AI in Healthcare Market in Asia Pacific Region: Analysis and Insights
Artificial Intelligence (AI) is transforming the healthcare industry globally, with the Asia Pacific region emerging as a significant player in this revolution. The integration of AI in healthcare promises enhanced diagnostic accuracy, personalized treatment plans, and improved patient outcomes. This article provides an analysis of the AI in healthcare market in the Asia Pacific region, exploring key drivers, challenges, and future trends.
The AI in Healthcare market is projected to grow from USD 20.9 billion in 2024 and is estimated to reach USD 148.4 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 48.1% from 2024 to 2029. The growth of the AI in Healthcare industry is driven by the growing need for improvised healthcare services due to the imbalance between the healthcare workforce and patients; improving computing power, and declining hardware cost.
Key Drivers of Growth
Several factors are propelling the growth of AI in healthcare across Asia Pacific:
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Technological Advancements: The region is witnessing rapid advancements in AI technologies, including machine learning, natural language processing, and computer vision. These technologies are being integrated into various healthcare applications, from diagnostic tools to predictive analytics.
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Government Initiatives and Investments: Governments in Asia Pacific countries are actively promoting the adoption of AI in healthcare through funding, policy frameworks, and strategic initiatives. For instance, China’s "Next Generation Artificial Intelligence Development Plan" aims to establish the country as a global leader in AI by 2030, with a significant focus on healthcare.
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Rising Healthcare Costs: With increasing healthcare costs and a growing aging population, there is a pressing need for efficient and cost-effective healthcare solutions. AI-driven technologies can streamline operations, reduce administrative burdens, and optimize resource utilization, ultimately lowering costs.
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Growing Digital Health Ecosystem: The proliferation of digital health platforms, electronic health records (EHRs), and wearable devices in Asia Pacific has created a rich data environment. AI can leverage this vast amount of data to provide actionable insights, improve patient care, and enhance operational efficiency.
By segment, AI in healthcare industry for Medical Imaging & Diagnostics segment will account for highest CAGR during the forecast period.
AI is reshaping medical imaging and diagnostics, steering in a new era of precision and efficiency. By employing super-resolution techniques, AI reconstructs lower-resolution medical images into highly detailed visuals, aiding in more accurate diagnoses. Automated image analysis and detection capabilities enable AI algorithms to swiftly identify abnormalities, such as tumors or fractures, streamlining the diagnostic process. Moreover, AI’s role in personalized medicine is pivotal, predicting disease risks and treatment responses, and even assisting in surgical planning. This transformative technology enhances the accuracy of diagnoses and contributes to more efficient workflows, improved accessibility to diagnostics, and the potential for personalized treatment strategies.
The increasing geriatric population in Asia Pacific countries is one of the major drivers for the growth of the AI in healthcare industry. According to the United Nations ESCAP report 2023 a significant demographic shift in Asia and the Pacific, projecting that the older population will surpass 1.3 billion by 2050, doubling from 630 million in 2020. In 2020, 13.6% of the region's population was aged 60 or above, a figure expected to rise to one-quarter by 2050.
According to the National Library of Medicine, 2023. In 2017, the Asia-Pacific region had 9.8% of its total population comprised of older adults. Projections indicate a rise to 13.7% by 2030 and a further increase to 20.3% by 2050. Notably, Japan, China, and Hong Kong are poised to lead globally with the highest percentage of individuals aged 80 and above.
Key companies operating in the AI in healthcare industry are Koninklijke Philips N.V. (Netherlands), Microsoft (US), Siemens Healthineers AG (Germany), Intel Corporation (US), NVIDIA Corporation (US), Google Inc. (US), GE HealthCare Technologies Inc. (US), Oracle (US), and Johnson & Johnson Services, Inc. (US) among others.
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