Increase in number of investments, advancements in processor designs, supportive legislatives & regulations and entry of global players in the market will be the key factors driving growth in APAC AI in Healthcare Market.
Rise in the Number of Collaborations, Investments & Partnerships: Several companies, hospitals and chain of clinics in APAC have started collaborating, after witnessing the rising benefits of using AI including superior customer experience. On the company front, AI has led to improved efficiency to diagnose and treat various diseases.Moreover, rise in incidence of chronic diseases and increase in geriatric population has provided major boost to the demand for AI in the healthcare sector.The surfacing of start-ups in the AI space has intensified competition in the market. This has given rise to the progress of the technology in a more cost effective manner. Healthcare companies were seen leveraging the benefits of the technology by simply acquiring start-up companies rather than developing the technology from scratch. For instance, Cardio-track has partnered with Columbia Asia Hospitals in Bangalore in August 2017 to provide AI-based devices that can be used to predict and diagnose cardiac diseases and disorders.
Supportive Legislations & Regulations: Government of countries such as China, Japan and India have been continuously investing their resources to promote development and usage of artificial intelligence services in healthcare and other sectors. In 2017, State Council of China released the Next Generation Artificial Intelligence Development Plan (Development Plan) with aim of developing regulatory system, strengthening intellectual property protection and promotion of AI development in China. The development plan is comprised of three stages i.e. 2020, 2025 and 2030 with goals for every stage. Apart from this, the government also provides various incentives such as tax reduction, low interest rate loans for setup costs and others to promote AI development centres in the country. Government of India developed Artificial Intelligence Task Force for enabling creation of an inter-ministerial National AI mission for coordination of AI related activities in country. These initiatives have played a huge role in bringing development and innovation to artificial intelligence services in healthcare market in these regions.
Wider Acceptability: Players operating in the artificial intelligence healthcare market have consistently adopted innovative strategies in order to gain a competitive advantage. Companies have been trying to develop AI services wherein a single type of AI can be used in multiple medical devices thereby increasing its applications and ease of integration in current systems. Other competing parameters followed by major players include provision of customization services to clients, ease in usage and involvement of low operational cost.
Analysts at Ken Research in their latest publication “APAC Healthcare AI Market Outlook to 2025 – By Applications (Machine/Robot Assisted Medical Procedures, Clinical Trial & Drug Discovery/Development, Preliminary Diagnosis, Administrative Workflow Assistance, Virtual Nursing Assistant, Fraud Detection, Dosage Error Reduction), by Countries, by End Users & by Technologies and Current Investment Scenario” believes that an increase of investments in AI Healthcare and growing government initiatives in field of artificial intelligence and healthcare would surge the overall revenue generated in APAC AI in Healthcare market. The market has witnessed a positive CAGR of close to 56% in terms of revenue generated Artificial Intelligence Providers in Healthcare during the review period 2013-2018.
Key Segments Covered in APAC AI in Healthcare Market
By Technology (On the basis of Revenue)
Deep Learning Method
Natural Language Processing
Context Aware Processing
By Application (On the basis of Revenue)
Machine/Robot Assisted Medical Procedures
Clinical Trial & Drug Discovery/Development
Administrative Workflow Assistance
Virtual Nursing Assistant
Dosage Error Reduction
Others (including Fitness & Wellness Tech (Physical Fitness, Mind & Body Wellness)
By End Users (On the basis of Revenue)
Medical Devices Companies
Pharmaceuticals & Biotechnology Companies
Others Including Payers and Other Software Providers
By Country (On the basis of Revenue)
Rest of APAC
Key Target Audience
Hospitals, Clinics and Healthcare Providers
Medical Device Manufacturers
Healthcare Software Providers
Pharmaceuticals & Biotechnology Companies
Venture Capital Firms
Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2025
Next IT Verint Corporation
Key Topics Covered in the Report
APAC AI in Healthcare Value Chain & Ecosystem
APAC AI in Healthcare Market Size Analysis, 2013– 2018
APAC Healthcare AI Market Segmentation, 2013-2025E
Innovation, Adoption and Application Gap - Comparison of APAC with Europe & US
Regulatory Framework in APAC AI in Healthcare Market
Case Studies on Various Application Areas of AI in Healthcare, 2013-2018
Competitive Landscape in APAC AI in Healthcare Market, 2018
Company Profiling Of Major Players Operating in APAC Artificial Intelligence in Healthcare Market
Investment Scenario- Healthcare in AI, 2018
Markets of Investment Activity
Future Market Sizing Analysis, 2019E-2025E
For more information, refer to below link:
India Healthcare IT Market Outlook to 2023 - By Hospital, Pharmacy, Medical Imaging and Laboratory Information Management Systems and by Delivery Mode (On Premise, Hosted and Cloud Mode), By Component and By End Users
Ankur Gupta, Head Marketing & Communications
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