Singapore Artificial Intelligence in Diagnostics Market Report 2022 to 2030

Singapore Artificial Intelligence (AI) in Diagnostics Market Analysis

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The Singapore Artificial Intelligence (AI) in the diagnostics market is projected to grow from $1.2 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022-30. The market will be driven by increasing demand for healthcare services such as AI diagnostics to improve patient outcomes and the government's support for AI research and development. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers & Claritas HealthTech.

ID: IN10SGDH002 CATEGORY: Digital Health GEOGRAPHY: Singapore AUTHOR: Vidhi Upadhyay

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Singapore Artificial Intelligence (AI) in Diagnostics Market Executive Summary

The Singapore Artificial Intelligence (AI) in the diagnostics market is projected to grow from $1.2 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. Singapore's healthcare system is often ranked among the finest in the world, and it is appreciated by many other countries due to its outstanding results. Singapore citizens and legal residents have access to subsidized healthcare services delivered by government-run facilities. The level of subsidy might range from 50% to 80% depending on a variety of circumstances. Singapore has the 42nd highest cancer rate in the world. According to the statistics, the age-standardized cancer rate in Singapore is 248.9 per 100,000 (both sexes).

The application of diagnostic AI is rapidly expanding in Singapore, with exciting research and activities taking place in a wide range of medical fields, including radiology, pathology, oncology, cardiology, neurology, and others. AI-powered diagnostic systems may analyze medical imaging and patient data to detect early warning signals of diseases such as cancer and heart disease. By analyzing medical imaging like CT scans, MRI scans, and X-rays, AI may be utilized to increase diagnosis accuracy. While artificial intelligence in diagnostics is still in its nascent stages in Singapore, it has enormous scope for improving healthcare outcomes and lowering costs.

In April 2022, NTU Singapore establishes two new AI-driven research centers for illness prediction. One is researching dementia among Asians, while the other is now working on predicting mental problems in at-risk youngsters.

singapore artificial intelligence in diagnostics market analysis

Market Dynamics

Market Growth Drivers

In July 2022, Tan Tock Seng Hospital (TTSH) and Taiwanese tech firm Asus created blade, an AI-powered program that may decrease the time required to analyze blood for various diseases in half, allowing for early clinical intervention for patients. The government has made significant investments in AI research and development. The National Research Foundation (NRF) has undertaken numerous efforts to assist AI research, such as the AI.SG Programme, which aims to create AI technology and applications in Singapore. The government's Enterprise Development Grant (EDG) assists SMEs in adopting and implementing AI technology. The Integrated Health Information Systems (IHiS) collaborated with artificial intelligence (AI) companies to create AI solutions that can assist physicians in making more accurate diagnoses. The Infocomm Media Development Authority (IMDA) has established a number of programs to deliver AI-related training and resources to professionals and students.

Market Restraints

There are also various impediments to the expansion of AI diagnostics in Singapore, such as worries about data privacy and security, as well as a lack of education and training for healthcare practitioners to successfully use and understand AI-generated diagnostic results. Furthermore, the high cost of AI equipment and the absence of AI diagnostic reimbursement methods may hinder the adoption of these solutions by healthcare professionals and patients.

Competitive Landscape

Key Players

IBM Watson Health
Siemens Healthineers
Philips Healthcare
GE Healthcare
Google Health
AliveCor, Inc.
Riverain Technologies
Claritas HealthTech (SGP)
Ubie (SGP)
Us2.ai (SGP)

Notable Deals

November 2022, Claritas HealthTech a healthcare technology firm that specializes in advanced medical image processing applications and artificial intelligence (AI) aided diagnostic solutions to help and optimize doctors' diagnostic workflow, has extended its operations in India.
In October 2022, Prudential plc and Google Cloud Establish Strategic Collaboration to Provide Access to Healthcare and Financial Security in Asia and Africa

Healthcare Policies and Regulatory Landscape

The Health Sciences Authority (HAS) is a statutory board of the Singapore Government's Ministry of Health. Before they may be provided in the Singapore market, all medical equipment (including in vitro medical devices) must be registered with the HSA by a locally registered firm. The Ministry of Health (MOH) is in charge of developing and implementing healthcare policy in Singapore. The (MOH) is active in the regulation of AI diagnostics in healthcare and collaborates closely with other organizations such as the HSA to guarantee that AI diagnostics in healthcare are safe and effective.

Reimbursement Scenario

Medical Services Payment Systems (MSPS) is in charge of the creation and oversight of Singapore's healthcare finance schemes, covering healthcare reimbursement. The MSPS is active in AI diagnostics reimbursement and collaborates with the MOH and other organizations to ensure that the usage of AI diagnostics is cost-effective and sustainable.

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

Artificial Intelligence (AI) in Diagnostics Market Segmentation

By Component Outlook Type (Revenue, USD Billion):
- Software
- Hardware
- Services

By Diagnosis Outlook Type (Revenue, USD Billion):
- Cardiology
- Oncology
- Pathology
- Radiology
- Chest and Lung
- Neurology
- Others

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.