Finland Artificial Intelligence (AI) in Diagnostics Market Analysis

Finland Artificial Intelligence (AI) in Diagnostics Market Analysis


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Finland's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $2.1 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022-2030. The market will be driven by the rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease and supportive government initiatives. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers & Heart2Save.

ID: IN10FIDH002 CATEGORY: Digital Health GEOGRAPHY: Finland AUTHOR: Vidhi Upadhyay

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Finland Artificial Intelligence (AI) in Diagnostics Market Executive Summary

The Finland Artificial Intelligence (AI) in the diagnostics market is projected to grow from $2.1 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. Nationwide health registries have been maintained in computerized databases since the 1960s. Now, the national digital patient data repository serves both the public and private sectors of healthcare. All citizens have online access to their health information and e-prescription histories, making Finnish healthcare information unique. For many years, the healthcare sector has also gathered blood and tissue samples in biobanks.

In diagnostics, AI is used to analyze patient data. AI algorithms may find trends and forecast patient outcomes by analyzing massive volumes of health information such as electronic health records, laboratory test results, and patient histories. AI algorithms can evaluate medical imaging and help radiologists diagnose illnesses including cancer, cardiovascular disease, and neurological problems. AI can assist healthcare workers in making faster and more accurate diagnoses by automating the interpretation of diagnostic images.

Many enterprises in Finland are developing AI-based diagnostic solutions. Heart2Save is one such startup that has created an AI-powered platform for identifying and monitoring cardiovascular problems. Kaiku Health is another enterprise that has created an AI-powered platform for assessing cancer patients. The platform leverages patient-reported outcomes and other data to give cancer patients individualized diagnosis and assistance. Several Finnish companies are developing AI-based diagnostic tools which already have been adopted in clinical settings.

finland artificial intelligence in diagnostics market analysis

Market Dynamics

Market Growth Drivers

Since 2017, the FinnGen Research Project has been in operation. This project has four main goals: to create medical innovations by combining health central repository and genome data; to assist Finland in becoming a pioneer in biomedicine and personalized healthcare; to develop a model of collaboration between the public and private sectors; and to provide early access to new personalized treatments and health innovations for all Finns. Furthermore, the rising need for accurate and quick diagnostics, as well as the rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease, are driving the market growth.

Market Restraints

One of the most significant difficulties is the absence of medical data standards. Medical data must be organized and standardized before AI can be used successfully in diagnostics, which may be a time-consuming and costly procedure. Furthermore, there are concerns about data privacy and security, which may restrict the use of AI in healthcare.

Competitive Landscape

Key Players

  • GE Healthcare
  • IBM Watson Health
  • Siemens Healthineers
  • Philips Healthcare
  • Google Health
  • AliveCor, Inc.
  • Lunit Inc.
  • Heart2Save (FIN)
  • Kaiku Health (FIN)

Notable Deals

In April 2022, Philips established a long-term strategic alliance with Oulu University Hospital in Finland to provide enhanced image-guided specialized care.

Healthcare Policies and Regulatory Landscape

The Finnish Parliament approved the Act on the Secondary Use of Health and Social Data in March 2019, making it simple and effective for both local and international firms to use important information for research and development operations.

Since January 2020, product approvals have been provided by the Finnish Medicines Agency (FIMEA), a centralized entity under the Ministry of Social Affairs and Health.

Reimbursement Scenario

All residents and citizens who reside in the nation have access to universal coverage, which includes a wide variety of comprehensive health care offered mostly by government-owned and managed providers.

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 Diagnostics Market Segmentation

  • By Component Outlook Type (Revenue, USD Billion):
    • Software
    • Hardware
    • Services
  • By Diagnosis Outlook Type (Revenue, USD Billion):
    • Cardiology
    • Oncology
    • Pathology 
    • Radiology
    • Chest and Lung
    • Neurology
    • Others

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: 24 February 2023
Updated by: Dhruv Joshi

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