India Artificial Intelligence (AI) in Diagnostics Market Analysis

India Artificial Intelligence (AI) in Diagnostics Market Analysis


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India's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $0.02 Bn in 2022 to $0.24 Bn by 2030, registering a CAGR of 38% during the forecast period of 2022-2030. The market will be driven by the rising number of startups in AI diagnostic technology and government initiatives. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers & Qure AI.

ID: IN10INDH002 CATEGORY: Digital Health GEOGRAPHY: India AUTHOR: Vidhi Upadhyay

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India Artificial Intelligence (AI) in Diagnostics Market Executive Summary

The India Artificial Intelligence (AI) in the diagnostics market is projected to grow from $0.02 Bn in 2022 to $0.24 Bn by 2030, registering a CAGR of 38% during the forecast period of 2022-2030. According to World Health Organization (WHO) Global Health Expenditure database, health expenditure of India has grown from $60.27 per person (2.95% of GDP) in 2018 to $ 63.75 per person (3.01% of GDP) in 2019. According to the Indian Council of Medical Research's (ICMR) National Cancer Registry Project, the anticipated incidence of cancer cases in India across different states and union territories in 2020 was 1.39 Mn rising to 1.42 Mn in 2021 and 1.46 Mn in 2022.

Medical imaging is one of the key areas of interest for AI in diagnostics in India. There is an increasing need for AI-based imaging solutions to assist alleviate the radiology deficit and minimize the time and expense involved with conventional clinical diagnosis. AI-powered solutions are being developed by companies such as Qure.ai, Niramai, and Predible Health to increase the accuracy and speed of medical imaging diagnosis. Another use of AI in diagnostics is the creation of prediction models for illnesses such as cancer and heart disease. SigTuple, a Bengaluru-based business, is using AI to build a non-invasive diagnostic technology for identifying anomalies in blood samples, while Cardiotrack, a Mumbai-based health tech startup, is using artificial intelligence to identify heart health concerns using an ECG monitor.

india artificial intelligence in diagnostics market analysis

Market Dynamics

Market Growth Drivers

The diagnostic sector in India is highly fragmented, with more than 100,000 laboratories. In India, artificial intelligence (AI) in diagnostics is a developing field with the potential to alter healthcare delivery. Many firms, academic organisations, and startups are collaborating to create AI-based diagnostic systems for a variety of ailments.

The Indian government has also recognised the significance of AI in diagnostics and is promoting its use. The government announced the National Health Stack programme in 2018, with the goal of creating a unified digital infrastructure for healthcare delivery that incorporates the use of AI and other new technologies. In addition, the government has developed a National AI Portal to encourage collaboration and study in the field of AI.

Market Restraints

Insufficient access to essential healthcare services, including a lack of medical experts, a lack of regulatory standards, adequate training data, insufficient health spending, and, most importantly, insufficient research funding. One of the key issues is that the authority’s cash allocation is inadequate. Around 75% of the medical infrastructure is cantered in metropolitan areas, which have just 27% of the overall population—the remaining 73% of Indians lack even basic medical amenities. Around 3,000 doctors are needed in primary care facilities, and the need has expanded by 200% in the previous decade. Their restraints are highly likely to hinder the expansion of the market in India.

Competitive Landscape

Key Players

  • IBM Watson Health
  • Siemens Healthineers
  • Philips Healthcare
  • GE Healthcare
  • Google Health
  • AliveCor, Inc.
  • Riverain Technologies
  • Qure AI (IND)
  • Niramai (IND)
  • Predible Health (IND)

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. December 2022, Riverian and Thynk Health Join Together to Combat Lung Cancer Using Powerful AI and Deep Learning Technology
  3. November 2022, Google Health reached an agreement with iCAD to commercialise mammography AI

Healthcare Policies and Regulatory Landscape & Reimbursement Scenario

The government has formed the National Health Authority (NHA), which is in charge of carrying out the Ayushman Bharat programme, a government-funded health insurance programme that covers more than 100 million low-income households. The government has created a pilot programme under the Ayushman Bharat initiative to give compensation for AI-based diagnostic procedures. AI will be used in the pilot programme to identify and diagnose TB, diabetic retinopathy, and cervical cancer. The program's goal is to assess the efficacy and cost-effectiveness of AI in diagnostics and to influence future policy choices.

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”.

 

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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.

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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
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Last updated on: 27 May 2024
Updated by: Dr. Purav Gandhi

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