Nigeria Artificial Intelligence (AI) in Healthcare Market Analysis

Nigeria Artificial Intelligence (AI) in Healthcare Market Analysis


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Nigeria's Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.13 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022 - 2030. The market will be driven by the increasing availability of AI-based solutions and the growing investment by the government and private companies in the development of AI in healthcare. The market is segmented by healthcare components & by healthcare applications. Some of the major players include IBM Watson Health, Wellvis & Reliance Health.

ID: IN10NGDH003 CATEGORY: Digital Health GEOGRAPHY: Nigeria AUTHOR: Vidhi Upadhyay

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Nigeria Artificial Intelligence (AI) In Healthcare Market Executive Summary

Nigeria's Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.13 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022 - 2030. According to the Nigeria Health Facility Registry (NHFR), Nigeria has 39,914 operational hospitals and clinics. According to the nominal facility data, Lagos, Katsina, and Benue are the top three states in the country with the most health facilities. Nigeria has an average of 17 hospitals per 100,000 people, combining private and public hospitals at the primary, secondary, and tertiary levels of care. Cardiovascular disease is Nigeria's most common cause of death. According to medical experts in Nigeria. Furthermore, a lack of access to healthcare is a major contributor to the country's high maternal, infant, and under-five mortality rates.

 With its large population and substantial disease burden, Nigeria presents an enormous chance for AI in healthcare. Several Nigerian healthcare institutions have begun to implement AI-based solutions to improve healthcare delivery. The Lagos University Teaching Hospital has created an AI-powered system for diagnosing breast cancer. The system analyses mammograms using machine learning algorithms to detect early signs of breast cancer. Wellvis, a Nigerian startup, created an AI-powered telemedicine platform. The platform allows patients to consult with healthcare providers remotely, increasing access to healthcare services, particularly in rural areas with inadequate healthcare infrastructure. The increasing availability of AI-based solutions, as well as increased government and private sector investment in the advancement of artificial intelligence in healthcare, are projected to propel AI adoption in Nigeria in the coming years.

Nigeria Artificial Intelligence (AI) In Healthcare Market

Market Dynamics

Market Growth Drivers

Nigeria has witnessed an increase in government and private sector investment in the development of AI-based healthcare solutions. The Nigerian Communications Commission (NCC) has launched a research grant programme to encourage the development of innovative and relevant technologies, such as artificial intelligence (AI) in healthcare. Furthermore, the country's healthcare challenges, such as a lack of medical infrastructure, a shortage of healthcare providers, and a high burden of disease, are becoming more severe. AI technologies in healthcare can help improve access to care, reduce medical errors, and enable personalised medicine leading to market expansion in the country.

Market Restraints

There are some constraints that must be overcome. One of the most significant challenges is a lack of adequate medical infrastructure, particularly in rural areas with few healthcare options. Another issue is that patients and healthcare workers have low digital literacy, which may limit the adoption of AI-based solutions. Because the use of AI involves the storage and processing of sensitive patient information, the issue of data privacy and security is also a significant constraint. Furthermore, the need for more robust regulatory frameworks for AI in healthcare is a significant challenge to ensure the safe and effective use of AI technologies in Nigeria.

Competitive Landscape

Key Players

  • IBM Watson Health
  • GE Healthcare
  • Siemens Healthineers
  • Philips Healthcare
  • Qure.ai
  • Wellvis (NGA)
  • Reliance Health (NGA)
  • 54gene (NGA)

Notable Insights

August 2022, The Xair ultra-portable handheld, battery-powered X-ray machine from Fujifilm will be used in conjunction with Qure.ai's AI-enabled Chest X-ray solution to screen for presumptive tuberculosis cases in rural Nigerian communities.

February 2022, Reliance Health, a Nigerian firm, has recently secured one of the largest funding rounds for an African health tech venture to date. Reliance Health, a digital health insurance company that uses technology and data science to reshape all aspects of the health insurance experience, such as purchasing premiums and accessing care, raised $40 Mn (€35 Mn) in Series B funding.

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

Artifical Intelligence (AI) in Healthcare Market Segmentation

The 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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This report addresses

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  • Qualitative, acute and result oriented market analysis
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Last updated on: 06 June 2023
Updated by: Dhruv Joshi

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