The Asia Pacific artificial intelligence in healthcare diagnosis market is projected to reach from US$ 729.99 million in 2019 to US$ 14,043.88 million by 2027. This represents a CAGR of 44.9% from 2020 to 2027.
The growth of the Asia Pacific artificial intelligence in healthcare diagnosis market is primarily attributed to rising adoption of Artificial Intelligence (AI) in disease identification and diagnosis, increasing investment in AI healthcare start-ups.
The healthcare industry has always been a leader in innovation. The constant mutating of diseases and viruses makes it difficult to stay ahead of the curve. However, with the help of artificial intelligence and machine learning algorithms, it continues to advance, creating new treatments and helping people live longer and healthier. A study published by The Lancet Digital Health compared the performance of deep learning a form of artificial intelligence (AI) in detecting diseases from medical imaging versus that of healthcare professionals, using a sample of studies carried out between 2012 and 2019. The study found that, in the past few years, AI has become more precise in identifying disease diagnosis in these images and has become a more feasible source of diagnostic information. With advancements in AI, deep learning may become even more efficient in identifying diagnosis in the coming years. Moreover, Tokyo-based AI Medical Service, the Japanese startup developing the AI-powered technology to detect cancerous lesions from endoscopic footage, announced in October 2019 that it had secured about USD $43 million US (about 4.6 billion yen) in a Series B round. Healthcare analytics firm Tricog has raised USD $10.5 million in a Series B round of funding. Using Artificial Intelligence and Machine Learning, the startup helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases. The investment comes in from UTEC - The University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, USA; and Dream Incubator, Japan, and also saw participation from Inventus Capital and Blume Ventures. Using Artificial Intelligence and Machine Learning, the five-year-old startup has helped 3 million patients globally. It also uses its virtual cardiology services to help in remote clinics.
In 2019, the medical imaging tool segment accounted for a larger share of the Asia Pacific artificial intelligence in healthcare diagnosis market. Its growth is attributed to an increasing adoption of AI technology for diagnosis of chronic conditions is likely to drive the growth of diagnostic tool segment in the Asia Pacific artificial intelligence in healthcare diagnosis.
In 2019, the oncology segment held a considerable share of the for Asia Pacific artificial intelligence in healthcare diagnosis market, by the application. Radiology segment is predicted to dominate the market by 2027 owing to rising demand for AI based application for radiology.
A few major primary and secondary sources for the artificial intelligence in healthcare diagnosis market included US Food and Drug Administration (USFDA), World Health Organization, and Therapeutic Goods Administration (TGA).