Brazil Artificial Intelligence (AI) in Healthcare Market Analysis

Brazil Artificial Intelligence (AI) in Healthcare Market Analysis


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Brazil's Artificial Intelligence (AI) in Healthcare Market is projected to grow from $0.17 Bn in 2022 to $3.60 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022-30. The market will be driven by the growing demand for healthcare services and the increasing availability of AI technologies. The market is segmented by healthcare components & by healthcare applications. Some of the major players include IBM Watson Health, Google Health, DASA & Inovacao AI.

ID: IN10BRDH003 CATEGORY: Digital Health GEOGRAPHY: Brazil AUTHOR: Vidhi Upadhyay

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Brazil Artificial Intelligence (AI) in Healthcare Market Executive Summary

Brazil's Artificial Intelligence (AI) in the healthcare market is projected to grow from $0.17 Bn in 2022 to $3.60 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022-30. Brazil is the biggest healthcare market in Latin America, with healthcare accounting for 9.1% of GDP. Of the roughly 6,642 hospitals, 63% are privatized. There are roughly 532,645 hospital beds, 88,000 healthcare auxiliary services, 502,000 doctors, 331,000 dentists, and 89,000 drugstores by 2021. In 2022, around 1.48 million fatalities occurred in Brazil. Diseases of the circulatory system, including heart and cerebrovascular illnesses, were the main cause of mortality in the country that year, accounting for more than 378 thousand fatalities.

Medical imaging is one of the most important areas in which AI is being employed in healthcare in Brazil. AI algorithms are being developed to help radiologists diagnose illnesses by analyzing medical pictures such as X-rays, CT scans, and MRI scans. This device is especially useful in locations where radiologists are in limited supply. Telemedicine is another area in which AI is being applied in healthcare in Brazil. The COVID-19 epidemic had boosted the need for telemedicine dramatically. Chatbots and virtual assistants powered by artificial intelligence are being used to assess patients, offer basic medical advice, and organize appointments with physicians. In Brazil, AI is also being employed in medication discovery and clinical trials. AI algorithms are being used to examine clinical trial data in order to find novel cures for illnesses. This method offers the potential to accelerate and improve drug discovery. Brazil is one of the fastest-growing markets for healthcare artificial intelligence (AI), with an increasing number of businesses and organizations investing in AI technologies to improve healthcare outcomes and patient care. In October 2020, The Center for Artificial Intelligence (C4AI) in Brazil was inaugurated by IBM, the University of So Paulo (USP), and FAPESP (So Paulo State Research Foundation), and was announced to be dedicated to developing cutting-edge AI studies and research to address topics of great social and economic impact.

Brazil's artificial intelligence in healthcare market analysis

Market Dynamics

Market Growth Drivers

The Recommendation on the Ethics of Artificial Intelligence, the first global standard-setting instrument on AI, was adopted by UNESCO's General Conference in November 2021. To discuss and promote this subject in Brazilian society, UNESCO Brasilia published this Recommendation in Portuguese in 2022. The Brazilian government has launched a number of programs aimed at encouraging the use of AI in healthcare, including funding research and development projects and assisting healthcare start-ups. Brazil has a huge and increasing population, resulting in an increase in demand for medical care. AI and related technologies such as artificial intelligence and natural language processing are enabling large volumes of data to be analyzed more precisely and rapidly than ever before. This is fuelling the development of new artificial intelligence (AI) applications in healthcare. Private sector investment in artificial intelligence (AI) in healthcare is rapidly increasing in Brazil, with many large healthcare companies and startups investing in AI technologies.

Market Restraints

Many healthcare facilities in Brazil lack access to high-speed internet and other technology and infrastructure, which can limit AI technology adoption. Some healthcare providers in Brazil have scarce resources and are unable to invest in costly AI technologies, which may limit their adoption. In Brazil, there are currently few regulations governing the use of artificial intelligence in healthcare, which can lead to uncertainty and confine investment in these technologies. AI technologies rely on massive amounts of data, raising concerns about patient privacy and data security. These reservations may limit the use of AI in healthcare.

Competitive Landscape

Key Players

  • IBM Watson Health
  • Google Health
  • Microsoft Healthcare
  • Amazon Web Services
  • Philips Healthcare
  • Ada Health
  • Inovacao AI (BRA)
  • Lunit Inc. (BRA)
  • DASA (BRA)
  • SpecLab (BRA)
  • Huna (BRA)
  • ProBrain (BRA)
  • Medicinia (BRA)

Notable Insights

January 2023, Hospital Israelita Albert Einstein inks a deal for Lunit's AI technology. Lunit's AI solution will be used to screen chest x-ray pictures at the hospital.

December 2021, Ada Health, a global digital health company, announced today that its artificial intelligence-powered symptom assessment and care navigation platform has been granted class II medical device status in Brazil. Ada is Brazil's first and only AI-powered digital health assessment platform to achieve this.

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

Artificial Intelligence (AI) in Healthcare Market Segmentation

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

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 27 March 2023
Updated by: Ritu Baliya

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