APAC AI in Healthcare Market Analysis

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  • Type: Service area
  • Published : June 2021
  • Region: APAC
  • Country: Other
  • Report ID : 4883

  • Format: PPT, PDF

APAC AI in Healthcare Market: Segmented by Product (AI Integrated Hardware, Software and Services), by Technology (Machine Learning, Natural Language Processing, Context Aware Computing and Computer Vision), by End Use Application (Patient data and risk analysis, Inpatient care and hospital management, Medical imaging and diagnostics, Lifestyle management and remote patient monitoring, Virtual Assistants, Drug discovery, Research, Healthcare Assistance Robots, Precision medicine, Emergency room and surgery, Wearables, Mental Health and Cybersecurity), by End User (Hospitals and healthcare providers, patients, Pharmaceuticals and Biotechnological companies, Healthcare payers and others) Region (China, Japan, South Korea, India and Rest of Asia Pacific) – Growth, Trends, and Forecasts (2020 – 2028)

Published Date: June, 2021

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Report Overview

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.

Market Drivers

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:

  1. Machine learning – neural networks and deep learning
  2. Natural language processing
  3. Rule-based expert systems
  4. Physical robots
  5. 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.

 

 

 

 

1. APAC AI in Healthcare Market Overview………………………………………………..
A. Market Size
2. Market Growth Drivers ………………………………………………………………….
A. Government measures to accelerate AI developments
B. Expedition of drug discovery with AI applications
C. Quality healthcare services and rapid expansion of medical insurance coverage
D. Developing IT infrastructure
E. AI-friendly government initiatives
F. Influx of large and complex healthcare datasets
G. Need to reduce healthcare costs
H. Need to reduce hardware costs
I. Need to increase computing power
J. Restoration of balance between healthcare workforce and patients
K. Increased R&D Funding
L. COVID-19 Pandemic
3. Types of AI related to healthcare…………………………………………………………….
A. Machine learning – neural networks and deep learning
B. Natural language processing
C. Rule-based expert systems
D. Physical robots
E. Robotic process automation
4. Global AI in Healthcare Market Segmentation………………………………………
A. Product
I. AI Integrated Hardware
II. Software
III. Services
B. Technology
I. Machine Learning
II. Natural Language Processing
III. Context Aware Computing
IV. Computer Vision
C. End Use Application
I. Patient data and risk analysis
II. Inpatient care and hospital management
III. Medical imaging and diagnostics
IV. Lifestyle management and remote patient monitoring
V. Virtual Assistants
VI. Drug discovery
VII. Research
VIII. Healthcare Assistance Robots
IX. Precision medicine
X. Emergency room and surgery
XI. Wearables
XII. Mental Health
XIII. Cybersecurity
D. End User
I. Hospitals and healthcare providers
II. Patients
III. Pharmaceuticals and Biotechnological companies
IV. Healthcare Payers
V. Others
E. Region
I. China
II. Japan
III. South Korea
IV. India
V. Rest of Asia Pacific
5. AI Major Products Market Share…………………………………………………………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
7. Key Company Profiles…………………………………………………………………..
8. Healthcare Policies and Regulatory Landscape…………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth……………………………………………………….
A. New Trends and Development of AI in Healthcare market
B. Future Opportunities
10. Conclusion……………………………………………………………………………………………..

Market Segmentation

By Product:

APAC AI in Healthcare market is segmented into AI integrated Hardware, Software and Services.

  • AI integrated Hardware includes Processor, Memory and Network.
  • Software includes on-premises and cloud solutions along with an AI platform which houses the machine learning framework and the Application Program Interface.
  • Services include Deployment and Integration of AI hardware and software solutions, Support and Maintenance.

By technology:

Based on the technology used, the Asia Pacific AI in Healthcare market is segmented into Machine Learning, Natural Language Processing, Context Aware Computing and Computer Vision.

  • Machine Learning has further types like Deep Learning, Supervised Learning, Reinforcement Learning, Unsupervised Learning and others. Imaging and diagnostics, and drug discovery are among the applications that use deep learning. It is also used to automate data analysis to deal with large volumes of data.
  • Natural Language Processing is widely used by clinical and research community in healthcare to develop and manage semi-structured and unstructured textual documents, such as electronics health reports, pathology reports, and clinical notes. The demand has risen with increase in number of healthcare institutions structuring and interpreting their data more accurately.
  • Context Aware Computing has seen a boom after the development of sophisticated hard and soft sensors.
  • Computer Vision has been responsible for significant contributions to the fields of surgery and therapy. This offers precise diagnoses, minimising false positives. Computer vision algorithms are trained to utilise huge amounts of data to detect the presence of a condition which the human doctors might miss owing to their sensory limitations.

