Hong Kong Artificial Intelligence (AI) in Diagnostics Market Analysis

Hong Kong Artificial Intelligence (AI) in Diagnostics Market Analysis


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Hong Kong's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $1.6 Mn in 2022 to $18.75 Mn by 2030, registering a CAGR of 36% during the forecast period of 2022-2030. The market will be driven by the growing rate of chronic diseases and the government's strong support for the development and deployment of AI technology. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers & Insilico.

ID: IN10HKDH002 CATEGORY: Digital Health GEOGRAPHY: Hong Kong AUTHOR: Vidhi Upadhyay

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Hong Kong Artificial Intelligence (AI) in Diagnostics Market Executive Summary

Hong Kong's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $1.6 Mn in 2022 to $18.75 Mn by 2030, registering a CAGR of 36% during the forecast period of 2022-30. Hong Kong is the most efficient healthcare system in Asia, ranking 1st in the world. Hong Kong, like many other nations, offers both privatized and government healthcare. Every province and district of Hong Kong has a high concentration of clinics, hospitals, and Traditional Chinese Medicine (TCM) clinics, with 24-h emergency services and practitioners who are all globally qualified and experienced in their specialty. In 2021, coronary heart disorders were responsible for 37,158 hospital discharges and fatalities, accounting for 1.7% of all hospital discharges and fatalities.

AI-powered diagnostic systems can scan medical imaging and patient data to detect early warning signals of illnesses like cancer and heart disease. AI may be used to increase the accuracy of diagnosis by analyzing medical imaging such as CT scans, MRI scans, and X-rays. AI-powered imaging solutions can also assist radiologists in more promptly and precisely examining the Imaging. AI may be used to monitor patients with chronic conditions like diabetes and heart disease in order to detect early indicators of problems and act before they become severe. While AI in diagnostics is yet in its initial phases in Hong Kong, there is a considerable possibility for its use in improving healthcare outcomes and lowering costs.

In November 2022, A group of Hong Kong scientists from the Chinese University of Hong Kong (CUHK) created the world's first artificial intelligence (AI) model capable of detecting Alzheimer's disease by scanning a patient's retina pictures, possibly allowing more individuals to benefit from early diagnosis. In April 2022, A University of Hong Kong (HKU) engineering team created a new solution "REFERS" a new AI algorithm for high precision and economical medical imaging diagnostics.

Hong Kong artificial intelligence in diagnostics market analysis

Market Dynamics

Market Growth Drivers

The establishment of the Hong Kong Science and Technology Parks Corporation (HKSTP), a center for creative technology businesses, such as those working on the development of AI diagnostics, is one of the government's objectives. The HKSTP helps start-ups and entrepreneurs focusing on novel healthcare solutions, such as AI diagnostics, with funding, mentorship, and infrastructural assistance. The possibility for enhanced efficiency is one of the key drivers of AI in diagnostics. The Innovation and Technology Fund for Better Living gives financial support to enterprises developing healthcare solutions, while the Health and Medical Research Fund's Researcher Programme assists researchers in developing AI-based diagnosis and therapy solutions. The Hospital Authority has teamed with Tencent to build an AI-based diagnostic system for liver cancer, while the Hong Kong University of Science and Technology has partnered with Ping An Technology to develop an AI-based system for early diagnosis of diabetic retinopathy.

Market Restraints

AI algorithms require vast volumes of medical data to perform properly. Yet, in order to safeguard patient privacy, this data must be utilized with caution. Despite the potential benefits of AI in diagnostics, there could be a scarcity of medical data in Hong Kong for AI systems to train. This has the potential to restrict the precision and usefulness of Ai systems. AI algorithm research and deployment can be costly, limiting its access to minor medical facilities or those with limited resources. The use of AI in diagnostics presents several ethical considerations, including the possibility of algorithm bias and the role of medical experts in decision-making.

Competitive Landscape

Key Players

  • IBM Watson Health
  • Siemens Healthineers
  • Philips Healthcare
  • GE Healthcare
  • Google Health
  • AliveCor, Inc.
  • Riverain Technologies
  • Ping An Technology
  • iCarbonX
  • Niramai
  • Insilico (HKG)

Notable Deals

  1. February 2023, GE HealthCare to Acquire Caption Health The acquisition adds AI-enabled image guiding to the ultrasound device portfolios of GE HealthCare's $3 billion Ultrasound division
  2. November 2022, Google Health reached an agreement with iCAD to commercialize mammography AI
  3. In October 2022, Prudential plc and Google Cloud Establish Strategic Collaboration to Provide Access to Healthcare and Financial Security in Asia and Africa

Healthcare Policies and Regulatory Landscape

The Department of Health is in charge of ensuring the effectiveness and safety of medical devices and equipment, including those that employ artificial intelligence for diagnosis. They are also in charge of medical device registration and licensing. The Hong Kong Medical Council oversees medical practice in Hong Kong, which includes the use of artificial intelligence in medical diagnosis. They provide standards and restrictions for the application of AI technology in medicine.

Reimbursement Scenario

The Hong Kong government established the Voluntary Health Insurance Plan in April 2019 to encourage residents to obtain health insurance and to provide consumers with private healthcare services additional options. Tax deductions were also established by the government for taxpayers who acquired Certified Plans for themselves and/or designated families.

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.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

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

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

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

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IBM Watson Health, Siemens Healthineers, Philips Healthcare, GE Healthcare, Google Health, AliveCor, Inc., Riverain Technologies, Ping An Technology, iCarbonX, Niramai & Insilico are the major players of Artificial Intelligence (AI) in the Diagnostics market in Hong Kong.

The growing rate of chronic diseases and the government's strong support for the development and deployment of AI technology are the two major drivers of Artificial Intelligence (AI) In the Diagnostics market in Hong Kong.

By 2030, it is anticipated that Artificial Intelligence (AI) in the diagnostics market will reach a value of $18.75 Mn from $1.6 Mn in 2022, growing at a CAGR of 36% during 2022-2030.


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Last updated on: 15 June 2023
Updated by: Vidhi Upadhyay

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