The Japan AI in Healthcare market size was valued at USD 0.27 billion in 2020 and is forecasted to reach the market size of USD 1.36 billion by 2028, expanding at a compound annual growth rate (CAGR) of 22.5% during the forecast period.
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. The White House partnered with AI research institutions to mine scientific literature to better understand the disease. 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.
Japan’s super-aging society and low clinician to population ratio (2.4 clinicians per 1000) presents a unique healthcare ecosystem for R&D and trial of novel AI technology. Collaborations between hospitals and industry are extending AI beyond the bedside to the system level, taking up administration and management of patient data.
Japan is still in its primary stages of creating infrastructure that permits the collection of all available information into an environment for data utilization. Much of the AI talent in Japan is concentrated in research institutes and industry. However, there are a number of national and international programs that are helping to build a medical AI workforce in the country.
Japan is uniquely situated in the developed world for medical algorithmic technology deployment, with a technologically savvy populace, well-developed healthcare system founded on universal coverage, and pre-existing academic, government, and industrial collaborative alignments which provides innumerable opportunities for the development and deployment of AI in the field of healthcare.
The market is driven by the increasing influx of large and complex healthcare datasets. 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.
The rise in aging population in the country significantly contributes towards market growth by making automation and AI based health systems a necessity.
In addition to this, the market is fuelled by growing government initiatives to promote implementation of AI in Healthcare.
There is an imbalance between the healthcare workforce and the patients with 2.4 medical practitioners available per 1000 people in the country. 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.