India AI in Healthcare Market Size, Share & Growth | Industry Analysis Up to 2025
Indian AI in healthcare market is estimated to grow
significantly at a CAGR of 50.9% during the forecast period. India is one of
the fastest emerging nations for AI in healthcare market in Asia-Pacific
region. The Indian pharmaceutical industry has been consistently growing making
India as a potential market for the adoption of Artificial Intelligence in
healthcare. The affordability of drugs is rising in India due to sustained
growth of income. The key players in the Indian market have been successful in
increasing the acceptance of biologics and preventive medicine which is a major
factor that can drive the growth of AI in healthcare market during the forecast
period.
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The major players that contribute to the
growth of the India AI in Healthcare market include - Accubits Technologies, Amazon.com, Inc., Forus
Health Pvt. Ltd., Haptik, Inc., IBM Corp., InformDS Technologies Pvt. Ltd., Niramai
Health Analytix Pvt. Ltd., technologies, Inc.
India is one of the most promising regions, however, lack of
healthcare infrastructure and clinicians and lower government spending on India
healthcare is still a concern. In addition, with the increasing prevalence of
non-communicable diseases and increasing pool of geriatric population in India,
the healthcare institutions, healthcare professionals and the government of the
country are looking for innovative ways for improving the quality of life of
the people. The adoption of digital technology in Indian healthcare industry is
slow; however, it has a long way to go. AI can solve all the challenges faced
by Indian healthcare industry. The innovation in technology is proving to be
beneficial in monitoring chronic conditions, diagnosis procedure, drug discovery,
assisting in robotic surgery, and others.
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The market is segmented on the basis of offering, end-user
industry, and application. Based on offering, the market is divided into
software & services and hardware. Based on the end-user industry, the
market is segmented into hospitals & healthcare facilities, personal care,
and biotechnology & pharmaceutical companies. Further, on the basis of
application, the market is segmented into diagnosis, biomarker, virtual nursing
assistants, remote monitoring of patients, drug discovery, and ai-enabled
hospital care.
Moreover, Japanese companies are planning tap medical market
of India with funding and technological solutions, aiming at making healthcare
more accessible. Japanese venture capital firms such as Spiral Ventures and
India Japan Partnership Fund LLP are funding local health tech startups. In
addition, these firms are exploring investment opportunities in healthcare
industry. For instance, Spiral Ventures in September 2018 has unveiled its plan
to invest around $30 million to $50 million in startups in the Indian and
Southeast Asian markets (50% of the amount in Indian market).
India AI in Healthcare Market Segmentation
India AI in Healthcare Market by Offering
·
Hardware
·
Software & Services
India AI in Healthcare Market by End-User Industry
·
Hospitals & Healthcare Facilities
·
Personal Care
·
Biotechnology & Pharmaceutical Companies
India AI in Healthcare Market by Application
·
Diagnosis
·
Biomarker
·
Virtual Nursing Assistance
·
Remote Monitoring of Patients
·
Drug Discovery
·
Ai-Enabled Hospital Care
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