Healthcare IT

Artificial Intelligence (AI) in Healthcare Market Worth INR 431.97 Billion Driven by 40% CAGR to 2021

Artificial Intelligence (AI) in Healthcare Market
Artificial Intelligence (AI) in Healthcare Market
Press Release

The adoption of Artificial Intelligence (AI) in Healthcare market 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.

New report on the applications of in Artificial Intelligence (AI) in Healthcare market and medical 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 rati- of ~4.8:1000.

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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.

“Segmentation based on technologies”

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.

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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.

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.

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Key growth drivers of the market:

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.

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