The India AI in healthcare Market share was estimated at USD 10 billion in 2021 and is anticipated to reach around USD 35 billion by 2030, growing at a CAGR of roughly 30% between 2022 and 2030. Our research report offers a 360-degree view of India AI in healthcare market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for India AI in healthcare market.
India AI in healthcare Market: Overview
While AI is still frequently used in radiology, particularly for diseases like tuberculosis (TB), it is becoming more common to utilize it for other purposes, such as preventive health checkups, to identify the likelihood of developing heart disease.
The Indian government is also placing a significant bet on AI to assist in tracking illness outbreaks across the country. A database of outbreaks of 33 diseases that the Integrated Disease Surveillance Program tracks will be created using a tool that a private company is developing in partnership with the National Center for Disease Control (NCDC). Some of these diseases have the potential to become epidemics (IDSP).
Browse the full “India AI in Healthcare Market Size, Trends and Insights By Component (Hardware, Software Solutions, Services), By Application (Robot-Assisted Surgery, Administrative Workflow Assistants, Virtual Assistants, Connected Machines, Clinical Trials, Diagnosis, Fraud Detection, Dosage Error Reduction, Cybersecurity), and By Region – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/india-ai-in-healthcare-market/
Growth Factors
Some of the key factors propelling the India’s AI in healthcare market’s expansion are the expanding datasets of digital patient health information, the rising desire for individualized treatment, and the rising demand for lowering healthcare costs. The increase in demand for early disease diagnosis and better understanding has been attributed to the growing global geriatric population, changing lifestyles, and rising prevalence of chronic diseases. Healthcare systems are increasingly adopting and incorporating AI and machine learning (ML) algorithms to precisely prognosis diseases in their early stages based on past health records.
Additionally, the growing healthcare personnel scarcity sparked the use of AI/ML technology. As a result, it is possible to train AI algorithms to assess patient health data, which will help medical professionals diagnose patients’ conditions swiftly and develop effective treatment plans. The ongoing Covid-19 pandemic, growing numbers of mergers and acquisitions, technical partnerships, and supportive government initiatives all played a vital part in advancing the application of AI in healthcare. Following their initial deployment in detecting Covid-19 positive individuals utilizing individualized patient information and data consolidation, AI/ML algorithms are now widely used in the quick and accurate diagnosis of medical problems.
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Segmental Overview
Our comprehensive reports can be used by business experts to create marketing and business plans as well as to recognize and follow Indian trends in AI in healthcare. You can use these papers to assist with market research into the AI in healthcare sector.
The market for India AI in healthcare is segmented into components and applications. Based on components, the India AI in healthcare market is bifurcated into hardware, software solutions, and services. Due to the rapidly increasing acceptance rate of software solutions based on artificial intelligence (AI) among healthcare providers, payers, and patients, the software solutions category dominated the market for AI in healthcare in 2021 and accounted for the largest revenue share.
However, it is projected that the software solutions category will experience profitable growth during the forecast period. The rise of AI-based technologies in a number of healthcare applications, including cybersecurity, virtual assistants, clinical trials, robot-assisted surgeries, dose error reduction, telemedicine, and fraud detection, is responsible for this rapid growth rate. Additionally, the potential for growth is being boosted by the increasing number of strategic efforts, including collaborations and seed investments, undertaken by important stakeholders.
Competitive Landscape/ Key Players Insights
In order to meet the growing demand for early and accurate disease detection, control rising healthcare costs, make up for the growing shortage of healthcare providers, and provide value-based care, key market players are concentrating on developing innovative product development strategies, partnership strategies, and mergers and acquisitions. Additionally, an increasing number of firms that focus on AI-based medical technology are receiving support in the form of funding from venture capitalists and private investors.
- 2022: To extend the market for its medical image annotations service, health tech firm RedBrick AI has raised $4.6 million in a fundraising round led by Sequoia India and Southeast Asia’s Surge.
Some of the prominent players
- Aindra Systems Private Limited
- Artivatic Data Labs Private Limited
- Advenio Tecnosys Private Limited
- Niramai Health Analytix Private Limited
- Predible Health Private Limited
- Sigtuple Technologies Private Limited
- Ai Technologies Private Limited
- Tricog Health Services Private Limited
- Microsoft Corporation (India) Private Limited
- IBM India Private Limited
- Others
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