China Artificial Intelligence (AI) in Healthcare Market Analysis

China Artificial Intelligence (AI) in Healthcare Market Analysis


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China's Artificial Intelligence (AI) in the healthcare market is projected to grow from $0.55 Bn in 2022 to $11.91 Bn by 2030, registering a CAGR of 46.72% during the forecast period of 2022-30. The market will be driven by rising demand for healthcare services & a robust startup and innovation ecosystem. The market is segmented by healthcare components & by healthcare applications. Some of the major players include Google Health, Tencent Trusted Doctors & NERVTEX.

ID: IN10CNDH003 CATEGORY: Digital Health GEOGRAPHY: China AUTHOR: Vidhi Upadhyay

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China Artificial Intelligence (AI) in Healthcare Market Executive Summary

China's Artificial Intelligence (AI) in the healthcare market is projected to grow from $0.55 Bn in 2022 to $11.91 Bn by 2030, registering a CAGR of 46.72% during the forecast period of 2022-2030. In 2021, China had 36,570 hospitals, with nearly two-thirds of them privatized. As part of the country's social insurance system, China does provide free public healthcare. The healthcare system serves the majority of the indigenous population as well as foreigners in most cases. According to the global burden of illness report conducted by the US Institute for Health Metrics and Evaluation, strokes are the leading cause of death in China, followed by heart disease, chronic pulmonary disease, and lung cancer. One of the priority areas in China is healthcare. China is also putting a strategic emphasis on AI in healthcare.

To enhance patient outcomes and minimize healthcare costs, hospitals and healthcare organizations in China are implementing AI-powered medical imaging systems, disease detection tools, drug discovery, chatbots, virtual assistants, remote patient monitoring systems, hospital management, and healthcare insurance. XU HUA, Huazhong Univ. of Sci. and Tech Union Shenzhen Hospital in China has been efficiently utilizing AI to improve patient outcomes. The AI in Healthcare market in China is quickly expanding, driven by rising healthcare service demand and the opportunity for AI-powered solutions to alter the healthcare industry.

China artificial intelligence in healthcare market report 2022 to 2030

Market Dynamics

Market Growth Drivers

Many reasons are driving Artificial Intelligence (AI) in the healthcare market in China, including rising demand for healthcare services, the desire to enhance healthcare outcomes, and the potential of AI-powered solutions to alter the healthcare industry. The Chinese government has also designated AI as a strategic priority and has committed large resources to its research, resulting in a robust startup and innovation ecosystem. Furthermore, Chinese healthcare providers are implementing AI-powered solutions to improve patient outcomes and lower healthcare costs.

Market Restraints

There are few barriers to the growth of the AI in Healthcare industry in China. The lack of regulation and standardization surrounding the development and deployment of AI-powered healthcare solutions is one of the major challenges. There have also been concerns about data privacy and security, especially in light of recent data breaches in the healthcare business. Furthermore, China's rapid development of AI has resulted in a scarcity of experienced people capable of developing and deploying AI-powered solutions. This expertise deficit may impede the development and implementation of AI-powered solutions in the healthcare business. Another impediment to the growth of China's AI in the healthcare industry is the high cost of adopting these technologies. While AI has the potential to lower healthcare expenses in the long term, the initial costs of integrating these technologies can be prohibitive for many healthcare institutions. 

Competitive Landscape

Key Players

  • IBM Watson Health
  • Google Health
  • NVIDIA Corporation
  • GE Healthcare
  • Philips Healthcare
  • Siemens Healthineers
  • Tencent Trusted Doctors (CHN)
  • iFlytek (CHN)
  • MegaRobo (CHN)
  • Insilico (CHN)
  • YITU (CHN)
  • Edge Medical Robotics (CHN)   
  • ICarbonX (CHN)
  • LinkDoc (CHN)
  • NERVTEX (CHN)

Notable Insights

February 2023, NERVTEX, a Chinese firm focused on developing digital treatments for brain illnesses, has received certification from the China National Medical Products Administration for its AI-powered movement disorder analysis software.

October 2022, Siemens Healthineers heightened its focus on China, separating activities from the greater Asia-Pacific market.

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

China 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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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

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

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

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: 13 May 2024
Updated by: Shivam Zalke

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