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APAC Artificial Intelligence in Healthcare Market size to hit $4.1 Bn by 2027
Published Date: 2021-05-08
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APAC Artificial Intelligence (AI) in Healthcare Market size is estimated to reach USD 4.1 billion by 2027, according to a latest forecast report by Graphical Research.
Growth in ongoing research and development has facilitated the use of artificial intelligence enabled technologies and are anticipated to transform the healthcare scenario in the region. This would help the healthcare authorities to accelerate the speed of disease diagnosis, improve the quality of healthcare and enhance overall patient experience. For instance, iCarbonX, a Chinese company that provides machine learning-enabled application development system for healthcare software developers and aids them in creating health monitoring apps. Similarly, Lunit, a Seoul-based health-tech company provides a platform called Lunit INSIGHT. This platform incorporates computer vision and can assist the healthcare providers in detecting abnormalities in chest radiographs.
Furthermore, increasing applications, novel innovations, and research centers of artificial intelligence are emerging continuously. This would promote the urgency by major players and governments to integrate artificial intelligence across healthcare settings in the region. For instance, the National University of Singapore (NUS) Initiative to Improve Health in Asia (NIHA) was founded in the year 2010 with funding offered by GlaxoSmithKline (GSK) and the Singapore Economic Development Board (EDB). This initiative proposes to fortify public health service in the Asia-Pacific region with extensive research, regulation, and substantial investment.
Furthermore, according to the MIT Technology Review Insights Report, artificial intelligence is responsible for the wave of industrial advancements. It has hastened the change across various industries including healthcare. With growing research and developments activities, the artificial intelligence systems are finding several applications in healthcare. Applications include clinical decision making, hospital workflow management, medical imaging analysis, personal health management and empowering life sciences organizations, among others.
Growing blind spots and widening of gaps in healthcare industry in the region would amplify the adoption rate of healthcare artificial intelligence. Healthcare facilities in many countries are strained owing to a dearth of skilled human capital. According to the World Health Organization (WHO) estimates, Asia will need more than 12 million new medical professionals by 2030, that is an increase of more than 70% in comparison with historic figures. Developed economies in the region such as Japan, Singapore and Korea are also experiencing the lack of human capital. There are only 25 doctors available per 10,000 people that indicates lowest density in the developed economies comparatively. Moreover, the South and Southeast Asian region accounts for more than 2.25 billion population, although the availability of doctors is less than 7 per 10,000 people.
Specialized healthcare professionals are also reported as scarce in many parts of Asia. Artificial intelligence can play an anchoring role in narrowing the gap in healthcare resources and reduce the dearth of medical professionals in the region, thereby surging its use. Healthcare spending is another challenge faced by the Asian economies, as majority of the countries account for less than quarter of OECD levels of per capita health expenditure. Artificial intelligence technologies facilitate accessibility to medical resources and enhance the efficiency of disease diagnosis and treatments. They offer optimal solution for expanding the capacity and efficiency of healthcare services across the Asia Pacific.
Browse detailed statistical insights from the report, “Asia Pacific Healthcare AI Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), Research Report, Country Outlook (Japan, China, India, Australia, Singapore, South Korea, New Zealand, Indonesia, Thailand), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
The drug discovery segment held over USD 71 million revenue in 2020 owing to growing utilization of artificial intelligence enabled technologies in drug discovery and development to obtain faster, productive and cost-effective results. Drug development is a lengthy process requiring over 15 years, right from discovering a lead compound to getting the drug in the healthcare AI market. Moreover, only 0.1% drugs that start pre-clinical trials make it to phase III testing and around 20% of them are introduced in the market. According to a recent research journal, the ability of artificial intelligence tools to process big data and assist in modelling unknown cellular mechanisms is extensive.
Artificial intelligence technologies can prove useful in synthesizing of information for future use, establishing clinical biomarkers, running pre-clinical setups, and generating potential novel drug candidates. For instance, Engine Biosciences, a health technology company based in Singapore, offers artificial intelligence technologies directed towards reducing the complexity of biological networks. They comprise of algorithms that aid in critical steps involved in drug research including drug repositioning, target discovery and analysis of pathway & mechanism of action. Similarly, Insilico Medicine, a Hong Kong-based company has designed an extensive drug discovery system. The system utilizes millions of data types and samples to find disease signatures and recognizes potential targets from billions of already existing molecules.
Japan artificial intelligence in healthcare market is projected to expand at over 47.8% CAGR and reach USD 1.2 billion by 2027. The significant market growth in the country is due to factors such as growing geriatric population, developed healthcare infrastructure and rising health expenditure. Aging population in Japan (aged 65 and over) is approximately 28%, accounting for over 35.6 million in 2019 and the number is expected to increase. By 2036, people aged 65 and above will account for one third of the total population.
Furthermore, Japanese government spent USD 396 billion on healthcare and related expenses in the year 2017 indicating a significant increase, as per the Ministry of Health Labor and Welfare. These factors would fuel the artificial intelligence in healthcare market growth in the country. Additionally, emergence of health-tech startups and acceptance of healthcare artificial intelligence will further amplify business growth. For instance, Susmed, a Japanese company designed Yawn, a medical platform to treat insomnia using cognitive behavioral therapy. An artificial intelligence-powered algorithm analyses the sleep patterns of the patient and offers tailored health advice.
Some of the key players involved in Asia Pacific artificial intelligence in healthcare market include iCarbonX, Modernizing Medicine, Microsoft Corporation and Intel Corporation among others. These companies are highly emphasizing on R&D activities for introducing novel products in the market.
Moreover, strategic collaborations and partnerships are creating market expansion opportunities across the globe. For instance, in January 2017, iCarbonX and Ecosystem Partners collaborated to introduce the Meum Platform. The platform incorporates a database that makes use of behavior data, genetics, phenotype and molecular profiles, among other parameters. Meum offers real-time information for health management applications, with accurate measurements for activities such as exercise, training, weight management and others.
The APAC artificial intelligence in healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Application
- Medical Imaging & Diagnosis
- Drug Discovery
- Therapy Planning
- Hospital Workflow
- Virtual Assistants
The above information has been provided for the following countries:
- Asia Pacific
- South Korea
- New Zealand