Singapore Artificial Intelligence (AI) in Healthcare Market Analysis

Singapore Artificial Intelligence (AI) in Healthcare Market Analysis


$ 3999

The Singapore Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.17 Bn by 2030, registering a CAGR of 45.82% during the forecast period of 2022 - 2030. The market will be driven by the need for improved efficiency, quality, and accessibility of healthcare services along with Singapore’s thriving startup ecosystem. The market is segmented by healthcare components & by healthcare applications. Some of the major players include NVIDIA, Ping An Healthcare and Technology & CoNEX Healthcare Pte Ltd.

ID: IN10SGDH003 CATEGORY: Digital Health GEOGRAPHY: Singapore AUTHOR: Vidhi Upadhyay

Buy Now

Singapore Artificial Intelligence (AI) In Healthcare Market Executive Summary

The Singapore Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.01 Bn in 2022 to $0.17 Bn by 2030, registering a CAGR of 45.82% during the forecast period of 2022 - 2030. Singapore has achieved world-class healthcare standards, and the World Health Organization (WHO) ranks its healthcare system 6th globally, with the 4th best healthcare infrastructure in the world. Government healthcare expenditures are projected to triple to $36 billion by 2029, from $13.2 billion in 2020. The Fitch report, on the other hand, predicted a modest increase in private healthcare spending, from $8.2 billion in 2020 to $13.5 billion in 2029. Cancer, strokes, heart issues and diseases, as well as pneumonia, kidney diseases, urinary tract infections, and lung diseases, are the top ten causes of death in Singapore as of 2021.

Singapore launched its National AI Strategy in 2019, which includes initiatives to promote the use of artificial intelligence in healthcare. The strategy aims to foster research and development while also promoting the implementation and monetization of AI solutions in healthcare. Singapore has made significant investments in digital health initiatives, such as the National Electronic Health Record (NEHR) system, which allows healthcare providers to digitally access patient information. Singapore also makes use of AI-powered healthcare imaging technologies like computer-aided diagnosis (CAD) systems. It is working to create an ecosystem for precision medicine that integrates AI technologies.

Singapore Artificial Intelligence (AI) In Healthcare Market

Market Dynamics

Market Growth Drivers

Triple helix collaborations between academia, industry, and government enable the rapid commercialization of basic research and the deployment of AI solutions. Expertise and training outline the requirement to develop domestic talent across the entire spectrum of AI-related job roles, as well as assist Singaporeans in preparing for the future AI economy. The development of resilient data architecture to enable quick and reliable data access is a basic necessity. Improvement in all the above areas is set to aid the expansion of AI Healthcare in Singapore. Moreover, Singapore's population is rapidly ageing, which is driving demand for more effective and cost-efficient healthcare solutions.

Market Restraints

The use of AI in healthcare necessitates having access to confidential patient data, which raises security and privacy issues. It is essential to set clear guidelines for healthcare data collection, storage, and sharing. Incorporating AI solutions in healthcare can necessitate substantial resources, both monetary and personnel. Smaller healthcare providers may have difficulty investing in AI technologies. In the healthcare industry, AI technologies are still relatively young, and laws regulating their use and advancement are still evolving. 

Competitive Landscape

Key Players

  • IBM Watson Health
  • NVIDIA
  • Ping An Healthcare and Technology
  • Google Health
  • Siemens Healthineers
  • CoNEX Healthcare Pte Ltd (SGP)
  • FathomX (SGP)
  • Kinexcs (SGP)
  • QuantumTX (SGP)

Notable Insights

September 2022, New healthcare technologies will be tested in collaboration with Singapore's public healthcare clusters for potential future adoption and large-scale implementation. The recent Healthcare InnoMatch 2022, organised by the Centre for Healthcare Innovation and backed by the Ministry of Health and Temasek Foundation, awarded a total of SG$2.4 million ($1.7 million) in funding to six near-market-ready solutions.

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.

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

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.

To request a free sample copy of this report, please complete the form below.


We value your inquiry and offer free customization with every report to fulfil your exact research needs.


This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
  • Comprehensive Market Research Report in PDF and PPT formats

Need more?

  • Ask our analyst how this study was put together to learn more
  • Discuss additional requirements as part of the free customisation
  • Add more countries or regions to the scope 
  • Get answers to specific business questions 
  • Develop the business case to launch the product
  • Find out how this report may influence your business revenue
Last updated on: 29 March 2023
Updated by: Ritu Baliya

Related reports (by category)


Related reports (by geography)


subscribe to our newsletter
up