China AI in Healthcare Market Analysis
Tags: Healthcare Industry, Market Research Reports, Healthcare, Apac, Artificial Intelligence

The China AI in Healthcare market was valued at USD 0.07 billion and is expected to grow significantly at a compound annual growth rate (CAGR) of 52.8% from 2020 to 2028.

Artificial Intelligence has made life easier in all aspects. Healthcare is not an exception. Advances in medicine, supported by progress in public health, research, innovation and technology have significantly reduced morbidity and mortality. The healthcare sector is developing rapidly by making use of Artificial Intelligence to increase productivity while reducing the huge burden on healthcare workers.

AI has various applications in healthcare. It enables medical practitioners to retrieve information, interpret images acquired during scans and make treatment plans for the medical procedures. In addition to the clinical aspect, Artificial Intelligence is also proving beneficial in research activities. Globally, government and private organizations are initiating the incorporation of Artificial Intelligence in their research endeavours to accelerate developments surrounding COVID-19 vaccines.

AI has gained significant traction during the pandemic from combining scientific papers on coronaviruses to searching CT scans for COVID-19 symptoms. Even amid economic uncertainties due to COVID-19, Healthcare AI companies have gained numerous opportunities to thrive upon owing to the reason that they minimize human interaction, thus minimising the risk of transmission and shielding the frontline workers.

Chinese AI companies are highly concentrated in Beijing, Shanghai and Guangdong. Among the world’s top 20 cities in terms of AI companies hosted, Beijing ranks first with 395 companies, and Shanghai, Shenzhen and Hangzhou are also among the top 20. China’s market has both medium and long-term potential due to its large market size, aging population, fluctuating disease profile and rapidly improving life.

China is the biggest market for Artificial Intelligence, irrespective of the agenda. AI health market in China was about 20 billion RMB in 2018, a 53% increase over 2017, and investment in AI in the healthcare industry in China is ranked as №1 in the world.

The country is expected acquire highest market share in APAC by 2025 owing to factors such as continuous government initiatives for setup of research and development centres, development of AI infused hospital software applications and providing investment support to growing start-ups. China’s healthcare AI boom is also strongly supported by the central government that aims for China to become the world’s leading AI innovation centre by 2030.

Market Drivers

Concrete government measures to accelerate AI development fuels the market growth in China. Rising population and increased availability of large amount of healthcare data drives the market inculcating the need to implement Artificial Intelligence for better healthcare delivery. In addition to this, there is a rise in need to reduce healthcare costs at the same time, increase computing power by minimising hardware costs.

There is an imbalance between the healthcare workforce and the patients. Artificial Intelligence restores this balance, further fuelling the market growth. Increased funding for Research and Development in the field contributes to the growth of the market. It is also driven by the ongoing COVID-19 pandemic.

Type of Artificial Intelligence in Healthcare

The AI technologies that play an important role in healthcare are as follows:

Machine learning — neural networks and deep learning Natural language processing Rule-based expert systems Physical robots Robotic process automation

The most common form of AI is Machine Learning which is a statistical technique for fitting models to data and to learn by training models with data.

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