How is the AI in Healthcare Market Positioned in Asia Pacific? What are the Major Market Trends Driving the Industry?
The APAC AI in Healthcare Market is currently at its growth stage. Rising investments and entry of new global players has been complimenting the size of this industry. In terms of revenue, APAC AI in Healthcare market size was witnessed to increase from USD ~ million in the year 2013 to USD ~ million in 2018, therefore showcasing a CAGR of ~% over the review period 2013-2018. In Asia Pacific region, Japan is seen to be the market leader in terms of advancement and innovation as the region fosters leading companies, developed infrastructure & expanding demand. The demand for artificial intelligence in healthcare services in countries such as India, Japan and China has also been complemented by ever increasing rate of population. Rising number of investments, collaborations and partnerships among hospital chains, AI developers, medical device manufacturers and other healthcare providers has been one of the major factors that has led to coming up of various new small and medium sized AI developing companies in Asia Pacific region. In collaboration with various hospitals and medical device manufacturers, AI developing companies are also investing in providing training for implementing efficient usage of AI in medical devices and other administrative systems. There are two prominent pillars justifying 10 folds growth of AI in Healthcare services in APAC region. First is the state of medical infrastructure (that constitutes the medical equipments and devices, process/procedures and other automation techniques). In countries such as India and China, tremendous amount of improvement has been seen in terms of medical infrastructure which has made incorporation of AI in a smooth manner. Second factor is lack of available trained medical staff/professionals in various countries which has given birth to necessity in terms of automation of regular mundane tasks in hospitals administration and day to day functioning.
What are the various segmentations on which APAC AI Healthcare Market is divided?
APAC AI in Healthcare Market can typically be segmented on the basis of Technology, Applications, End Users and Country.
By Technology: APAC AI in Healthcare market incorporates technologies such as Deep Learning Method, Querying Method, Natural Language Processing and Context Aware Processing Method. Growth rate of Deep Learning Method was witnessed to be the highest during 2013-18, whereas Natural Language Processing had the highest market share, owing to its high application in data mining and image recognition systems and services.
By Application: Application areas include Machine/Robot Assisted Medical Procedures, Clinical Trial & Drug Discovery, Preliminary Diagnosis, Administrative Workflow Assistance, Virtual Nursing Assistant, Fraud Detection, Dosage Error Reduction and Others (including Fitness & Wellness Tech Devices). In 2018, machine or robot assisted surgeries were reported to be highest contributor to overall revenue generation, owing to high average cost of robots and increased adoption in past few years. After Machine/Robot Assisted Medical Procedures, second highest share in revenue contribution was occupied by Clinical Trial & Drug Discovery and Preliminary Diagnosis with revenue generation of about USD ~ million owing to its high application in several medicinal areas.
By End Users: In terms of end users, APAC AI in Healthcare market is categorized basis Hospitals, Clinics, Healthcare Providers, Medical Devices Companies, Pharmaceuticals & Biotechnology Companies and Others including Payers and Other Software Providers. In 2018, Healthcare Providers (including Hospitals and Clinics) contributed highest amount of revenue of about USD ~ Million. Factors driving demand in Hospitals and healthcare centers were high application of AI in overall management of hospitals through usage of several healthcare management software, high adoption of AI in medical devices & machineries used in hospitals, AI being used for mundane tasks in order to reduce workload of doctors and others. After Hospitals and Healthcare Centers, Medical Devices such as ultrasound device and machines used in detecting cardiovascular diseases and others were highest contributors to revenue.
By Country: In APAC region, Japan is seen to be one of the fastest growing market in terms of technological developments and innovations owing to its highly refined infrastructure for research and development with presence of numerous healthcare universities and industries and increasing investment due to government support.
Key Segments Covered in APAC AI in Healthcare Market
By Technology (On the basis of Revenue)
Deep Learning Method
Natural Language Processing
Context Aware Processing
By Application (On the basis of Revenue)
Machine/Robot Assisted Medical Procedures
Clinical Trial & Drug Discovery/Development
Administrative Workflow Assistance
Virtual Nursing Assistant
Dosage Error Reduction
Others (including Fitness & Wellness Tech (Physical Fitness, Mind & Body Wellness)
By End Users (On the basis of Revenue)
Medical Devices Companies
Pharmaceuticals & Biotechnology Companies
Others Including Payers and Other Software Providers
By Country (On the basis of Revenue)
Rest of APAC
Key Target Audience
Hospitals, Clinics and Healthcare Providers
Medical Device Manufacturers
Healthcare Software Providers
Pharmaceuticals & Biotechnology Companies
Venture Capital Firms
Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2025
Next IT Verint Corporation
Key Topics Covered in the Report
APAC AI in Healthcare Value Chain & Ecosystem
APAC AI in Healthcare Market Size Analysis, 2013– 2018
APAC Healthcare AI Market Segmentation, 2013-2025E
Innovation, Adoption and Application Gap – Comparison of APAC with Europe & US
Regulatory Framework in APAC AI in Healthcare Market
Case Studies on Various Application Areas of AI in Healthcare, 2013-2018
Competitive Landscape in APAC AI in Healthcare Market, 2018
Company Profiling Of Major Players Operating in APAC Artificial Intelligence in Healthcare Market
Investment Scenario- Healthcare in AI, 2018
Markets of Investment Activity
Future Market Sizing Analysis, 2019E-2025E
For more information, refer to below link:
Ankur Gupta, Head Marketing & Communications