Artificial Intelligence (AI) in Healthcare Market in India (2018-2023) Revenue, Growth Forecast, Trends, Drivers, Challenges, and Segments(Hospitals, Pharmaceuticals, Diagnostics, Medical Equipment and Supplies, Medical Insurance, Telemedicine)

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  • The adoption of artificial intelligence (AI) is reshaping the Indian healthcare market significantly. AI-enabled healthcare services like automated analysis of medical tests, predictive healthcare diagnosis, automation of healthcare diagnosis with the help of monitoring equipment, and wearable sensor-based medical devices, are expected to revolutionize medical treatment processes in the country.

    Market insights:

    It is predicted that the applications of artificial intelligence in the healthcare space will be worth INR ~431.97 Bn by 2021, expanding at a rate of ~40%. Based on this growth of AI applications in healthcare, the doctor-patient ratio in India is expected to reach ~6.9:1,000 by 2023, from its 2017 ratio of ~4.8:1000. The capability of AI applications to improve doctors’ efficiency will help in tackling challenges like uneven doctor-patient ratio, by providing rural populations high-quality healthcare, and training doctors and nurses to handle complex medical procedures.

    Artificial intelligence is used in six healthcare segments: hospitals, pharmaceuticals, diagnostics, medical equipment and supplies, medical insurance, and telemedicine. Artivatic Data Labs Private Limited, Analytix Private Limited, IBM India Limited, Niramai Health Sigtuple Technologies Private Limited, and Tricog Health Services Private Limited are the major players operating in this sector.

    Government initiatives:

    o The Information Technology Act, 2000, and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011, mandate that service providers and patients exchange information constantly by using the latest technologies.

    o National eHealth Authority (NeHA) – An authority which is responsible for the expansion of the integrated health information system within India.

    o The United States–India Science and Technology Endowment Fund, is aimed at helping teams of innovators and entrepreneurs from both countries, whose products will improve the quality of healthcare, by harnessing the power of artificial intelligence.

    Benefits of AI in the healthcare sector:

    o The patient-doctor ratio in India is as low as 1,700:1. Also, ~70% of the healthcare infrastructure is in cities, which cater to ~30% of the country's population. With the use of artificial intelligence applications, doctors can offer their services to more patients and reduce the existing gap in demand and supply of medical services in the country.

    o AI-enabled healthcare services can be delivered at lower costs with increased efficiency and an emphasis on diagnostics. Moreover, artificial intelligence enables hospitals to implement patient-centric plans and eliminate unnecessary hospital procedures, making delivery of healthcare services faster in India.

    Key deterrents to the growth of the market:

    India lacks standardized guidelines for designing AI applications that can be used in healthcare systems. Lack of clarity deters the use of artificial intelligence in the Indian healthcare industry. Also, most AI companies which aid the healthcare sector, are start-ups. Medical practitioners are not quick to trust start-ups whose products are not nationally or internationally certified. As a result, start-ups’ sales get hampered, resulting in the limited implementation of AI in the Indian healthcare industry.  

    Companies covered:

    o Aindra Systems Private Limited

    o Advenio Tecnosys Private Limited

    o Artivatic Data Labs Private Limited

    o Niramai Health Analytix Private Limited

    o Predible Health Private Limited

    o Qure.Ai Technologies Private Limited

    o Sigtuple Technologies Private Limited

    o Tricog Health Services Private Limited

    o IBM India Private Limited

    o Microsoft Corporation (India) Private Limited

    Customizations available

    With the given market data, we offer customizations according to specific needs.

     

  • With tables and figures helping analyze worldwide Artificial Intelligence (AI) in Healthcare market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

    Chapter 1: Executive summary
    Chapter 2: Socio-economic indicators
    Chapter 3: Introduction
    3.1. Artificial Intelligence (AI) market - definition and structure
    3.2. Forms of AI used in healthcare
    Chapter 4: India healthcare and artificial intelligence market
    4.1. Artificial Intelligence in healthcare market - overview
    4.2. India artificial intelligence market size and growth forecast (FY 2017-FY 2023e)
    4.3. India healthcare market size and growth forecast (FY 2018-FY 2023e)
    4.4. Usage of artificial intelligence in various healthcare segments
    o Hospitals
    o Pharmaceuticals
    o Diagnostics
    o Medical equipment and supplies
    o Medical insurance
    o Telemedicine
    Chapter 5: Key growth drivers of the market
    Chapter 6: Key deterrents to the growth of the market
    Chapter 7: Government initiatives
    Chapter 8: Competitive landscape
    8.1. Aindra Systems Private Limited
    o Corporate information
    o Business description
    o Products and services
    o Key people
    Note: Similar information areas will be covered for the remaining competitors
    8.2. Advenio Tecnosys Private Limited
    8.3. Artivatic Data Labs Private Limited
    8.4. Niramai Health Analytix Private Limited
    8.5. Predible Health Private Limited
    8.6. Qure.Ai Technologies Private Limited
    8.7. Sigtuple Technologies Private Limited
    8.8. Tricog Health Services Private Limited
    8.9. IBM India Private Limited
    8.10. Microsoft Corporation (India) Private Limited
    Chapter 9: Recent developments
    Appendix

    1. Research methodology

    2. About Research On Global Markets

     

  • The Artificial Intelligence (AI) in Healthcare Market has been segregated into various crucial divisions including applications, types, and regions. Each market segment is intensively studied in the report contemplating its market acceptance, worthiness, demand, and growth prospects. The segmentation analysis will help the client to customize their marketing approach to have a better command of each segment and to identify the most prospective customer base.

    Report Objectives / Segmentation Covered :
    By Companies / players:
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          Research objectives

          Where will all these developments take the industry in the long

          To study and analyze the global Market consumption (value & volume) by key regions/countries, product type and application, history data from 2015 to 2019, and forecast to 2025.

          What are the future opportunities in the market?

          To understand the structure of Market by identifying its various subsegments.

          What are the major driving forces expected to impact the development of the market market across different regions?

          To analyze the market with respect to individual growth trends, future prospects, and their contribution to the total market.

          Which industry trends are likely to shape the future of the industry during the forecast period 2020-2025?

          To project the consumption of market submarkets, with respect to key regions.

          Who are the major driving forces expected to decide the fate of the industry worldwide.

          To strategically profile the key players and comprehensively analyze their growth strategies.

          What are the key barriers and threats believed to hinder the development of the industry?

          To analyze competitive developments such as expansions,agreements, new product launches, and acquisitions in the market.

          Who are the prominent market players making a mark in the market with their winning strategies?

          To share detailed information about the key factors influencing the growth of the market

          What will be the growth rate and the market size of the industry for the forecast period 2020-2025?

          Focuses on the key global market Vendors, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.

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