to growth at higher CAGR than the self-expanding stents due to their increasing use in angioplasty procedures. North America has the largest market share for vascular stents in 2016. However, the factors such as large population base, rising technology adoption and low manufacturing costs are expected to drive the Asian market with highest growth during the forecast period.

The vascular market is highly fragmented with key players including Medtronic, Abbott Laboratories, Boston Scientific Corporation, Biotronik, B. Braun, Terumo Corporation, Stentys, MicroPort Scientific Corporation, Meril Life Sciences, Vascular Concepts, W. L. Gore and Associates, C. R. Bard (BD acquired), Endologix, Lombard Medical Technologies, Translumina and Jotec.