By End-Use Application:

Based on the end use application, the market is segmented into patient data and risk analysis, Inpatient care and hospital management, medical imaging and diagnostics, Lifestyle management and remote patient monitoring, Virtual Assistants, Drug discovery, Research, Healthcare Assistance Robots, Precision medicine, Emergency room and surgery, Wearables, Mental Health and Cybersecurity.

  • Patient risk algorithms consider several variables and express the results as the percentage risk of developing a major fatal or nonfatal disease in the coming years. They offer solutions that can provide predictive insights into patient health using machine learning and natural language processing algorithms.
  • AI and machine-learning methods have the potential to improve the quality and lower the cost of patient care through Clinical Decision Support Systems.
  • Healthcare AI start-ups work in the field of Imaging and Diagnostics generating a large volume of challenging data which is simplified with extraction of insights using machine learning.
  • iCarbonXis a Shenzhen, China-based that offers an application development platform, which can help software developers at healthcare businesses create health monitoring apps using machine learning.
  • 12 Sigma Technologies, a Chinese company with 21 employees and offices in San Diego offers medical data analysis software, which can help hospitals and physicians make medical diagnoses using deep learning.
  • VoxelCloud, a Los Angeles-based company with offices in Shanghai and Suzhou offers a medical image analysis software, which can help physicians make more accurate clinical decisions using computer vision.
  • Lunit, a Seoul-based company offers a software called Lunit INSIGHT, which can help hospitals and doctors identify abnormalities in chest radiographs using computer vision.

By End User:

Based on the end user, the Asia Pacific AI in Healthcare market is segmented into the following:

  • Hospitals and healthcare providers, where AI is used to predict and prevent readmissions and improve operations of hospitals
  • Patients, where smartphone applications and wearables are targeted to promote the adoption of AI.
  • Pharmaceuticals and Biotechnological companies, where drug discovery, precision medicine and research are targeted to drive the use of AI.
  • Healthcare Payers, where AI is promoted for use in managing risks, identifying claims, trends and for maximising payment accuracy.
  • Others that include patient data, risk analysis etc.

By region:

Based on the geographical region, the market is segmented into

  • China
  • Japan
  • South Korea
  • India and
  • Rest of Asia Pacific

IN 2018, Japan contributed to the largest market share followed closely by China. China is expected to hold the largest share of the market in the Asia Pacific region by 2025.

Top 5 Major Players

IBM Corporation, NVIDIA Corporation, Microsoft and Intel Corporation, iCarbonx are the major players in the Global AI market.

At AMIA 2020, IBM showcased its work related to AI in Healthcare through injection of clinical knowledge and by incorporating an adaptive healthcare system. One such example is Watson for Drug Discovery from IBM Watson Health is a platform that mines text and data in medical literature to identify, assess, and rigorously formalize the relationships among genes, diseases, and drugs to help researchers uncover potential new therapies and find new uses for existing medicines.

NVIDIA develops GPUs and delivers value to its consumers through PC, mobile, and cloud architecture. NVIDIA’s partnership with GSK’s AI powered lab for the discovery of new medicines and vaccines is done on the basis of its expertise in GPU optimization and high-performance computational pipeline development along with its significant contributions to the field through NVIDIA Clara Discovery, NVIDIA DGX A100 systems and so on.

Microsoft is focused on transforming patient care with AI powered solutions for physicians, radiologists and hospitals.  Microsoft is a global leader offering intelligent tools and solutions that empower clinical and operational efficiency and save costs. Azure Synapse Analytics, Azure Health GitHub Repo, Microsoft Healthcare bot, Azure API for FHIR, Azure AI and ML and Azure IoT for Healthcare are scalable platforms that bring conversational AI to healthcare. Yammer (US), Mojang AB (Sweden), StorSimple (US), and Xamarin (US) are among the subsidiaries of Microsoft.

Intel Corporation has contributed its significant share to the field of AI by transforming frontline medical care and improving patient experience for a few of their clients.  Intel’s technology innovations are enabling the healthcare sector with data-driven insights and artificial intelligence by introducing various tools and solutions to simplify AI deployment in healthcare.

Healthcare Policies and Regulatory Landscape

Recent times have witnessed numerous advancements in the field of healthcare dedicating their successes to Artificial Intelligence. In the last ten years, there has been requirements and guidance for software manufacturers to demonstrate compliance to medical device regulations and to place their products on the market.

In China, the National Medical Products Administration has produced a guideline for aided decision-making medical device software using deep learning techniques.

Japanese and South Korean regulatory bodies have also published guidance for AI in healthcare.

 

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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