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

Singapore Artificial Intelligence (AI) in Healthcare Market Analysis

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The Singapore Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.17 Bn by 2030, registering a CAGR of 45.82% during the forecast period of 2022 - 2030. The market will be driven by the need for improved efficiency, quality, and accessibility of healthcare services along with Singapore’s thriving startup ecosystem. The market is segmented by healthcare components & by healthcare applications. Some of the major players include NVIDIA, Ping An Healthcare and Technology & CoNEX Healthcare Pte Ltd.

ID: IN10SGDH003 CATEGORY: Digital Health GEOGRAPHY: Singapore AUTHOR: Vidhi Upadhyay

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Singapore Artificial Intelligence (AI) In Healthcare Market Executive Summary

The Singapore Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.17 Bn by 2030, registering a CAGR of 45.82% during the forecast period of 2022 - 2030. Singapore has achieved world-class healthcare standards, and the World Health Organization (WHO) ranks its healthcare system 6th globally, with the 4th best healthcare infrastructure in the world. Government healthcare expenditures are projected to triple to $36 billion by 2029, from $13.2 billion in 2020. The Fitch report, on the other hand, predicted a modest increase in private healthcare spending, from $8.2 billion in 2020 to $13.5 billion in 2029. Cancer, strokes, heart issues and diseases, as well as pneumonia, kidney diseases, urinary tract infections, and lung diseases, are the top ten causes of death in Singapore as of 2021.

Singapore launched its National AI Strategy in 2019, which includes initiatives to promote the use of artificial intelligence in healthcare. The strategy aims to foster research and development while also promoting the implementation and monetization of AI solutions in healthcare. Singapore has made significant investments in digital health initiatives, such as the National Electronic Health Record (NEHR) system, which allows healthcare providers to digitally access patient information. Singapore also makes use of AI-powered healthcare imaging technologies like computer-aided diagnosis (CAD) systems. It is working to create an ecosystem for precision medicine that integrates AI technologies.

Singapore Artificial Intelligence (AI) In Healthcare Market

Market Dynamics

Market Growth Drivers

Triple helix collaborations between academia, industry, and government enable the rapid commercialization of basic research and the deployment of AI solutions. Expertise and training outline the requirement to develop domestic talent across the entire spectrum of AI-related job roles, as well as assist Singaporeans in preparing for the future AI economy. The development of resilient data architecture to enable quick and reliable data access is a basic necessity. Improvement in all the above areas is set to aid the expansion of AI Healthcare in Singapore. Moreover, Singapore's population is rapidly ageing, which is driving demand for more effective and cost-efficient healthcare solutions.

Market Restraints

The use of AI in healthcare necessitates having access to confidential patient data, which raises security and privacy issues. It is essential to set clear guidelines for healthcare data collection, storage, and sharing. Incorporating AI solutions in healthcare can necessitate substantial resources, both monetary and personnel. Smaller healthcare providers may have difficulty investing in AI technologies. In the healthcare industry, AI technologies are still relatively young, and laws regulating their use and advancement are still evolving.

Competitive Landscape

Key Players

IBM Watson Health
NVIDIA
Ping An Healthcare and Technology
Google Health
Siemens Healthineers
CoNEX Healthcare Pte Ltd (SGP)
FathomX (SGP)
Kinexcs (SGP)
QuantumTX (SGP)

Notable Insights

September 2022, New healthcare technologies will be tested in collaboration with Singapore's public healthcare clusters for potential future adoption and large-scale implementation. The recent Healthcare InnoMatch 2022, organised by the Centre for Healthcare Innovation and backed by the Ministry of Health and Temasek Foundation, awarded a total of SG$2.4 million ($1.7 million) in funding to six near-market-ready solutions.

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

Artifical 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.