Malaysia Artificial Intelligence (AI) in Healthcare Market Report 2022 to 2030

Malaysia Artificial Intelligence (AI) in Healthcare Market Analysis

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The Malaysia Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.22 Bn by 2030, registering a CAGR of 45.42% during the forecast period of 2022 - 2030. The market will be driven by the collaborative efforts from the government & private sectors and the introduction of structured regulations & guidelines for the use of AI in healthcare. The market is segmented by healthcare components & by healthcare applications. Some of the major players include Microsoft Healthcare, Naluri & Nova MSC Bhd.

ID: IN10MYDH003 CATEGORY: Digital Health GEOGRAPHY: Malaysia AUTHOR: Vidhi Upadhyay

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Malaysia Artificial Intelligence (AI) In Healthcare Market Executive Summary

The Malaysia Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.22 Bn by 2030, registering a CAGR of 45.42% during the forecast period of 2022 - 2030. Malaysia's healthcare spending is expected to rise by over twofold to $2.8 billion by 2028. The government has set aside $7.7 billion for operating and development expenses at the Ministry of Health (MOH). The provision for the Ministry of Health is the second largest in the National Budget 2022. With 10% of the population over 60, aged-care options are a priority in the public health system. Major health issues in Malaysia include Coronary Heart Disease, Stroke, Lung Disease & Lung cancers.

Artificial intelligence (AI) is progressively being used in healthcare around the world, including in Malaysia. Artificial intelligence has the capability to reshape the healthcare industry by facilitating better decision-making, enhancing patient outcomes, and lowering costs. AI has significant applications in Malaysia, including AI-based medical imaging, the analysis of genetic data to develop personalised treatment plans for patients, disease diagnosis and management, patient monitoring, and drug discovery. Naluri, an AI-powered eHealth platform that offers personalised coaching to help individuals manage chronic conditions, and JomDoc, an AI-based network that links patients with healthcare professionals, are two actively growing companies in Malaysia's AI healthcare industry.

Malaysia Artificial Intelligence (AI) In Healthcare Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

Private healthcare organizations are driving health technology adoption and advancing collaborations with other healthcare providers to enhance their product portfolio to health and access. Public health providers are expanding their capabilities to manage preventative measures and monitoring, as well as providing affordable healthcare in remote areas of the country. The Malaysian Ministry of Health has launched a Digital Health Blueprint, which seeks to encourage the use of digital technologies, including artificial intelligence (AI), to improve healthcare delivery. Given a rapidly ageing population and a rise in chronic conditions, there is a greater demand for more effective and cost-efficient healthcare delivery. Because of the growing availability of digital health data and the advancement of data analytics tools, AI can now be used to analyse large datasets quickly and precisely. Such factors are expected to significantly contribute to the growth of the AI Healthcare market.

Market Restraints

There are several other factors impeding the growth of AI in healthcare in Malaysia. One of the most significant challenges is a scarcity of skilled personnel capable of developing and implementing AI applications in healthcare. Another challenge is ensuring that AI applications are safe, secure, and adhere to privacy regulations. Furthermore, the massive prices of AI technology, as well as the absence of reimbursement mechanisms for AI-based healthcare services, may limit its adoption. The difficulty of integrating AI into existing healthcare systems and workflows is also a significant impediment to its adoption.

Competitive Landscape

Key Players

Microsoft Healthcare
IBM Watson Health
GE Healthcare
Cerner
NVIDIA
Aime Healthcare Sdn Bhd (MYS)
Naluri (MYS)
JomDoc (MYS)
HealthMetrics (MYS)
Nova MSC Bhd (MYS)

Notable Insights

January 2023, Nova MSC Bhd and Theta Edge Bhd have signed an agreement to work collaboratively on joint marketing and promotion of healthcare, public sector, and applied artificial intelligence (AI) solutions and products in Malaysia and other ASEAN countries.

September 2022, to provide free lung cancer screening for Malaysians, the Lung Cancer Network Malaysia (LCNM), AstraZeneca, and Qualitas Medical Group partnered with three leading tertiary private cancer facilities: Subang Jaya Medical Centre, Sunway Medical Centre, and Beacon Hospital. The goal of this collaboration was to provide the general public with more access to cutting-edge Artificial Intelligence (AI) screening technology (Qure.ai) chest radiographs at select primary care clinics.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Malaysia Artificial Intelligence (AI) in Healthcare Market Segmentation

The Artificial Intelligence (AI) in Healthcare Market is segmented as mentioned below:

By Healthcare Component (Revenue, USD Billion):

Software Solutions
Hardware
Services

By Healthcare Applications (Revenue, USD Billion):

Robot-Assisted Suregery
Virtual Assistants
Administrative Workflow Assistants
Connected Machines
Diagnosis
Clinical Trials
Fraud Detection
Cybersecurity
Dosage Error Reduction

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.