The Asia Pacific AI in Healthcare market size is expected to grow significantly at a compound annual growth rate (CAGR) of 52.3% from 2020 to 2028.
Artificial Intelligence has made life easier in all aspects. Healthcare is not an exception. Advances in medicine, supported by progress in public health, research, innovation and technology have significantly reduced morbidity and mortality. The healthcare sector is developing rapidly by making use of Artificial Intelligence to increase productivity while reducing the huge burden on healthcare workers.
AI has various applications in healthcare. It enables medical practitioners to retrieve information, interpret images acquired during scans and make treatment plans for the medical procedures. In addition to the clinical aspect, Artificial Intelligence is also proving beneficial in research activities. Globally, government and private organizations are initiating the incorporation of Artificial Intelligence in their research endeavours to accelerate developments surrounding COVID-19 vaccines.
AI has gained significant traction during the pandemic from combining scientific papers on coronaviruses to searching CT scans for COVID-19 symptoms. Even amid economic uncertainties due to COVID-19, Healthcare AI companies have gained numerous opportunities to thrive upon owing to the reason that they minimize human interaction, thus minimising the risk of transmission and shielding the frontline workers.
The Asia Pacific has been the fastest growing region in terms of developments and innovations with China and Japan being the leading players in the market. China is the biggest market for Artificial Intelligence, irrespective of the agenda. China is expected acquire highest market share in APAC by 2025 owing to factors such as continuous government initiatives for setup of research and development centres, development of AI infused hospital software applications and providing investment support to growing start-ups.
The APAC region has a potential market owing to the big pharmaceutical companies in life science research harbouring innovative methods. The medical market potential of India is vast, offering innumerable opportunities to Japan to bring about new changes that would assist the people to get access to healthcare. Japanese companies are tapping into this potential through funding and technological solutions to revolutionize healthcare in India.
Concrete government measures to accelerate AI development fuels the market growth in China. AI application to expedite drug discovery boosts the market in Japan. Quality healthcare services and rapid expansion of medical insurance coverage motivates the market growth in South Korea. Developing IT infrastructure and AI-friendly government initiatives support the growth of AI in healthcare market in India.
The existence of large troves of data in the form of images such as CAT scans and radiographs and the advancement in image recognition technology have fuelled the increase in AI adoption across Asian healthcare companies. In addition to this, there is a rise in need to reduce healthcare costs at the same time, increase computing power by minimising hardware costs.
There is an imbalance between the healthcare workforce and the patients. Artificial Intelligence restores this balance, further fuelling the market growth. Increased funding for Research and Development in the field contributes to the growth of the market. It is also driven by the ongoing COVID-19 pandemic.
Type of Artificial Intelligence in Healthcare
The AI technologies that play an important role in healthcare are as follows:
- Machine learning – neural networks and deep learning
- Natural language processing
- Rule-based expert systems
- Physical robots
- Robotic process automation
The most common form of AI is Machine Learning which is a statistical technique for fitting models to data and to learn by training models with data.