South Africa Artificial Intelligence (AI) in Diagnostics Market Analysis

South Africa Artificial Intelligence (AI) in Diagnostics Market Analysis


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South Africa's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $6.5 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 rising demand for personalized healthcare, as well as the need to address health inequities and resource limitations. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers & Envisionit Deep AI

ID: IN10ZADH002 CATEGORY: Digital Health GEOGRAPHY: South Africa AUTHOR: Vidhi Upadhyay

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South Africa Artificial Intelligence (AI) in Diagnostics Market Executive Summary

The South Africa Artificial Intelligence (AI) in the diagnostics market is projected to grow from $6.5 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The Department of Health is in charge of healthcare in South Africa. A private healthcare system and a public healthcare system work hand in hand. According to the government's budget for the fiscal year 2022/23. Healthcare had a total budget allocation of $16.4 Bn, a 1.1% increase over the previous year. Based on existing statistics, it is anticipated that about 110,000 new instances of cancer were identified in South Africa in 2020, with more than 56,000 cancer-related fatalities, accounting for one-quarter of all premature noncommunicable disease-related mortality.

AI diagnostics have the potential to improve healthcare outcomes in South Africa, particularly in areas with a dearth of medical experts or restricted access to healthcare facilities. Early diagnosis of illnesses such as TB, HIV, and cancer is one instance in which AI diagnostics is valuable. These disorders can be difficult to identify in many situations, particularly in resource-constrained areas where access to medical equipment and knowledge may be restricted. AI diagnostics might be effective in the management of chronic illnesses like diabetes and hypertension, with the country's chronic illness burden increasing.

In February 2023, EnVision Deep AI of South Africa wins $1.65 million to enhance access to medical imaging. Its RADIFY AI technology is enhancing the speed, accuracy, quality, and affordability of medical imaging diagnostics in the early identification and treatment of illnesses such as TB, coronavirus pneumonia, and breast cancer.

south africa artificial intelligence in diagnostics market

Market Dynamics

Market Growth Drivers

Many factors are driving the expansion of AI diagnostics in South Africa, including breakthroughs in machine learning and data analytics, rising demand for customized healthcare, and the need to address healthcare inequities and resource restrictions.

In South Africa, digital health technology and electronic health records are becoming more widely available. The country's expanding chronic illness burden has necessitated more aggressive and tailored healthcare management. South Africa's healthcare inequities and resource restrictions require to be addressed via AI diagnostics which can aid by delivering cost-effective and accessible healthcare solutions, especially in rural and underserved areas with limited access to medical personnel and facilities.

Market Restraints

One of the most significant obstacles is a shortage of skilled employees and infrastructure to support these technologies, especially in rural regions. There are also concerns about data privacy and the possibility of bias in AI algorithms, which might affect the accuracy and reliability of AI diagnosis. Another barrier is the lack of regulatory frameworks to ensure that AI diagnoses are safe, effective, and available to all South Africans. This involves ensuring that AI diagnoses are exposed to rigorous testing and validation before they are applied in clinical settings.

Competitive Landscape

Key Players

  • IBM Watson Health
  • Siemens Healthineers
  • Philips Healthcare
  • GE Healthcare
  • Google Health
  • AliveCor, Inc.
  • Lunit Inc.
  • VitruvianMD (ZAF)
  • Envisionit Deep AI (ZAF)
  • Spanos Medical (ZAF)
  • SensiCardiac (ZAF)
  • Accrad (ZAF)

Notable Deals

February 2023, EnVision Deep AI of South Africa wins $1.65 million to enhance access to medical imaging.

Healthcare Policies and Regulatory Landscape and Reimbursement Scenario

The South African Health Products Regulatory Authority (SAHPRA), formerly known as the Medicine and Control Council (MCC), is the regulatory authority in South Africa for pharmaceuticals, biologicals, and medical devices.

South Africa currently lacks a national healthcare system. South Africa's government is establishing National Health Insurance (NHI), which it hopes to completely implement by 2025. Those without medical insurance can currently use Government public hospitals. Those who can afford private medical insurance can use private hospitals, depending on the medical aid plan they have.

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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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: 02 March 2023
Updated by: Shivam Zalke

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