In a recent published report, Kenneth Research has updated the Artificial Intelligence (AI) in Healthcare Market report for for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence (AI) in Healthcare Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The adoption of artificial intelligence (AI) is reshaping the Indian healthcare market significantly. AI-enabled healthcare services like automated analysis of medical tests, predictive healthcare diagnosis, automation of healthcare diagnosis with the help of monitoring equipment, and wearable sensor-based medical devices, are expected to revolutionize medical treatment processes in the country.
Market insights:
It is predicted that the applications of artificial intelligence in the healthcare space will be worth INR ~431.97 Bn by 2021, expanding at a rate of ~40%. Based on this growth of AI applications in healthcare, the doctor-patient ratio in India is expected to reach ~6.9:1,000 by 2023, from its 2017 ratio of ~4.8:1000. The capability of AI applications to improve doctors’ efficiency will help in tackling challenges like uneven doctor-patient ratio, by providing rural populations high-quality healthcare, and training doctors and nurses to handle complex medical procedures.
Artificial intelligence is used in six healthcare segments: hospitals, pharmaceuticals, diagnostics, medical equipment and supplies, medical insurance, and telemedicine. Artivatic Data Labs Private Limited, Analytix Private Limited, IBM India Limited, Niramai Health Sigtuple Technologies Private Limited, and Tricog Health Services Private Limited are the major players operating in this sector.
Government initiatives:
o The Information Technology Act, 2000, and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011, mandate that service providers and patients exchange information constantly by using the latest technologies.
o National eHealth Authority (NeHA) – An authority which is responsible for the expansion of the integrated health information system within India.
o The United States–India Science and Technology Endowment Fund, is aimed at helping teams of innovators and entrepreneurs from both countries, whose products will improve the quality of healthcare, by harnessing the power of artificial intelligence.
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Benefits of AI in the healthcare sector:
o The patient-doctor ratio in India is as low as 1,700:1. Also, ~70% of the healthcare infrastructure is in cities, which cater to ~30% of the country’s population. With the use of artificial intelligence applications, doctors can offer their services to more patients and reduce the existing gap in demand and supply of medical services in the country.
o AI-enabled healthcare services can be delivered at lower costs with increased efficiency and an emphasis on diagnostics. Moreover, artificial intelligence enables hospitals to implement patient-centric plans and eliminate unnecessary hospital procedures, making delivery of healthcare services faster in India.
Key deterrents to the growth of the market:
India lacks standardized guidelines for designing AI applications that can be used in healthcare systems. Lack of clarity deters the use of artificial intelligence in the Indian healthcare industry. Also, most AI companies which aid the healthcare sector, are start-ups. Medical practitioners are not quick to trust start-ups whose products are not nationally or internationally certified. As a result, start-ups’ sales get hampered, resulting in the limited implementation of AI in the Indian healthcare industry.
Companies covered:
o Aindra Systems Private Limited
o Advenio Tecnosys Private Limited
o Artivatic Data Labs Private Limited
o Niramai Health Analytix Private Limited
o Predible Health Private Limited
o Qure.Ai Technologies Private Limited
o Sigtuple Technologies Private Limited
o Tricog Health Services Private Limited
o IBM India Private Limited
o Microsoft Corporation (India) Private Limited
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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